Weekly soyoil sales carve marketing-year high

USDA Weekly Export Sales Report

Week Ended Feb. 29, 2024

Corn

Actual Sales (in MT)

2023-24: 1,109,600

Expectations (in MT)

2023-24: 800,000-1,400,000

Weekly Sales Details

Net sales of 1,109,600 MT for 2023/2024 were up 3 percent from the previous week, but unchanged from the prior 4-week average. Increases primarily for Japan (498,900 MT, including 136,400 MT switched from unknown destinations and decreases of 2,600 MT), Mexico (281,700 MT, including decreases of 23,200 MT), Colombia (144,200 MT, including 39,000 MT switched from unknown destinations and decreases of 31,000 MT), Venezuela (61,700 MT), and the Dominican Republic (43,000 MT), were offset by reductions for unknown destinations (67,800 MT), Honduras (2,600 MT), Guatemala (600 MT), and Costa Rica (200 MT).

Weekly Export Details

Exports of 1,159,500 MT were down 5 percent from the previous week, but up 18 percent from the prior 4-week average. The destinations were primarily to Mexico (476,500 MT), Japan (305,300 MT), Colombia (140,300 MT), Honduras (48,200 MT), and Panama (44,100 MT).

Comments and Performance Indicators

Export commitments are 28.0% ahead of a year-ago, compared to 30.4% 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: 271,100

Expectations (in MT)

2023-24: 250,000-550,000

Weekly Sales Details

Net sales of 271,100 metric tons (MT) for 2023/2024 were down 17 percent from the previous week and 16 percent from the prior 4-week average. Increases primarily for the Philippines (107,000 MT), South Korea (91,500 MT), Mexico (37,800 MT, including decreases of 44,500 MT), the Dominican Republic (35,800 MT, including 27,800 MT switched from unknown destinations), and Italy (30,000 MT), were offset by reductions primarily for unknown destinations (35,000 MT), Nicaragua (16,600 MT), Trinidad and Tobago (5,600 MT), Colombia (500 MT), and Panama (400 MT). Net sales of 64,000 MT for 2024/2025 were reported for Mexico (34,000 MT) and Nicaragua (30,000 MT).

Weekly Export Details

Exports of 368,300 MT were down 32 percent from the previous week and 10 percent from the prior 4-week average. The destinations were primarily to Mexico (103,100 MT), China (59,200 MT), South Korea (44,200 MT), the Dominican Republic (34,800 MT), and Japan (31,500 MT).

Comments and Performance Indicators

Export commitments are running 5.9% ahead of year-ago, compared to 6.0% 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: 613,500

Expectations (in MT)

2023-24: 175,000-600,000

Weekly Sales Details

Net sales of 613,500 MT for 2023/2024 were up noticeably from the previous week and from the prior 4-week average. Increases primarily for China (269,100 MT, including 242,000 MT switched from unknown destinations and decreases of 9,400 MT), Germany (204,300 MT), Indonesia (55,700 MT, including decreases of 3,300 MT), Bangladesh (55,000 MT switched from unknown destinations), and Spain (47,400 MT - late), were offset by reductions for unknown destinations (108,200 MT). Net sales of 66,000 MT for 2024/2025 were for unknown destinations.

Weekly Export Details

Exports of 1,418,000 MT were up 29 percent from the previous week and 9 percent from the prior 4-week average. The destinations were primarily to China (980,000 MT), Germany (204,300 MT), Mexico (78,400 MT), Spain (47,400 MT - late), and Japan (28,900 MT).

Comments and Performance Indicators

Export commitments are running 19.0% behind a year-ago, compared to 19.9% 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: 157,700

Expectations

2023-24: 125,000-550,000

Weekly Sales Details

Net sales of 157,700 MT for 2023/2024 were down 65 percent from the previous week and 45 percent from the prior 4-week average. Increases primarily for Colombia (41,100 MT, including 18,000 MT switched from unknown destinations and decreases of 18,700 MT), Ireland (22,300 MT, including 17,900 MT switched from unknown destinations), Guatemala (20,300 MT, including decreases of 12,000 MT), Morocco (20,000 MT), and the Dominican Republic (18,600 MT, including decreases of 1,200 MT), were offset by reductions primarily for unknown destinations (41,900 MT). Total net sales of 64,700 MT for 2024/2025 were for Canada.

Weekly Export Details

Exports of 384,400 MT were up 39 percent from the previous week and 29 percent from the prior 4- week average. The destinations were primarily to Colombia (67,900 MT), the Philippines (58,900 MT), Ireland (52,300 MT), Panama (40,900 MT), and the Dominican Republic (36,700 MT).

Comments and Performance Indicators

Export commitments are 19.5% ahead of a year-ago, compared to 22.4% 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: 29,200

Expectations

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

Weekly Sales Details

Net sales of 29,200 MT for 2023/2024--a marketing-year high--were up noticeably from the previous week, but down noticeably from the prior 4-week average. Increases were reported for Colombia (14,500 MT), Mexico (7,000 MT), Venezuela (4,000 MT), Jamaica (3,500 MT), and Canada (200 MT).

Weekly Export Details

Exports of 700 MT were down 54 percent from the previous week and 25 percent from the prior 4-week average. The destinations were primarily to Canada (400 MT) and Honduras (100 MT).

Comments and Performance Indicators

Export commitments are running 3.4% ahead of a year-ago, compared 38.1% behind a year ago last week. USDA projects exports will decrease 7.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 52,000

Weekly Sales Details

Net sales of Upland totaling 52,000 RB for 2023/2024 were up 30 percent from the previous week, but down 66 percent from the prior 4-week average. Increases primarily for Bangladesh (34,300 RB), Vietnam (24,300 RB, including 7,800 RB switched from China, 400 RB switched from Macau, and 100 RB switched from South Korea), Turkey (23,100 RB), Peru (6,700 RB, including decreases of 200 RB), and Mexico (2,600 RB), were offset by reductions for China (30,300 RB), Pakistan (12,500 RB), Hong Kong (1,100 RB), Macau (400 RB), and South Korea (100 RB). Net sales of 15,100 RB for 2024/2025 reported for Indonesia (13,200 RB), South Korea (5,300 RB), and Mexico (2,400 RB), were offset by reductions for Pakistan (5,800 RB). Exports of 330,800 RB were up 24 percent from the previous week and 26 percent from the prior 4-week average. The destinations were primarily to China (130,600 RB), Vietnam (60,900 RB), Pakistan (30,100 RB), Turkey (26,900 RB), and Bangladesh (19,700 RB). Net sales of Pima totaling 11,100 RB for 2023/2024 were up noticeably from the previous week and up 88 percent from the prior 4-week average. Increases were primarily for China (4,100 RB), India (3,300 RB), Peru (1,000 RB), Costa Rica (900 RB), and Turkey (800 RB).

Weekly Export Details

Exports of 6,400 RB were up 43 percent from the previous week and 2 percent from the prior 4-week average. The destinations were primarily to China (3,100 RB), India (1,600 RB), Turkey (500 RB), Thailand (400 RB), and Vietnam (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: 14,000

Weekly Sales Details

Net sales of 14,000 MT for 2024 were up 14 percent from the previous week, but down 10 percent from the prior 4-week average. Increases were primarily for South Korea (4,300 MT, including decreases of 400 MT), Japan (2,300 MT, including decreases of 300 MT), Taiwan (1,700 MT, including decreases of 100 MT), China (1,500 MT, including decreases of 100 MT), and Mexico (1,000 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 16,000 MT were up 1 percent from the previous week, but unchanged from the prior 4-week average. The destinations were primarily to South Korea (4,300 MT), Japan (4,100 MT), China (2,000 MT), Mexico (1,900 MT), and Taiwan (1,300 MT).

Comments and Performance Indicators

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

Pork

Actual Sales (in MT)

2024: 36,400

Weekly Sales Details

Net sales of 36,400 MT for 2024 were up 12 percent from the previous week and 9 percent from the prior 4-week average. Increases were primarily for China (12,600 MT, including decreases of 100 MT), Mexico (11,200 MT, including decreases of 100 MT), Vietnam (5,000 MT), Japan (1,700 MT, including decreases of 600 MT), and South Korea (1,300 MT, including decreases of 500 MT).

Weekly Export Details

Exports of 32,000 MT were down 4 percent from the previous week and 15 percent from the prior 4-week average. The destinations were primarily to Mexico (10,800 MT), South Korea (5,200 MT), Japan (4,400 MT), China (3,600 MT), and Canada (1,400 MT).

Comments and Performance Indicators

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