Weekly cotton sales stumble

USDA Weekly Export Sales Report

Week Ended Feb. 22, 2024

Corn

Actual Sales (in MT)

2023-24: 1,082,300

Expectations (in MT)

2023-24: 600,000-1,200,000

Weekly Sales Details

Net sales of 1,082,300 MT for 2023/2024 were up 32 percent from the previous week, but down 5 percent from the prior 4-week average. Increases primarily for Mexico (423,700 MT, including 140,000 MT switched from unknown destinations, decreases of 2,100 MT, and 62,000 MT - late), Japan (326,800 MT, including 77,500 MT switched from unknown destinations, 65,000 MT switched from Taiwan, decreases of 9,600 MT, and 120,000 MT - late), Colombia (153,200 MT, including 41,000 MT switched from unknown destinations and decreases of 51,300 MT), South Korea (133,900 MT, including 125,000 MT switched from unknown destinations), and Venezuela (30,000 MT), were offset by reductions for Taiwan (51,700 MT), Morocco (11,400 MT), and Guatemala (6,800 MT). Total net sales of 165,000 MT for 2024/2025 were for Japan.

Weekly Export Details

Exports of 1,216,200 MT were up 19 percent from the previous week and 34 percent from the prior 4-week average. The destinations were primarily to Mexico (477,400 MT, including 60,500 MT - late), Japan (380,000 MT), Colombia (143,100 MT), South Korea (130,600 MT), and Canada (25,300 MT).

Comments and Performance Indicators

Export commitments are 30.4% ahead of a year-ago, compared to 29.3% 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: 327,300

Expectations (in MT)

2023-24: 200,000-500,000

Weekly Sales Details

Net sales of 327,300 metric tons (MT) for 2023/2024 were up 40 percent from the previous week and 2 percent from the prior 4-week average. Increases primarily for Japan (88,700 MT, including decreases of 400 MT), unknown destinations (65,000 MT), the Philippines (58,600 MT, including decreases of 3,300 MT), Mexico (46,800 MT, including decreases of 100 MT), and South Korea (20,900 MT), were offset by reductions for Taiwan (2,400 MT), Peru (600 MT), and Vietnam (100 MT). Total net sales reductions of 5,200 MT for 2024/2025 were for Mexico.

Weekly Export Details

Exports of 538,700 MT were up 44 percent from the previous week and 58 percent from the prior 4-week average. The destinations were primarily to Japan (137,600 MT), the Philippines (112,200 MT), China (56,900 MT), Mexico (51,900 MT), and Egypt (36,700 MT).

Comments and Performance Indicators

Export commitments are running 6.0% ahead of year-ago, compared to 5.8% 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: 159,700

Expectations (in MT)

2023-24: 100,000-600,000

Weekly Sales Details

Net sales of 159,700 MT for 2023/2024 were up noticeably from the previous, but down 30 percent from the prior 4-week average. Increases primarily for China (154,800 MT, including 132,000 MT switched from unknown destinations), the Netherlands (142,700 MT, including 137,000 MT switched from unknown destinations and decreases of 2,400 MT), Mexico (111,600 MT, including decreases of 1,600 MT), South Korea (60,500 MT, including 62,000 MT switched from unknown destinations and decreases of 1,600 MT), and Indonesia (39,500 MT, including decreases of 3,600 MT), were offset by reductions for unknown destinations (392,600 MT).

Weekly Export Details

Exports of 1,101,700 MT were down 8 percent from the previous week and 16 percent from the prior 4-week average. The destinations were primarily to China (689,000 MT), the Netherlands (142,700 MT), Mexico (90,300 MT), South Korea (61,200 MT), and Japan (28,900 MT).

Comments and Performance Indicators

Export commitments are running 19.9% behind a year-ago, compared to 19.7% behind last week. USDA projects exports in 2023-24 at 1.720 billion bu., down 13.7% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2023-24: 456,200

Expectations

2023-24: 250,000-550,000

Weekly Sales Details

Net sales of 456,200 MT for 2023/2024 were up noticeably from the previous week and up 54 percent from the prior 4- week average. Increases primarily for the Philippines (235,100 MT, including decreases of 200 MT), Mexico (99,300 MT, including decreases of 4,700 MT), Canada (52,100 MT), the United Kingdom (27,000 MT, including 22,600 MT switched from unknown destinations), and Morocco (17,600 MT, including 13,500 MT switched from unknown destinations, 6,000 MT switched from Ireland, and decreases of 1,900 MT), were offset by reductions for unknown destinations (25,500 MT), Ireland (6,000 MT), Belgium (2,400 MT), the Dominican Republic (2,200 MT), and Guatemala (200 MT). Net sales of 6,400 MT for 2024/2025 were reported for Canada (5,200 MT) and Japan (1,200 MT).

Weekly Export Details

Exports of 276,400 MT were down 6 percent from the previous week and 8 percent from the prior 4-week average. The destinations were primarily to Vietnam (61,900 MT), the Philippines (55,000 MT), Mexico (31,500 MT), the United Kingdom (27,000 MT), and Canada (25,300 MT).

Comments and Performance Indicators

Export commitments are 22.4% ahead of a year-ago, compared to 19.2% 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: 3,000

Expectations

2023-24: (5,000)-10,000

Weekly Sales Details

Net sales of 3,000 MT for 2023/2024 were down noticeably from the previous week and from the prior 4-week average. Increases were reported for Canada (2,400 MT) and Mexico (600 MT).

Weekly Export Details

Exports of 1,400 MT--a marketing-year high--were up 10 percent from the previous week and up noticeably from the prior 4-week average. The destinations were to Mexico (1,000 MT) and Canada (400 MT).

Comments and Performance Indicators

Export commitments are running 38.1% behind a year-ago, compared 42.8% behind a year ago last week. USDA projects exports will decrease 7.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 40,000

Weekly Sales Details

Net sales of Upland totaling 40,000 RB for 2023/2024 were down 69 percent from the previous week and 83 percent from the prior 4-week average. Increases primarily for Turkey (15,100 RB), Ecuador (10,700 RB), Vietnam (6,500 RB, including decreases of 100 RB), El Salvador (3,700 RB), and Mexico (3,700 RB), were offset by reductions for Pakistan (7,800 RB) and Singapore (2,200 RB). Net sales of 13,400 RB for 2024/2025 were reported for South Korea (7,900 RB), Turkey (4,400 RB), and Japan (1,100 RB).

Weekly Export Details

Exports of 267,100 RB were up 5 percent from the previous week, but down 9 percent from the prior 4-week average. The destinations were primarily to China (103,400 RB), Vietnam (50,800 RB), Pakistan (24,000 RB), Turkey (21,200 RB), and Bangladesh (17,800 RB). Net sales of Pima totaling 5,500 RB for 2023/2024 were up 62 percent from the previous week, but down 31 percent from the prior 4- week average. Increases were reported for India (3,100 RB), China (2,200 RB), and Japan (200 RB). Exports of 4,400 RB were up 42 percent from the previous week, but down 44 percent from the prior 4-week average. The destinations were primarily to China (2,600 RB), India (900 RB), Pakistan (400 RB), and Peru (300 RB).

Comments and Performance Indicators

Upland cotton export commitments are running in-line with a year-ago. USDA forecasts total cotton exports will fall 3.7% from a year ago to 12.30 million bales in 2023-24.

Beef

Actual Sales (in MT)

2024: 12,200

Weekly Sales Details

Net sales of 12,200 MT for 2024 were down 3 percent from the previous week and 26 percent from the prior 4-week average. Increases were primarily for Japan (4,300 MT, including decreases of 300 MT), South Korea (2,000 MT, including decreases of 400 MT), Mexico (1,300 MT, including decreases of 100 MT), Hong Kong (900 MT, including decreases of 100 MT), and Taiwan (800 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 15,900 MT were up 1 percent from the previous week, but unchanged from the prior 4-week average. The destinations were primarily to Japan (4,000 MT), South Korea (3,900 MT), China (2,600 MT), Mexico (2,000 MT), and Taiwan (1,000 MT).

Comments and Performance Indicators

USDA projects 2024 exports will fall 8.3% from a year ago.

Pork

Actual Sales (in MT)

2024: 32,400

Weekly Sales Details

Net sales of 32,400 MT for 2024 were up 12 percent from the previous week, but down 11 percent from the prior 4-week average. Increases primarily for Mexico (14,500 MT, including decreases of 200 MT), South Korea (5,200 MT, including decreases of 300 MT), Canada (3,500 MT, including decreases of 600 MT), Japan (3,500 MT, including decreases of 300 MT), and Colombia (2,200 MT), were offset by reductions for Chile (1,400 MT).

Weekly Export Details

Exports of 33,200 MT were down 10 percent from the previous week and 9 percent from the prior 4-week average. The destinations were primarily to Mexico (11,500 MT), South Korea (4,800 MT), Japan (4,800 MT), China (2,900 MT), and Colombia (1,900 MT).

Comments and Performance Indicators

USDA projects exports in 2024 will rise 3.8% from last year.