Corn export sales steady at 1.024 MMT

USDA Weekly Export Sales Report

Week Ended Feb. 9, 2023

Corn

Actual Sales (in MT)

2022-23:  1,024,500
 

Expectations (in MT)

2022-23:  600,000-1,200,000  

Weekly Sales Details

Net sales of 1,024,500 MT for 2022/2023 were down 12 percent from the previous week and 15 percent from the prior 4-week average. Increases were primarily for Mexico (269,000 MT, including decreases of 21,800 MT), unknown destinations (247,300 MT), China (126,000 MT), Colombia (115,400 MT, including decreases of 1,500 MT), and Saudi Arabia (73,500 MT, including 70,000 MT switched from unknown destinations). Total net sales of 100,000 MT for 2023/2024 were for Mexico.

Weekly Export Details

Exports of 670,500 MT were up 70 percent from the previous week and 2 percent from the prior 4-week average. The destinations were primarily to Mexico (386,000 MT), Saudi Arabia (73,500 MT), Guatemala (41,000 MT), El Salvador (35,800 MT), and Japan (35,600 MT).

Comments and Performance Indicators

Export commitments are 40.2% behind a year-ago compared to 41.4% behind last week. USDA projects exports in 2022-23 at 1.925 billion bu., 22% below the previous marketing year.

Wheat

Actual Sales (in MT)

2022-23:  209,800

Expectations (in MT)

2022-23: 150,000-450,000

Weekly Sales Details

Net sales of 209,800 metric tons (MT) for 2022/2023 were up 60 percent from the previous week, but down 32 percent from the prior 4-week average. Increases primarily for Taiwan (39,500 MT), Japan (35,600 MT), Nigeria (33,000 MT, including 30,000 MT switched from unknown destinations), Mexico (22,600 MT, including decreases of 900 MT), and Venezuela (17,000 MT, including 25,000 MT switched from unknown destinations and decreases of 8,000 MT), were offset by reductions for Egypt (500 MT) and Burma (300 MT). Total net sales of 23,000 MT for 2023/2024 were for Guatemala.

Weekly Export Details

Exports of 500,100 MT were down 7 percent from the previous week, but up 25 percent from the prior 4-week average. The destinations were primarily to Japan (117,900 MT), Vietnam (64,000 MT), Mexico (63,800 MT), Egypt (59,500 MT), and the Philippines (58,400 MT).

Comments and Performance Indicators

Export commitments are running 5.5% behind a year-ago, compared to 6.0% behind last week. USDA projects exports in 2022-23 at 775 million bu., down 3.1% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2022-23:  512,800

Expectations (in MT)

2022-23:  400,000-800,000  

Weekly Sales Details

Net sales of 512,800 MT for 2022/2023 were up 37 percent from the previous week, but down 35 percent from the prior 4-week average. Increases primarily for China (283,600 MT, including 252,000 MT switched from unknown destinations, 51,300 MT switched from Pakistan, and decreases of 72,900 MT), Mexico (198,100 MT, including 47,500 MT switched from unknown destinations and decreases of 1,000 MT), Germany (153,500 MT), the Netherlands (131,900 MT, including 134,000 MT switched from unknown destinations and decreases of 8,300 MT), and Spain (130,000 MT, including 119,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (509,000 MT) and Pakistan (121,000 MT). Net sales of 259,100 MT for 2023/2024 were reported for China (189,000 MT), unknown destinations (66,000 MT), Taiwan (3,000 MT), and Canada (1,100 MT).

Weekly Export Details

Exports of 1,903,200 MT were up 9 percent from the previous week, but unchanged from the prior 4-week average. The destinations were primarily to China (1,107,300 MT), Germany (153,500 MT), the Netherlands (131,900 MT), Spain (130,000 MT), and Mexico (114,000 MT).

Comments and Performance Indicators

Export commitments are running even with a year-ago, versus 2.1% ahead last week. USDA projects exports in 2022-23 at 1.990 billion bu., down 8.0% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2022-23:  270,900  

Expectations

2022-23:  100,000-300,000

Weekly Sales Details

Net sales of 270,900 MT for 2022/2023 were up 49 percent from the previous week and 7 percent from the prior 4-week average. Increases primarily for the Philippines (56,200 MT), Vietnam (50,000 MT), Colombia (40,100 MT), Ireland (37,000 MT), and Ecuador (32,400 MT, including decreases of 23,400 MT), were offset by reductions primarily for Canada (2,000 MT) and unknown destinations (1,900 MT). Total net sales of 25,000 MT for 2023/2024 were for Ireland.

Weekly Export Details

Exports of 204,800 MT were down 35 percent from the previous week and 31 percent from the prior 4-week average. The destinations were primarily to the Philippines (51,400 MT), Ecuador (32,400 MT), Guatemala (27,400 MT), Mexico (18,000 MT), and Canada (12,800 MT).

Comments and Performance Indicators

Export commitments are 6.4% behind a year-ago, compared to 6.5% behind a week ago. USDA projects exports in 2022-23 will increase 1.3% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2022-23:  8,300

Expectations

2022-23: 0-10,000  

Weekly Sales Details

Net sales of 8,300 MT for 2022/2023 were up noticeably from the previous week and from the prior 4-week average. Increases were reported for Colombia (5,000 MT) and Canada (3,300 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 500 MT were down 79 percent from the previous week and 66 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 90.1% behind a year-ago, compared to 91.1% behind last week. USDA projects exports will decrease 55% this season.

Cotton

Actual Upland Sales (in RB)

2022-23:  216,900

Weekly Sales Details

Net sales of 216,900 RB for 2022/2023 were down 18 percent from the previous week, but up 1 percent from the prior 4-week average. Increases primarily for Vietnam (67,700 RB, including 3,100 RB switched for China and 1,100 RB switched from South Korea), China (61,600 RB, including 8,800 RB switched from Vietnam), Pakistan (23,200 RB), Bangladesh (17,000 RB), and South Korea (15,500 RB, including 4,900 RB switched from Vietnam and decreases of 1,800 RB), were offset by reductions for Peru (1,000 RB) and Ecuador (200 RB). Net sales of 23,900 RB for 2023/2024 were reported for Portugal (22,000 RB) and Thailand (1,900 RB). Exports of 186,400 RB were down 11 percent from the previous week and 5 percent from the prior 4-week average. The destinations were primarily to Pakistan (47,900 RB), China (45,900 RB), Vietnam (19,200 RB), Turkey (15,800 RB), and Mexico (11,100 RB). Net sales of Pima totaling 2,000 RB for 2022/2023 were up 54 percent from the previous week, but down 5 percent from the prior 4-week average. Increases reported for Vietnam (900 RB), China (900 RB), Pakistan (400 RB), and Thailand (400 RB), were offset by reductions for Italy (600 RB).

Weekly Export Details

Exports of 6,900 RB were up 19 percent from the previous week and 26 percent from the prior 4-week average. The destinations were primarily to Vietnam (2,800 RB), India (2,600 RB), Thailand (600 RB), Pakistan (400 RB), and Bangladesh (400 RB).

Comments and Performance Indicators

Export commitments are running 19.5% behind a year-ago, versus 20.2% behind last week. USDA forecasts total cotton exports will fall 17.9% from a year ago to 12.00 million bales in 2022-23.

Beef

Actual Sales (in MT)

2023:  28,100

Weekly Sales Details

Net sales of 28,100 MT for 2023 were up 72 percent from the previous week and 34 percent from the prior 4-week average. Increases were primarily for Japan (8,600 MT, including decreases of 500 MT), South Korea (6,800 MT, including decreases of 500 MT), China (6,100 MT, including decreases of 100 MT), Mexico (2,200 MT, including decreases of 100 MT), and Hong Kong (1,000 MT, including decreases of 200 MT).

Weekly Export Details

Exports of 16,700 MT were up 8 percent from the previous week and 2 percent from the prior 4- week average. The destinations were primarily to South Korea (4,300 MT), Japan (4,300 MT), China (3,100 MT), Mexico (1,700 MT), and Taiwan (1,300 MT).

Comments and Performance Indicators

USDA projects 2022 exports will fall 12.8% from a year ago.

Pork

Actual Sales (in MT)

2023:  45,000

Weekly Sales Details

Net sales of 45,000 MT for 2023 were up 56 percent from the previous week and 30 percent from the prior 4-week average. Increases primarily for Mexico (18,800 MT, including decreases of 200 MT), Japan (11,500 MT, including decreases of 100 MT), South Korea (4,400 MT, including decreases of 700 MT), China (4,100 MT, including decreases of 100 MT), and Colombia (1,200 MT), were offset by reductions for Nicaragua (100 MT).

Weekly Export Details

Exports of 30,500 MT were unchanged from the previous week, but down 4 percent from the prior 4-week average. The destinations were primarily to Mexico (13,400 MT), China (4,100 MT), Japan (3,500 MT), South Korea (2,600 MT), and Canada (2,300 MT).

Comments and Performance Indicators

USDA projects exports in 2023 will rise 0.3% from last year.