Corn export sales continue to lag, soybeans remain steady

USDA Weekly Export Sales Report

Week Ended Sept. 15, 2022

Corn

Actual Sales (in MT)

2022-23: 182,300
 

Expectations (in MT)

2022-23: 400,000-850,000

Weekly Sales Details

Net sales of 182,300 MT for 2022/2023 primarily for Japan (82,300 MT, including 80,900 MT switched from unknown destinations and decreases of 600 MT), Egypt (65,000 MT), Colombia (60,000 MT), Venezuela (13,200 MT), and Mexico (8,700 MT, including decreases of 220,300 MT), were offset by reductions for unknown destinations (66,300 MT).

Weekly Export Details

Exports of 563,000 MT were primarily to Mexico (259,000 MT), China (142,300 MT), Japan (137,000 MT), Venezuela (13,200 MT), and Jamaica (7,200 MT).

Comments and Performance Indicators

Export commitments are 50% behind a year-ago and were 50% behind last week. USDA projects exports in 2022-23 at 2.275 billion bu., 8.1% below the previous marketing year.

Wheat

Actual Sales (in MT)

2022-23: 183,500

Expectations (in MT)

2022-23: 200,000-500,000

Weekly Sales Details

Net sales of 183,500 metric tons (MT) for 2022/2023 primarily for Indonesia (136,000 MT, including 65,000 MT switched from unknown destinations), China (134,300 MT, including 130,000 MT switched from unknown destinations and decreases of 1,500 MT), Colombia (55,900 MT, including 42,400 MT switched from unknown destinations), Japan (43,800 MT, including 10,000 MT switched from unknown destinations), and Taiwan (35,100 MT), were offset by reductions primarily for unknown destinations (255,000 MT). Total net sales of 1,700 MT for 2023/2024 were for Mexico.

Weekly Export Details

Exports of 678,200 MT were primarily to China (133,900 MT), Japan (90,900 MT), Indonesia (66,000 MT), Thailand (58,700 MT), and Nigeria (51,700 MT).

Comments and Performance Indicators

Export commitments are running 3.5% behind a year-ago, compared with 2.0% ahead of last week. USDA projects exports in 2022-23 at 825 million bu., up 3.1% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2022-23: 446,400

Expectations (in MT)

2022-23: 500,000-1,000,000

Weekly Sales Details

Net sales of 446,400 MT for 2022/2023 primarily for Egypt (174,000 MT, including decreases of 9,000 MT), China (152,500 MT, including 55,000 MT switched from unknown destinations and decreases of 138,200 MT), Mexico (70,600 MT, including decreases of 400 MT), Indonesia (66,000 MT, including 55,000 MT switched from unknown destinations and decreases of 200 MT), and South Korea (54,000 MT switched from unknown destinations and decreases of 2,000 MT), were offset by reductions primarily for unknown destinations (184,700 MT) and Colombia (200 MT).

Weekly Export Details

Exports of 522,500 MT were primarily to China (147,800 MT), Mexico (138,400 MT), Japan (100,000 MT), Indonesia (62,700 MT), and South Korea (52,000 MT).

Comments and Performance Indicators

Export commitments are running 9.9% ahead of a year-ago, versus 11.8% ahead of last week. USDA projects exports in 2022-23 at 2.085 billion bu., down 2.8% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2022-23: 208,500

Expectations

2022-23: 75,000-250,000

Weekly Sales Details

Net sales reductions of 22,600 MT for 2021/2022 resulting in increases primarily for Ecuador (30,100 MT, including 35,000 MT switched from unknown destinations and decreases of 4,900 MT), Mexico (21,000 MT, including decreases of 2,600 MT), the Philippines (8,300 MT), Canada (4,800 MT, including decreases of 500 MT), and Nicaragua (1,500 MT), were more than offset by reductions primarily for Guatemala (51,100 MT), unknown destinations (34,900 MT), Colombia (3,000 MT), the Dominican Republic (1,000 MT), and Japan (900 MT). Net sales of 208,500 MT for 2022/2023 primarily for Colombia (99,900 MT), the Philippines (65,000 MT), Guatemala (51,100 MT), Mexico (28,300 MT), and Costa Rica (16,600 MT), were offset by reductions for Spain (75,000 MT).

Weekly Export Details

Exports of 223,400 MT were primarily to the Philippines (95,200 MT), the Dominican Republic (31,000 MT), Mexico (30,600 MT), Ecuador (30,100 MT), and Canada (24,700 MT).

Comments and Performance Indicators

Export commitments are 2.2% behind year-ago, compared to 1.6% ahead of last week. USDA projects exports in 2022-23 will increase 0.7% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2022-23: 3,000

Expectations

2022-23: 0-12,000

Weekly Sales Details

Net sales of reductions of 400 MT for 2021/2022 resulting in increases for Mexico (100 MT), were more than offset by reductions for Canada (500 MT). Total net sales of 3,000 MT for 2022/2023 were for Canada.

Weekly Export Details

Exports of 13,500 MT were to Guatemala (12,000 MT), Honduras (800 MT), Canada (600 MT), and Mexico (100 MT).

Comments and Performance Indicators

Export commitments are running 1.6% ahead of year-ago, versus 2.3% ahead last week. USDA projects exports will decrease 21.1% this season.

Cotton

Actual Upland Sales (in RB)

2022-23: 32,400

Weekly Sales Details

Net sales of 32,400 RB for 2022/2023 primarily for Pakistan (27,800 RB, including 4,700 RB switched from China), El Salvador (8,600 RB), Guatemala (6,000 RB), Vietnam (2,000 RB, including 900 RB switched from South Korea), and Thailand (1,400 RB), were offset by reductions primarily for China (11,400 RB), Japan (1,100 RB), and South Korea (900 RB). Net sales of 13,300 RB for 2023/2024 were for Pakistan (8,800 RB) and Guatemala (4,500 RB). Exports of 232,300 RB were primarily to China (73,000 RB), Vietnam (33,200 RB), Mexico (27,100 RB), Turkey (24,400 RB), and Bangladesh (18,300 RB). Net sales of Pima totaling 300 RB were for China (200 RB) and Japan (100 RB).

Weekly Export Details

Exports of 400 RB were to Pakistan (200 RB), China (100 RB), and Honduras (100 RB).

Comments and Performance Indicators

Export commitments are running 16.8% ahead of year-ago, versus 20.7% ahead of last week. USDA forecasts total cotton exports will fall 13.9% from a year ago to 12.6 million bales in 2022-23.

Beef

Actual Sales (in MT)

2022: 15,200

Weekly Sales Details

Net sales of 15,200 MT for 2022 were primarily for China (6,200 MT, including decreases of 200 MT), Japan (3,200 MT, including decreases of 500 MT), South Korea (1,200 MT, including decreases of 700 MT), Mexico (1,100 MT), and Canada (800 MT). Net sales of 300 MT for 2023 were for Japan.

Weekly Export Details

Exports of 18,600 MT were primarily to South Korea (4,600 MT), China (4,300 MT), Japan (4,300 MT), Mexico (1,500 MT), and Canada (1,000 MT).

Comments and Performance Indicators

USDA projects 2022 exports will rise 3.5% from a year ago.

Pork

Actual Sales (in MT)

2022: 29,000
 

Weekly Sales Details

Net sales of 29,000 MT for 2022 were primarily for Mexico (15,500 MT, including decreases of 600 MT), Canada (2,300 MT, including decreases of 500 MT), China (2,200 MT, including decreases of 200 MT), Japan (2,200 MT, including decreases of 200 MT), and South Korea (2,100 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 26,500 MT were primarily to Mexico (12,500 MT), Japan (3,200 MT), China (3,100 MT), South Korea (2,200 MT), and Canada (1,700 MT).

Comments and Performance Indicators

USDA projects exports in 2022 will drop 0.9% from last year.