Corn, soybeans, wheat weekly export sales land on low end of estimates

USDA Weekly Export Sales Report

Week Ended Oct. 27, 2022

Corn

Actual Sales (in MT)

2022-23: 372,200
 

Expectations (in MT)

2022-23: 250,000-600,000

Weekly Sales Details

Net sales of 372,200 MT for 2022/2023 primarily for Mexico (193,000 MT), Japan (132,100 MT, including 107,100 MT switched from unknown destinations), unknown destinations (69,600 MT), Canada (23,100 MT), and Costa Rica (9,900 MT, including decreases of 1,100 MT), were offset by reductions primarily for China (65,900 MT).

Weekly Export Details

Exports of 450,200 MT were primarily to China (144,300 MT), Mexico (144,200 MT), Japan (107,100 MT), Jamaica (20,000 MT), and Taiwan (13,100 MT).

Comments and Performance Indicators

Export commitments are 53.3% behind a year-ago compared to 52.7% 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: 348,100

Expectations (in MT)

2022-23: 200,000-600,000

Weekly Sales Details

Net sales of 348,100 metric tons (MT) for 2022/2023 primarily for South Korea (82,100 MT), Indonesia (63,000 MT), Mexico (60,800 MT, including decreases of 100 MT), Taiwan (40,200 MT), and Japan (26,500 MT), were offset by reductions for Vietnam (100 MT).

Weekly Export Details

Exports of 118,100 MT were primarily to Mexico (59,700 MT), Taiwan (35,700 MT), Trinidad and Tobago (9,700 MT), South Korea (8,600 MT), and Vietnam (3,200 MT).

Comments and Performance Indicators

Export commitments are running 6.4% behind a year-ago, compared to 10.5% 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: 830,200

Expectations (in MT)

2022-23: 700,000-1,600,000

Weekly Sales Details

Net sales of 830,200 MT for 2022/2023 primarily for China (745,000 MT, including 404,300 MT switched from unknown destinations and decreases of 211,300 MT), Spain (198,000 MT), the Netherlands (151,000 MT, including 147,500 MT switched from unknown destinations and decreases of 500 MT), Germany (82,800 MT), and Japan (51,700 MT, including 29,600 MT switched from unknown destinations), were offset by reductions for unknown destinations (525,100 MT) and Bangladesh (55,000 MT).

Weekly Export Details

Exports of 2,651,800 MT were primarily to China (1,994,900 MT), the Netherlands (151,000 MT), Egypt (125,300 MT), Mexico (108,700 MT), and Germany (82,800 MT).

Comments and Performance Indicators

Export commitments are running 0.1% ahead of a year-ago, versus 4.7% 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: 122,200

Expectations

2022-23: 150,000-400,000

Weekly Sales Details

Net sales of 122,200 MT for 2022/2023 primarily for Mexico (40,400 MT), Morocco (30,000 MT), Canada (17,900 MT), Colombia (14,900 MT), and the Netherlands (9,100 MT, including 7,500 MT switched from Ireland), were offset by reductions primarily for Ireland (9,700 MT) and unknown destinations (7,100 MT). Total net sales of 600 MT for 2023/2024 were for Canada.

Weekly Export Details

Exports of 243,000 MT were primarily to the Philippines (49,600 MT), the Dominican Republic (47,400 MT), Ireland (27,800 MT), Mexico (25,200 MT), and Colombia (25,000 MT).

Comments and Performance Indicators

Export commitments are 15.2% behind year-ago, compared to 13.7% 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: (2400)

Expectations

2022-23: 0-20,000

Weekly Sales Details

Total net sales reductions of 2,400 MT for 2022/2023 were for Canada.

Weekly Export Details

Exports of 2,200 MT were to Canada (1,600 MT) and Mexico (600 MT).

Comments and Performance Indicators

Export commitments are running 78% behind a year-ago, compared to 74% behind last week. USDA projects exports will decrease 21.1% this season.

Cotton

Actual Upland Sales (in RB)

2022-23: 191,800

Weekly Sales Details

Net sales of 191,800 RB for 2022/2023 primarily for China (122,000 RB), Pakistan (23,200 RB), Turkey (15,800 RB, including decreases of 1,500 RB), Bangladesh (11,000 RB), and Nicaragua (8,800 RB switched from Vietnam), were offset by reductions primarily for Indonesia (10,400 RB). Net sales of 11,200 RB for 2023/2024 were reported for Indonesia (10,600 RB) and Japan (600 RB). Exports of 119,000 RB were primarily to China (43,400 RB), Bangladesh (17,000 RB), Mexico (15,700 RB), Pakistan (12,500 RB), and Turkey (8,500 RB). Net sales of Pima totaling 1,200 RB were reported for Indonesia (1,000 RB) and China (200 RB).

Weekly Export Details

Exports of 100 RB were to Japan.

Comments and Performance Indicators

Export commitments are running 1.4% ahead of year-ago, versus 0.1% 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: 9,200

Weekly Sales Details

Net sales of 9,200 MT for 2022 primarily for Japan (3,000 MT, including decreases of 400 MT), South Korea (1,900 MT, including decreases of 600 MT), Taiwan (1,800 MT, including decreases of 100 MT), Canada (1,100 MT, including decreases of 100 MT), and Mexico (700 MT), were offset by reductions for China (900 MT). Net sales of 3,800 MT for 2023 were primarily for Japan (2,500 MT).

Weekly Export Details

Exports of 18,000 MT were primarily to South Korea (5,200 MT), Japan (3,900 MT), China (2,800 MT), Mexico (1,700 MT), and Taiwan (1,300 MT).

Comments and Performance Indicators

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

Pork

Actual Sales (in MT)

2022: 47,900
 

Weekly Sales Details

Net sales of 47,900 MT for 2022 primarily for Mexico (12,700 MT, including decreases of 400 MT), China (11,200 MT, including decreases of 400 MT), Japan (9,300 MT, including decreases of 200 MT), Canada (3,900 MT, including decreases of 500 MT), and Australia (3,600 MT), were offset by reductions for the Philippines (100 MT). Net sales of 500 MT for 2023 were for China.

Weekly Export Details

Exports of 30,700 MT were primarily to Mexico (14,100 MT), China (4,700 MT), Japan (3,200 MT), South Korea (2,900 MT), and Canada (1,400 MT).

Comments and Performance Indicators

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