Corn export sales continue to prove weak, falling short of expectations by nearly 90 MT

USDA Weekly Export Sales Report

Week Ended Oct. 20, 2022

Corn

Actual Sales (in MT)

2022-23: 264,000
 

Expectations (in MT)

2022-23: 350,000-1,000,000

Weekly Sales Details

Net sales of 264,000 MT for 2022/2023 primarily for China (157,800 MT, including 66,000 MT switched from unknown destinations), Mexico (109,700 MT, including decreases of 300 MT), Canada (28,400 MT), Japan (18,200 MT, including 14,700 MT switched from unknown destinations), and Trinidad and Tobago (11,000 MT, including 4,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (65,700 MT) and Colombia (14,000 MT).

Weekly Export Details

Exports of 619,000 MT were primarily to Mexico (316,400 MT), China (218,600 MT), Japan (55,600 MT), Jamaica (7,200 MT), and Canada (6,000 MT).

Comments and Performance Indicators

Export commitments are 52.7% behind a year-ago compared to 52.1% behind last week. USDA projects exports in 2022-23 at 2.150 billion bu., 13% below the previous marketing year.

Wheat

Actual Sales (in MT)

2022-23: 533,200

Expectations (in MT)

2022-23: 100,000-450,000

Weekly Sales Details

Net sales of 533,200 metric tons (MT) for 2022/2023 primarily for South Korea (109,500 MT), unknown destinations (91,000 MT), the Philippines (66,500 MT), Japan (54,100 MT), and Mexico (49,100 MT, including decreases of 16,300 MT), were offset by reductions for Italy (500 MT).

Weekly Export Details

Exports of 136,800 MT were primarily to Mexico (42,700 MT), Nigeria (23,800 MT), Jamaica (22,300 MT), Japan (22,200 MT), and Italy (13,000 MT).

Comments and Performance Indicators

Export commitments are running 10.5% behind a year-ago, compared to 8.5% 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: 1,026,400

Expectations (in MT)

2022-23: 800,000-1,600,000

Weekly Sales Details

Net sales of 1,026,400 MT for 2022/2023 primarily for China (1,115,600 MT, including 664,000 MT switched from unknown destinations and decreases of 10,000 MT), Japan (119,300 MT, including 85,300 MT switched from unknown destinations and decreases of 300 MT), Pakistan (68,000 MT, including 66,000 MT switched from unknown destinations), Mexico (63,600 MT, including decreases of 7,000 MT), and Egypt (58,200 MT), were offset by reductions primarily for unknown destinations (487,000 MT).

Weekly Export Details

Exports of 2,748,600 MT were primarily to China (2,151,300 MT), Mexico (184,400 MT), Japan (153,500 MT), Pakistan (68,000 MT), and Algeria (45,000 MT).

Comments and Performance Indicators

Export commitments are running 4.7% ahead of a year-ago, versus 5% ahead last week. USDA projects exports in 2022-23 at 2.045 billion bu., down 5.2% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2022-23: 217,200

Expectations

2022-23: 150,000-600,000

Weekly Sales Details

Net sales of 217,200 MT for 2022/2023 primarily for Mexico (99,900 MT), Canada (40,500 MT, including decreases of 400 MT), Venezuela (25,000 MT), Colombia (18,000 MT), and Honduras (16,600 MT, including decreases of 28,000 MT), were offset by reductions for Morocco (2,500 MT), unknown destinations (2,400 MT), El Salvador (1,900 MT), Belgium (600 MT), and Nepal (500 MT). Total net sales of 200 MT for 2023/2024 were for Canada.

Weekly Export Details

Exports of 138,500 MT were primarily to Mexico (42,700 MT), Japan (33,800 MT), Canada (23,900 MT), Morocco (21,500 MT), and El Salvador (4,600 MT).

Comments and Performance Indicators

Export commitments are 13.7% behind year-ago, compared to 15.5% behind a week ago. USDA projects exports in 2022-23 will increase 0.7% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2022-23: 2,500

Expectations

2022-23: 0-20,000

Weekly Sales Details

Net sales of 2,500 MT for 2022/2023 were for Canada.

Weekly Export Details

Exports of 1,500 MT were primarily to Canada (1,100 MT).

Comments and Performance Indicators

Export commitments are running 74% behind a year-ago, compared to 72.8% behind last week. USDA projects exports will decrease 21.1% this season.

Cotton

Actual Upland Sales (in RB)

2022-23: 68,400

Weekly Sales Details

Net sales of 68,400 RB for 2022/2023 primarily for Pakistan (53,200 RB, including decreases of 700 RB), Vietnam (36,200 RB, including 20,700 RB switched from China and 200 RB switched from South Korea), Taiwan (14,500 RB, including 8,800 RB switched from China), Turkey (9,500 RB, including decreases of 1,300 RB), and Ecuador (3,800 RB, including decreases of 100 RB), were offset by reductions primarily for China (49,900 RB) and Indonesia (8,000 RB). Net sales of 7,100 RB for 2023/2024 were reported for Pakistan (6,600 RB) and Japan (500 RB). Exports of 177,600 RB were primarily to China (85,000 RB), Mexico (21,200 RB), Pakistan (19,100 RB), Turkey (13,200 RB), and Vietnam (11,800 RB). Net sales reductions of Pima totaling 700 RB resulting in increases for Vietnam (900 RB), Bangladesh (100 RB), and Honduras (100 RB switched from Mexico), were more than offset by reductions for China (1,600 RB), India (100 RB), and Mexico (100 RB).

Weekly Export Details

Exports of 1,700 RB were primarily to Turkey (500 RB), India (300 RB), China (300 RB), South Korea (300 RB), and Pakistan (200 RB).

Comments and Performance Indicators

Export commitments are running 0.1% ahead of year-ago, versus 4.5% ahead of last week. USDA forecasts total cotton exports will fall 14.5% from a year ago to 12.5 million bales in 2022-23.

Beef

Actual Sales (in MT)

2022: 14,100

Weekly Sales Details

Net sales of 14,100 MT for 2022 were primarily for South Korea (4,600 MT, including decreases of 600 MT), Japan (2,700 MT, including decreases of 400 MT), China (2,600 MT, including decreases of 100 MT), Mexico (1,000 MT), and Taiwan (800 MT, including decreases of 100 MT). Net sales of 1,900 MT for 2023 were reported for South Korea (1,200 MT), Japan (500 MT), Indonesia (100 MT), and Taiwan (100 MT).

Weekly Export Details

Exports of 17,400 MT were primarily to Japan (4,600 MT), South Korea (4,500 MT), China (3,000 MT), Mexico (1,500 MT), and Taiwan (1,000 MT).

Comments and Performance Indicators

USDA projects 2022 exports will rise 3.8% from a year ago.

Pork

Actual Sales (in MT)

2022: 20,300
 

Weekly Sales Details

Net sales of 20,300 MT for 2022 primarily for Mexico (16,900 MT, including decreases of 300 MT), China (5,600 MT, including decreases of 100 MT), South Korea (1,400 MT, including decreases of 200 MT), Colombia (900 MT, including decreases of 100 MT), and the Dominican Republic (800 MT), were offset by reductions for Australia (3,500 MT), Japan (2,600 MT), and Canada (400 MT).

Weekly Export Details

Exports of 30,700 MT were primarily to Mexico (14,300 MT), China (4,200 MT), Japan (3,500 MT), South Korea (2,500 MT), and Canada (2,100 MT).

Comments and Performance Indicators

USDA projects exports in 2022 will increase 9.1% from last year.