Weekly wheat sales forge new marketing-year low

USDA Weekly Export Sales Report

Week Ended March 14, 2024

Corn

Actual Sales (in MT)

2023-24: 1,185,800

Expectations (in MT)

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

Weekly Sales Details

Net sales of 1,185,800 MT for 2023/2024 were down 8 percent from the previous week, but up 10 percent from the prior 4-week average. Increases primarily for Japan (545,600 MT, including 179,400 MT switched from unknown destinations and decreases of 81,200 MT), Mexico (246,000 MT, including decreases of 24,800 MT and 81,200 MT - late), South Korea (133,000 MT, including 130,000 MT switched from unknown destinations and decreases of 1,700 MT), Taiwan (101,400 MT), and Colombia (88,500 MT, including 41,000 MT switched from unknown destinations and decreases of 4,500 MT), were offset by reductions for unknown destinations (132,300 MT) and Costa Rica (1,500 MT).

Weekly Export Details

Exports of 1,528,500 MT--a marketing-year high--were up 21 percent from the previous week and 31 percent from the prior 4-week average. The destinations were primarily to Mexico (761,900 MT, including 81,200 MT - late), Japan (209,600 MT), Taiwan (145,300 MT), South Korea (133,900 MT), and Colombia (94,300 MT).

Comments and Performance Indicators

Export commitments are 19.4% ahead of a year-ago, compared to 27.3% 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: (109,600)

Expectations (in MT)

2023-24: (200,000)-500,000

Weekly Sales Details

Net sales reductions of 109,600 metric tons (MT) for 2023/2024--a marketing-year low--were down noticeably from the previous week and from the prior 4-week average. Increases primarily for Japan (62,200 MT, including decreases of 200 MT), Mexico (50,100 MT, including decreases of 11,200 MT and 6,600 MT - late), Algeria (34,700 MT, including 33,000 MT switched from unknown destinations), the Dominican Republic (22,200 MT), and Italy (18,800 MT), were more than offset by reductions for China (262,700 MT), the Philippines (34,000 MT), and South Korea (13,400 MT). Net sales of 285,900 MT for 2024/2025 were primarily for the Philippines (94,000 MT), South Korea (65,000 MT), Thailand (54,500 MT), Panama (25,000 MT), and Honduras (22,900 MT).

Weekly Export Details

Exports of 395,900 MT were down 13 percent from the previous week and 9 percent from the prior 4-week average. The destinations were primarily to Mexico (141,500 MT, including 6,600 MT - late), South Korea (85,400 MT), China (51,800 MT), Algeria (34,200 MT), and Japan (32,800 MT).

Comments and Performance Indicators

Export commitments are running 5.9% ahead of year-ago, compared to 4.3% ahead last week. USDA projects exports in 2023-24 at 725 million bu., down 6.5% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2023-24: 494,000

Expectations (in MT)

2023-24: 250,000-800,000

Weekly Sales Details

 Net sales of 494,000 MT for 2023/2024 were up 31 percent from the previous week and 86 percent from the prior 4-week average. Increases primarily for China (304,400 MT, including 266,000 MT switched from unknown destinations), Mexico (90,000 MT, including decreases of 2,300 MT), Indonesia (55,000 MT, including decreases of 1,600 MT), Japan (39,400 MT, including 18,200 MT switched from unknown destinations and decreases of 200 MT), and Taiwan (17,900 MT), were offset by reductions for unknown destinations (47,200 MT) and Colombia (700 MT). Total net sales of 300 MT for 2024/2025 were for South Korea.

Weekly Export Details

Exports of 773,100 MT were down 18 percent from the previous week and 32 percent from the prior 4-week average. The destinations were primarily to China (608,000 MT, including 68,700 MT - late), Mexico (64,900 MT), Indonesia (30,200 MT), Japan (23,700 MT), and Vietnam (11,500 MT).

Comments and Performance Indicators

Export commitments are running 18.7% behind a year-ago, compared to 19.6% 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: 243,400

Expectations

2023-24: 150,000-450,000

Weekly Sales Details

Net sales of 243,400 MT for 2023/2024 were up 16 percent from the previous week, but down 5 percent from the prior 4-week average. Increases primarily for Vietnam (53,500 MT), unknown destinations (50,000 MT), the Philippines (46,000 MT), Venezuela (22,700 MT), and Morocco (22,000 MT), were offset by reductions for Greece (10,400 MT) and Nicaragua (8,600 MT). Net sales of 42,300 MT for 2024/2025 were reported for Canada (41,800 MT) and Sri Lanka (500 MT).

Weekly Export Details

Exports of 328,000 MT were down 12 percent from the previous week and 1 percent from the prior 4-week average. The destinations were primarily to Mexico (59,100 MT), Vietnam (54,300 MT), Greece (33,600 MT), Colombia (29,700 MT), and Venezuela (27,700 MT).

Comments and Performance Indicators

Export commitments are 20.1% ahead of a year-ago, compared to 18.9% ahead last week. USDA projects exports in 2022-23 will increase 7.7% from the previous marketing year in 2023-24.

Soyoil

Actual Sales (in MT)

2023-24: 1,900

Expectations

2023-24: (5,000)-20,000  

Weekly Sales Details

Net sales of 1,900 MT for 2023/2024 were down 83 percent from the previous week and 80 percent from the prior 4-week average. The destination was Mexico.

Weekly Export Details

Exports of 12,500 MT--a marketing-year high--were up noticeably from the previous week and from the prior 4-week average. The destinations were primarily to Colombia (11,000 MT) and Mexico (1,300 MT).

Comments and Performance Indicators

Export commitments are running in-line with a year-ago, compared 14.9% ahead last week. USDA projects exports will decrease 7.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 92,600

Weekly Sales Details

Net sales of Upland totaling 92,600 RB for 2023/2024 were up 8 percent from the previous week and 20 percent from the prior 4-week average. Increases primarily for Turkey (23,800 RB), Peru (13,700 RB), Vietnam (11,700 RB, including 3,200 RB switched from China, 500 RB switched from South Korea, 300 RB switched from Japan, and decreases of 4,400 RB), Bangladesh (11,400 RB), and Pakistan (10,200 RB, including decreases of 2,200 RB), were offset by reductions for Singapore (2,200 RB), Guatemala (800 RB), and South Korea (100 RB). Net sales of 40,500 RB for 2024/2025 were reported for Bangladesh (26,400 RB), Turkey (8,800 RB), Pakistan (4,400 RB), and Peru (900 RB).

Weekly Export Details

Exports of 397,300 RB--a marketing-year high--were up 36 percent from the previous week and 39 percent from the prior 4-week average. The destinations were primarily to China (183,700 RB), Vietnam (61,300 RB), Pakistan (58,700 RB), Turkey (22,800 RB), and Mexico (15,000 RB). Net sales of Pima totaling 2,100 RB for 2023/2024 were down 69 percent from the previous week and 68 percent from the prior 4-week average. Increases were primarily for India (800 RB), Brazil (600 RB), and Indonesia (400 RB). Exports of 1,200 RB were down 82 percent from the previous week and 77 percent from the prior 4- week average. The destinations were to Thailand (500 RB), India (300 RB), Italy (200 RB), and Peru (200 RB).

Comments and Performance Indicators

Upland cotton export commitments are running % behind a year ago, compared to 2.3% behind last week. 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: 11,000

Weekly Sales Details

Net sales of 11,000 MT for 2024--a marketing-year low--were down 2 percent from the previous week and 12 percent from the prior 4-week average. Increases were primarily for South Korea (4,300 MT, including decreases of 400 MT), China (2,100 MT, including decreases of 200 MT), Japan (2,000 MT, including decreases of 200 MT), Taiwan (700 MT, including decreases of 100 MT), and Mexico (400 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 14,400 MT were down 10 percent from the previous week and 9 percent from the prior 4-week average. The destinations were primarily to South Korea (3,900 MT), Japan (3,700 MT), China (2,700 MT), Mexico (1,500 MT), and Taiwan (900 MT).

Comments and Performance Indicators

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

Pork

Actual Sales (in MT)

2024: 33,800

Weekly Sales Details

Net sales of 33,800 MT for 2024 were up 36 percent from the previous week and 10 percent from the prior 4-week average. Increases were primarily for Mexico (9,200 MT, including decreases of 500 MT), Canada (8,900 MT, including decreases of 600 MT), Japan (5,500 MT, including decreases of 400 MT), South Korea (1,900 MT, including decreases of 700 MT), and Vietnam (1,600 MT).

Weekly Export Details

Exports of 32,100 MT were down 7 percent from the previous week and 6 percent from the prior 4-week average. The destinations were primarily to Mexico (11,200 MT), South Korea (5,000 MT), Japan (4,700 MT), China (3,000 MT), and Canada (1,900 MT).

Comments and Performance Indicators

USDA projects exports in 2024 will rise 4.6% from last year.