Weekly corn sales drop sharply to marketing-year low

USDA Weekly Export Sales Report

Week Ended April 4, 2024

Corn

Actual Sales (in MT)

2023-24: 325,500

Expectations (in MT)

2023-24: 750,000-1,300,000

Weekly Sales Details

Net sales of 325,500 MT for 2023/2024--a marketing-year low--were down 66 percent from the previous week and 72 percent from the prior 4-week average. Increases primarily for Japan (221,100 MT, including 128,400 MT switched from unknown destinations and decreases of 65,000 MT), Mexico (191,400 MT, including 50,000 MT switched from unknown destinations and decreases of 8,200 MT), South Korea (139,400 MT, including 132,000 MT switched from unknown destinations), China (66,400 MT, including 65,000 MT switched from unknown destinations), and Venezuela (25,300 MT, including decreases of 6,900 MT), were offset by reductions primarily for unknown destinations (261,700 MT). Net sales of 9,500 MT for 2024/2025 were reported for Nicaragua (6,000 MT) and Honduras (3,500 MT).

Weekly Export Details

Exports of 1,556,800 MT were down 5 percent from the previous week, but up 10 percent from the prior 4-week average. The destinations were primarily to Mexico (672,500 MT), Japan (398,600 MT), South Korea (139,500 MT), Taiwan (79,400 MT, including 68,000 MT - late), and China (66,500 MT).

Comments and Performance Indicators

Export commitments are 17.1% ahead of a year-ago, compared to 17.8% 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: 80,700

Expectations (in MT)

2023-24: (100,000)-250,000  

Weekly Sales Details

Net sales of 80,700 metric tons (MT) for 2023/2024 were up noticeably from the previous week, but down 2 percent from the prior 4-week average. Increases primarily for the Philippines (62,600 MT, including decreases of 1,200 MT), Algeria (19,000 MT, including 20,000 MT switched from unknown destinations and decreases of 1,000 MT), Italy (16,500 MT), Venezuela (12,800 MT, including decreases of 200 MT), and Malaysia (12,600 MT, including 13,000 MT switched from Vietnam and decreases of 400 MT), were offset by reductions for unknown destinations (33,200 MT), Japan (31,700 MT), Vietnam (9,100 MT), and the Dominican Republic (2,700 MT). Net sales of 274,400 MT for 2024/2025 were primarily for Japan (90,900 MT), South Korea (62,500 MT), Thailand (53,000 MT), Mexico (27,000 MT), and the Philippines (27,000 MT).

Weekly Export Details

Exports of 626,800 MT--a marketing-year high--were up 21 percent from the previous week and 41 percent from the prior 4-week average. The destinations were primarily to the Philippines (117,200 MT), Mexico (78,300 MT), Taiwan (77,500 MT, including 32,900 MT - late), Japan (56,900 MT), and China (55,600 MT).

Comments and Performance Indicators

Export commitments are running 3.0% ahead of year-ago, compared to 3.3% 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: 305,300

Expectations (in MT)

2023-24: 200,000-600,000

Weekly Sales Details

Net sales of 305,300 MT for 2023/2024 were up 57 percent from the previous week, but down 3 percent from the prior 4-week average. Increases primarily for Mexico (172,600 MT, including decreases of 200 MT), Egypt (85,200 MT, including 81,300 MT switched from unknown destinations), China (69,300 MT, including 68,000 MT switched from unknown destinations and decreases of 2,900 MT), Japan (25,000 MT, including 18,000 MT switched from unknown destinations and decreases of 100 MT), and Indonesia (15,200 MT, including decreases of 500 MT), were offset by reductions primarily for unknown destinations (117,200 MT).

Weekly Export Details

Exports of 503,400 MT were down 8 percent from the previous week and 33 percent from the prior 4-week average. The destinations were primarily to China (228,600 MT), Egypt (85,200 MT), Mexico (65,000 MT), Japan (54,300 MT), and Indonesia (21,900 MT).

Comments and Performance Indicators

Export commitments are running 18.5% behind a year-ago, compared to 18.8% 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: 187,900

Expectations

2023-24: 150,000-350,000

Weekly Sales Details

Net sales of 187,900 MT for 2023/2024 were down 7 percent from the previous week and 4 percent from the prior 4-week average. Increases primarily for Tunisia (30,000 MT), Costa Rica (26,600 MT, including 9,300 MT switched from Nicaragua), Canada (20,900 MT, including decreases of 800 MT), unknown destinations (16,300 MT), and the Philippines (15,600 MT), were offset by reductions for Portugal (8,000 MT), Honduras (6,500 MT), Jamaica (3,700 MT), South Korea (800 MT), and Belgium (800 MT). Net sales of 53,400 MT for 2024/2025 reported for unknown destinations (60,000 MT), were offset by reductions for Canada (6,600 MT).

Weekly Export Details

Exports of 280,500 MT were unchanged from the previous week, but down 11 percent from the prior 4-week average. The destinations were primarily to Vietnam (56,500 MT), Mexico (50,800 MT), Ecuador (33,000 MT), Guatemala (25,200 MT), and Canada (21,200 MT).

Comments and Performance Indicators

Export commitments are 14.3% ahead of a year-ago, compared to 15.4% 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: 4,300

Expectations

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

Weekly Sales Details

Net sales of 4,300 MT for 2023/2024 were up 39 percent from the previous week, but down 22 percent from the prior 4-week average. Increases reported for Mexico (4,700 MT) were offset by reductions for Canada (400 MT).

Weekly Export Details

Exports of 1,100 MT were down 92 percent from the previous week and 88 percent from the prior 4-week average. The destination was primarily to Mexico (700 MT).

Comments and Performance Indicators

Export commitments are running 14.8% behind a year-ago, compared to 19.4% behind last week. USDA projects exports will decrease 7.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 81,500

Weekly Sales Details

Net sales of Upland totaling 81,500 RB for 2023/2024 were down 4 percent from the previous week and 10 percent from the prior 4-week average. Increases primarily for China (50,200 RB, including decreases of 11,000 RB), Pakistan (23,900 RB, including decreases of 2,600 RB), Peru (7,800 RB), Vietnam (5,200 RB, including 1,500 RB switched from Japan and decreases of 4,400 RB), and Nicaragua (2,700 RB), were offset by reductions for Turkey (13,900 RB), Indonesia (2,500 RB), and South Korea (400 RB). Net sales of 35,700 RB for 2024/2025 were reported for Turkey (24,400 RB), Vietnam (4,400 RB), Indonesia (4,400 RB), Honduras (2,100 RB), and Peru (400 RB).

Weekly Export Details

Exports of 274,100 RB were down 25 percent from the previous week and 23 percent from the prior 4-week average. The destinations were primarily to China (120,700 RB), Turkey (39,300 RB), Vietnam (34,700 RB), Pakistan (25,700 RB), and Mexico (11,900 RB). Net sales of Pima totaling 8,000 RB for 2023/2024 were up noticeably from the previous week and up 34 percent from the prior 4-week average. Increases reported for Pakistan (3,400 RB), China (2,400 RB), and India (2,400 RB, including decreases of 300 RB), were offset by reductions for Bangladesh (200 RB). Exports of 15,900 RB were up noticeably from the previous week and from the prior 4-week average. The destinations were primarily to India (6,000 RB), China (5,200 RB), Peru (1,300 RB), Pakistan (1,100 RB), and Costa Rica (900 RB).

Comments and Performance Indicators

Upland cotton export commitments are running 6.7% behind a year ago, compared to 6.3% 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: 13,600

Weekly Sales Details

Net sales of 13,600 MT for 2024 were down 27 percent from the previous week, but up 2 percent from the prior 4-week average. Increases were primarily for South Korea (3,700 MT, including decreases of 400 MT), Japan (2,700 MT, including decreases of 300 MT), China (1,800 MT, including decreases of 200 MT), Taiwan (1,600 MT, including decreases of 100 MT), and Mexico (1,200 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 13,900 MT were up 4 percent from the previous week, but down 4 percent from the prior 4-week average. The destinations were primarily to Japan (3,700 MT), South Korea (3,600 MT), China (2,200 MT), Mexico (1,200 MT), and Taiwan (800 MT).

Comments and Performance Indicators

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

Pork

Actual Sales (in MT)

2024: 47,400

Weekly Sales Details

Net sales of 47,400 MT for 2024 were up 65 percent from the previous week and 33 percent from the prior 4-week average. Increases primarily for Mexico (19,700 MT, including decreases of 200 MT), South Korea (9,200 MT, including decreases of 100 MT), China (7,200 MT, including decreases of 100 MT), Japan (6,900 MT, including decreases of 1,000 MT), and Colombia (1,700 MT), were offset by reductions for Canada (500 MT), Australia (200 MT), Chile (200 MT), Taiwan (100 MT), and New Zealand (100 MT).

Weekly Export Details

Exports of 35,500 MT were up 2 percent from the previous week and 5 percent from the prior 4- week average. The destinations were primarily to Mexico (12,500 MT), Japan (5,400 MT), South Korea (5,200 MT), China (3,600 MT), and Canada (2,000 MT).

Comments and Performance Indicators

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