Another week of old-crop soybean sales reductions

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USDA Weekly Export Sales Report

Week Ended July 28, 2022

Corn

Actual Sales (in MT)

2021-22: 57,900
2022-23: 256,700

 

Expectations (in MT)

2021-22: 0-300,000
2022-23: 100,000-400,000

Weekly Sales Details

Net sales of 57,900 MT for 2021/2022 were down 62 percent from the previous week, but up 31 percent from the prior 4-week average. Increases primarily for Japan (53,800 MT, including 52,100 MT switched from unknown destinations and decreases of 700 MT), Mexico (36,200 MT, including decreases of 200 MT), the Netherlands (13,200 MT - Late), Trinidad and Tobago (9,700 MT switched from Jamaica), and China (5,700 MT), were offset by reductions for unknown destinations (51,600 MT), Jamaica (9,600 MT), Nicaragua (7,500 MT), Costa Rica (2,100 MT), and Barbados (1,200 MT). Net sales of 256,700 MT for 2022/2023 reported for Mexico (213,000 MT), unknown destinations (28,800 MT), El Salvador (26,300 MT), and Honduras (3,500 MT), were offset by reductions for Colombia (10,000 MT) and Costa Rica (4,900 MT).

Weekly Export Details

Exports of 1,021,100 MT were up 18 percent from the previous week and 4 percent from the prior 4-week average. The destinations were primarily to China (414,100 MT), Mexico (328,000 MT), Japan (158,800 MT), Canada (41,200 MT), and Honduras (21,300 MT).

Comments and Performance Indicators

Export commitments are 13% behind year-ago, compared with 13% behind last week. USDA projects exports in 2021-22 at 2.450 billion bu., 11.0% below the previous marketing year.

Wheat

Actual Sales (in MT)

2022-23: 249,900

Expectations (in MT)

2022-23: 200,000-550,000

Weekly Sales Details

Net sales of 249,900 metric tons (MT) for 2022/2023 were down 39 percent from the previous week and 55 percent from the prior 4-week average. Increases primarily for unknown destinations (80,000 MT), Indonesia (70,000 MT), Mexico (64,900 MT, including decreases of 500 MT), Costa Rica (11,500 MT, including 11,700 MT switched from Guatemala and decreases of 500 MT), and Venezuela (7,500 MT), were offset by reductions for Guatemala (15,100 MT), Peru (600 MT), and Panama (200 MT).

Weekly Export Details

Exports of 288,400 MT were down 17 percent from the previous week, but up 10 percent from the prior 4-week average. The destinations were primarily to Mexico (100,200 MT), Taiwan (42,000 MT), South Korea (33,000 MT), Guatemala (31,000 MT), and Colombia (19,800 MT).

Comments and Performance Indicators

Export commitments are running 2% behind year-ago, compared with 1.3% behind last week. USDA projects exports in 2022-23 at 775 million bu., down 3.7% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2021-22: (11,000)
2022-23: 410,600

Expectations (in MT)

2021-22: (100,000)-200,000
2022-23: 200,000-700,000

Weekly Sales Details

Net sales reductions of 11,000 MT for 2021/2022 were down 81 percent from the previous week and 90 percent from the prior 4-week average. Increases primarily for China (124,800 MT, including 58,000 MT switched from unknown destinations and decreases of 9,300 MT), Mexico (64,800 MT, including 47,500 MT switched from unknown destinations and decreases of 500 MT), the Netherlands (57,400 MT, including 60,000 MT switched from unknown destinations and decreases of 2,600 MT), Malaysia (15,300 MT, including 15,000 MT switched from Indonesia), and Vietnam (4,400 MT, including decreases of 300 MT), were more than offset by reductions for unknown destinations (229,500 MT), Bangladesh (55,000 MT), Indonesia (5,300 MT), and Thailand (1,000 MT). Net sales of 410,600 MT for 2022/2023 were primarily for unknown destinations (154,000 MT), China (144,000 MT), Bangladesh (55,000 MT), and Mexico (44,100 MT).

Weekly Export Details

Exports of 527,600 MT were up 33 percent from the previous week and 19 percent from the prior 4- week average. The destinations were primarily to Mexico (162,700 MT), the Netherlands (57,400 MT), China (52,800 MT), Japan (50,400 MT), and Algeria (45,200 MT).

Comments and Performance Indicators

Export commitments are running 3.9% behind year-ago versus 3.8% behind last week. USDA projects exports in 2021-22 at 2.170 billion bu., down 4.0% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2021-22: 186,600
2022-23: 48,800

Expectations

2021-22: 25,000-200,000
2022-23: 0-150,000

Weekly Sales Details

Net sales of 186,600 MT for 2021/2022 were up noticeably from the previous week and from the prior 4-week average. Increases primarily for the Philippines (95,800 MT), Colombia (55,800 MT, including decreases of 30,800 MT), Honduras (10,400 MT, including 6,000 switched from Nicaragua, 5,000 MT switched from El Salvador, and decreases of 1,300 MT), the Dominican Republic (10,100 MT, including decreases of 1,000 MT), and Mexico (10,000 MT), were offset by reductions primarily for Nicaragua (6,000 MT), El Salvador (5,500 MT), and Jamaica (5,300 MT). Net sales of 48,800 MT for 2022/2023 were primarily for the Dominican Republic (16,000 MT), El Salvador (14,300 MT), Jamaica (5,900 MT), Trinidad and Tobago (5,900 MT), and Costa Rica (2,000 MT).

Weekly Export Details

Exports of 244,700 MT were up 25 percent from the previous week and 34 percent from the prior 4-week average. The destinations were primarily to the Philippines (49,500 MT), Colombia (45,800 MT), Mexico (33,700 MT), Honduras (30,200 MT), and Japan (29,600 MT).

Comments and Performance Indicators

Export commitments are 1.8% behind year-ago versus 2.3% behind last week. USDA projects exports in 2021-22 will increase 1.7% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2021-22: 1,300
2022-23: 0

Expectations

2021-22: 0-10,000
2022-23: 0-20,000

Weekly Sales Details

Total net sales of 1,300 MT for 2021/2022 were down 71 percent from the previous week and 15 percent from the prior 4-week average. Increases were reported for Honduras (800 MT), Guatemala (300 MT), and Canada (200 MT).

Weekly Export Details

Exports of 500 MT were down 95 percent from the previous week and 93 percent from the prior 4-week average. The destination was to Canada (500 MT).

Comments and Performance Indicators

Export commitments are running 1.5% ahead of year-ago, compared with 1.8% ahead last week. USDA projects exports will increase 4.5% this season.

Cotton

Actual Upland Sales (in RB)

2021-22: (112,400)
2022-23: 71,400

Weekly Sales Details

Net sales reductions of 112,400 RB for 2021/2022--a marketing-year low-- primarily for Ecuador (1,200 RB, including decreases of 100 RB), Honduras (800 RB, including decreases of 100 RB), Japan (500 RB, including decreases of 300 RB), Turkey (400 RB, including decreases of 100 RB), and Thailand (200 RB switched from Japan), were more than offset by reductions primarily for China (95,000 RB), Vietnam (15,400 RB), Bangladesh (1,700 RB), Indonesia (900 RB), and South Korea (800 RB). Net sales of 71,400 RB for 2022/2023 primarily for Vietnam (40,400 RB), Pakistan (24,700 RB), Indonesia (9,900 RB), India (4,800 RB), and Thailand (2,200 RB), were offset by reductions for Malaysia (7,000 RB), Mexico (1,700 RB), Honduras (1,600 RB), Ecuador (1,300 RB), and Japan (100 RB). Exports of 279,700 RB were up 11 percent from the previous week, but down 12 percent from the prior 4-week average. The destinations were primarily to India (45,600 RB), Turkey (44,200 RB), Vietnam (42,100 RB), China (36,500 RB), and Pakistan (22,800 RB). Total net sales of 100 RB of Pima for 2021/2022 were for China. Net sales of 4,500 RB for 2022/2023 were reported for Vietnam (2,500 RB), Indonesia (1,600 RB), and India (400 RB).

Weekly Export Details

Exports of 2,600 RB were down 19 percent from the previous week and 56 percent from the prior 4-week average. The destinations were primarily to China (1,400 RB), India (500 RB), Pakistan (400 RB), and South Korea (200 RB).

Comments and Performance Indicators

Export commitments are 3.8% behind year-ago, compared with 7.9% behind last week. USDA forecasts total cotton exports will fall 9.9% from a year ago to 14.75 million bales in 2021-22.

Beef

Actual Sales (in MT)

2022: 12,000

Weekly Sales Details

Net sales of 12,000 MT for 2022 were down 52 percent from the previous week and 30 percent from the prior 4-week average. Increases were primarily for South Korea (2,900 MT, including decreases of 600 MT), Japan (2,400 MT, including decreases of 1,000 MT), Canada (1,800 MT, including decreases of 100 MT), Taiwan (1,100 MT, including decreases of 100 MT), and the Philippines (900 MT). Total net sales of 200 MT for 2023 were for Japan.

Weekly Export Details

Exports of 18,500 MT were down 9 percent from the previous week and 5 percent from the prior 4-week average. The destinations were primarily to Japan (5,600 MT), South Korea (4,900 MT), China (2,600 MT), Mexico (1,200 MT), and Taiwan (1,100 MT).

Comments and Performance Indicators

USDA projects 2022 exports will decline 0.8% from a year ago.

Pork

Actual Sales (in MT)

2022: 31,000
 

Weekly Sales Details

Net sales of 31,000 MT for 2022 were up 43 percent from the previous week and 35 percent from the prior 4-week average. Increases were primarily for China (16,800 MT, including decreases of 300 MT), Mexico (8,600 MT, including decreases of 200 MT), Japan (1,800 MT, including decreases of 100 MT), South Korea (1,700 MT, including decreases of 400 MT), and Canada (600 MT, including decreases of 400 MT).

Weekly Export Details

Exports of 26,000 MT were down 4 percent from the previous week and 5 percent from the prior 4- week average. The destinations were primarily to Mexico (12,600 MT), China (4,200 MT), Japan (3,300 MT), Colombia (1,600 MT), and South Korea (1,400 MT).

Comments and Performance Indicators

USDA projects exports in 2022 will drop 5.8% from last year.

 

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