Weekly soybean sales touch marketing-year low

USDA Weekly Export Sales Report

Week Ended Jan. 25, 2024

Corn

Actual Sales (in MT)

2023-24: 1,206,700

Expectations (in MT)

2023-24: 800,000-1,300,000

Weekly Sales Details

Net sales of 1,206,700 MT for 2023/2024 were up 26 percent from the previous week and 58 percent from the prior 4-week average. Increases primarily for Japan (503,800 MT, including 123,300 MT switched from unknown destinations and decreases of 500 MT), Mexico (372,300 MT, including decreases of 2,600 MT), South Korea (304,000 MT, including 240,000 MT switched from unknown destinations and decreases of 2,000 MT), Colombia (57,500 MT), and Guatemala (21,400 MT, including 17,300 MT switched from Panama), were offset by reductions primarily for unknown destinations (105,000 MT). Net sales of 144,500 MT for 2024/2025 were reported for Japan (98,500 MT) and Mexico (46,000 MT).

Weekly Export Details

Exports of 911,400 MT were down 2 percent from the previous week, but unchanged from the prior 4-week average. The destinations were primarily to Mexico (367,900 MT), Japan (239,800 MT), China (70,600 MT), Colombia (49,500 MT), and Canada (37,300 MT).

Comments and Performance Indicators

Export commitments are 31.4% ahead of a year-ago, compared to 35.1% ahead last week. USDA projects exports in 2023-24 at 2.100 billion bu., 26.4% above the previous marketing year.

Wheat

Actual Sales (in MT)

2023-24: 322,500

Expectations (in MT)

2023-24: 275,000-600,000

Weekly Sales Details

Net sales of 322,500 metric tons (MT) for 2023/2024 were down 29 percent from the previous week and 9 percent from the prior 4-week average. Increases primarily for the Philippines (97,000 MT), Japan (59,500 MT, including decreases of 200 MT), unknown destinations (51,000 MT), Indonesia (46,000 MT), and Mexico (42,000 MT, including decreases of 900 MT), were offset by reductions for Panama (10,300 MT) and Haiti (2,300 MT). Net sales of 15,500 MT for 2024/2025 were reported for Peru (14,500 MT) and Panama (1,000 MT).

Weekly Export Details

Exports of 267,100 MT were down 17 percent from the previous week and 26 percent from the prior 4-week average. The destinations were primarily to Mexico (73,500 MT), the Philippines (58,000 MT), South Korea (49,600 MT), Chile (35,200 MT), and Nigeria (14,100 MT).

Comments and Performance Indicators

Export commitments are running 4.4% ahead of year-ago, compared to 3.1% ahead last week. USDA projects exports in 2023-24 at 725 million bu., down 4.5% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2023-24: 164,500

Expectations (in MT)

2023-24: 500,000-1,050,000

Weekly Sales Details

Net sales of 164,500 MT for 2023/2024--a marketing-year low--were down 71 percent from the previous week and 64 percent from the prior 4-week average. Increases primarily for China (134,800 MT, including 121,000 MT switched from unknown destinations and decreases of 1,200 MT), Egypt (123,000 MT, including 121,000 MT switched from unknown destinations and decreases of 2,800 MT), Mexico (109,500 MT, including decreases of 3,900 MT), Spain (66,400 MT, including 66,000 MT switched from unknown destinations), and Indonesia (35,300 MT), were offset by reductions for unknown destinations (407,400 MT). Total net sales of 1,300 MT for 2024/2025 were for Japan.

Weekly Export Details

Exports of 949,900 MT were down 15 percent from the previous week and 18 percent from the prior 4-week average. The destinations were primarily to China (407,100 MT), Egypt (153,000 MT), Mexico (127,000 MT), Spain (66,400 MT), and Japan (52,100 MT).

Comments and Performance Indicators

Export commitments are running 19.0% behind a year-ago, compared to 18.3% behind last week. USDA projects exports in 2023-24 at 1.755 billion bu., down 10.9% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2023-24: 494,200

Expectations

2023-24: 200,000-450,000

Weekly Sales Details

Net sales of 494,200 MT for 2023/2024 were up 93 percent from the previous week and up noticeably from the prior 4-week average. Increases primarily for the Philippines (108,300 MT, including decreases of 300 MT), unknown destinations (70,000 MT), Vietnam (50,400 MT), the Dominican Republic (38,800 MT), and Colombia (37,600 MT), were offset by reductions for Panama (7,000 MT) and Japan (1,000 MT). Total net sales of 700 MT for 2024/2025 were for Canada.

Weekly Export Details

Exports of 282,700 MT were down 27 percent from the previous week, but up 8 percent from the prior 4-week average. The destinations were primarily to Morocco (54,200 MT), Mexico (52,900 MT), Ireland (33,000 MT), Ecuador (32,300 MT), and Colombia (25,700 MT).

Comments and Performance Indicators

Export commitments are 18.2% ahead of a year-ago, compared to 13.8% ahead last week. USDA projects exports in 2022-23 will increase 4.3% from the previous marketing year in 2023-24.

Soyoil

Actual Sales (in MT)

2023-24: 1,000

Expectations

2023-24: (5,000)-5,000

Weekly Sales Details

Net sales of 1,000 MT for 2023/2024 were up noticeably from the previous week, but down noticeably from the prior 4-week average. Increases were primarily for Canada (800 MT).

Weekly Export Details

Exports of 500 MT were up 74 percent from the previous week and 9 percent from the prior 4-week average. The destinations were to Canada (400 MT) and Mexico (100 MT).

Comments and Performance Indicators

Export commitments are running 19.6% behind a year-ago, compared 20.7% behind a year ago last week. USDA projects exports will decrease 7.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 349,400

Weekly Sales Details

Net sales of 349,400 RB for 2023/2024 were up 69 percent from the previous week and 37 percent from the prior 4-week average. Increases primarily for China (133,200 RB, including decreases of 5,000 RB), Vietnam (82,800 RB, including 400 RB switched from South Korea and decreases of 1,700 RB), Pakistan (68,900 RB, including decreases of 6,600 RB), Turkey (17,400 RB), and Bangladesh (11,000 RB), were offset by reductions for South Korea (3,100 RB). Net sales of 25,200 RB for 2024/2025 were reported for Pakistan (12,800 RB), Mexico (10,200 RB), and Turkey (2,200 RB).

Weekly Export Details

Exports of 396,700 RB--a marketing-year high--were up noticeably from the previous week and up 89 percent from the prior 4-week average. The destinations were primarily to China (183,700 RB), Pakistan (53,000 RB), Vietnam (34,500 RB), Mexico (26,200 RB), and Turkey (21,700 RB). Net sales of Pima totaling 13,500 RB for 2023/2024 were up noticeably from the previous week and from the prior 4-week average. Increases were primarily for China (7,700 RB), Ethiopia (2,200 RB), India (1,300 RB), Turkey (900 RB), and Peru (500 RB). Exports of 11,200 RB were up noticeably from the previous week and up 15 percent from the prior 4-week average. The destinations were primarily to China (5,300 RB), India (2,600 RB), Turkey (1,100 RB), Peru (1,000 RB), and Thailand (800 RB).

Comments and Performance Indicators

Upland cotton export commitments are running 4.3% ahead of a year ago, compared to 2.5% ahead last week. USDA forecasts total cotton exports will fall 4.5% from a year ago to 12.20 million bales in 2023-24.

Beef

Actual Sales (in MT)

2024: 16,700

Weekly Sales Details

Net sales of 16,700 MT for 2024 were primarily for Japan (5,200 MT, including decreases of 1,100 MT), China (3,300 MT, including decreases of 300 MT), Mexico (2,500 MT, including decreases of 100 MT), South Korea (1,400 MT, including decreases of 400 MT), and Taiwan (1,200 MT, including decreases of 100 MT).
 

Weekly Export Details

Exports of 15,400 MT were primarily to South Korea (4,200 MT), Japan (4,200 MT), China (2,300 MT), Mexico (1,700 MT), and Taiwan (700 MT).

Comments and Performance Indicators

USDA projects 2023 exports will fall 8.1% from a year ago.

Pork

Actual Sales (in MT)

2024: 42,900

Weekly Sales Details

Net sales of 42,900 MT for 2024 primarily for Mexico (13,400 MT, including decreases of 1,300 MT and 3,000 MT - late), China (12,600 MT, including decreases of 100 MT), Canada (4,200 MT, including decreases of 700 MT), Japan (3,100 MT, including decreases of 1,200 MT and 100 MT - late), and Colombia (2,600 MT), were offset by reductions for Costa Rica (100 MT).

Weekly Export Details

Exports of 30,100 MT were primarily to Mexico (10,700 MT), Japan (3,600 MT), South Korea (3,500 MT, including 100 MT - late), China (3,000 MT, including 200 MT - late), and Colombia (2,800 MT, including 300 MT - late).

Comments and Performance Indicators

USDA projects exports in 2023 will rise 1.5% from last year.