Corn, soymeal, and soyoil export sales above expectations

( )

USDA Weekly Export Sales Report

Week Ended Jan. 13, 2022

Corn

Actual Sales (in MT)

2021-22: 1,091,300

Expectations (in MT)

2021-22: 500,000-1,000,000

Weekly Sales Details

Net sales of 1,091,300 MT for 2021/2022 were up noticeably from the previous week and up 48 percent from the prior 4-week average.  Increases primarily for Japan (370,900 MT, including 60,000 MT switched from unknown destinations, decreases of 6,800 MT, and 500 MT – late), Mexico (246,100 MT, including decreases of 54,000 MT), Colombia (86,700 MT, including 30,000 MT switched from unknown destinations and decreases of 2,600 MT), Saudi Arabia (81,300 MT, including 77,000 MT switched from unknown destinations), and China (76,900 MT, including 68,000 MT switched from unknown destinations), were offset by reductions for Peru (1,000 MT).  Net sales of 105,000 MT for 2022/2023 were for Mexico (55,000 MT) and Japan (50,000 MT).

Weekly Export Details

Exports of 1,297,700 MT--a marketing year high--were up 28 percent from the previous week and 29 percent from the prior 4-week average.  The destinations were primarily to China (349,300 MT), Mexico (321,900 MT), Japan (214,500 MT, including 500 MT – late), Colombia (131,700 MT), and Saudi Arabia (81,300 MT).

 

Comments and Performance Indicators

Export commitments are 9% behind year-ago, compared to 9% behind last week. USDA projects exports in 2021-22 at 2.425 billion bu., 11.9% below the previous marketing year.

Wheat

Actual Sales (in MT)

2021-22: 380,600

Expectations (in MT)

2021-22: 175,000-400,000

Weekly Sales Details

Net sales of 380,600 metric tons (MT) for 2021/2022 were up 44 percent from the previous week and 62 percent from the prior 4-week average.  Increases primarily for Nigeria (101,300 MT, including 30,000 MT switched from unknown destinations and decreases of 2,700 MT), Guatemala (66,600 MT, including 11,900 switched from unknown and decreases of 800 MT), Japan (56,100 MT), Thailand (51,000 MT), and Mexico (35,500 MT, including decreases of 11,600 MT), were offset by reductions primarily for unknown destinations (51,800 MT).  Net sales of 72,000 MT for 2022/2023 were for Thailand (54,500 MT), unknown destinations (10,000 MT), and Peru (7,500 MT).

Weekly Export Details

Exports of 391,400 MT were up 52 percent from the previous week and 57 percent from the prior 4-week average.  The destinations were primarily to Mexico (99,400 MT), Vietnam (69,400 MT), the Philippines (58,400 MT), Brazil (45,700 MT), and Guatemala (33,800 MT).  

 

Comments and Performance Indicators

Export commitments are running 22% behind year ago, versus 23% last week.  USDA projects exports in 2021-22 at 825 million bu., down 16.8% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2021-22: 671,000

Expectations (in MT)

2021-22: 600,000-1,200,000

Weekly Sales Details

Net sales of 671,000 MT for 2021/2022 were down 9 percent from the previous week, but up 12 percent from the prior 4-week average.  Increases primarily for China (797,000 MT, including 661,500 MT switched from unknown destinations and decreases of 3,300 MT), Mexico (353,700 MT, including 47,500 MT switched from unknown destinations and decreases of 3,100 MT), Spain (137,600 MT, including 131,000 MT switched from unknown destinations), Indonesia (62,300 MT), and Japan (57,100 MT, including 55,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (984,200 MT).  Net sales of 528,000 MT for 2022/2023 were for China (462,000 MT) and unknown destinations (66,000 MT).

Weekly Export Details

Exports of 1,804,600 MT were up 77 percent from the previous week and 15 percent from the prior 4-week average.  The destinations were primarily to China (1,251,300 MT), Mexico (148,800 MT), Spain (137,600 MT), South Korea (56,600 MT), and the United Kingdom (56,000 MT).

Comments and Performance Indicators

Export commitments are running at 25% behind year-ago, compared to 23% behind as last week. USDA projects exports in 2021-22 at 2.050 billion bu., down 9.5% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2021-22: 314,900

Expectations

2021-22:  100,000-300,000

Weekly Sales Details

Net sales of 314,900 MT for 2021/2022 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for Ecuador (54,000 MT), Canada (46,100 MT, including decreases of 500 MT), the Philippines (44,000 MT, including decreases of 300 MT), Colombia (37,700 MT), and Mexico (30,400 MT, including decreases of 2,900 MT), were offset by reductions primarily for Indonesia (1,500 MT).  Net sales of 201,700 MT for 2022/2023 were primarily for Spain (200,000 MT).

Weekly Export Details

Exports of 259,900 MT were up 25 percent from the previous week and 4 percent from the prior 4-week average.  The destinations were primarily to Mexico (51,400 MT), the Philippines (48,700 MT), Canada (33,700 MT), Honduras (25,100 MT), and Morocco (21,900 MT).  

 

Comments and Performance Indicators

Export commitments are 3% behind a year-ago, versus 1% behind last week. USDA projects exports in 2021-22 will climb 1.7% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2021-22: 30,700

Expectations

2021-22: 0-15,000

Weekly Sales Details

Net sales of 30,700 MT for 2021/2022 were down noticeably from the previous week, but up 4 percent from the prior 4-week average.  Increases were primarily for South Korea (13,000 MT), the Dominican Republic (12,200 MT), Canada (3,200 MT), Guatemala (1,000 MT), and Haiti (1,000 MT).

Weekly Export Details

Exports of 49,500 MT--a marketing-year high--were up noticeably from the previous week and from the prior 4-week average.  The destinations were to Guatemala (15,500 MT), South Korea (15,000 MT), Mexico (11,000 MT), Venezuela (3,000 MT), and Colombia (2,500 MT).

 

Comments and Performance Indicators

Export commitments are running 16% behind a year-ago, compared 13% behind of a year-ago. USDA projects exports will fall 17.3% this season.

Cotton

Actual Upland Sales (in RB)

2021-22: 273,000
2022-23: 139,200

Weekly Sales Details

 Net sales of 273,000 RB for 2021/2022 were down 32 percent from the previous week, but up 12 percent from the prior 4-week average.  Increases primarily for Pakistan (62,600 RB), China (62,200 RB, including 6,400 RB switched from Vietnam), Bangladesh (28,100 RB), Vietnam (27,200 RB, including 1,300 RB switched from Japan), and Turkey (25,800 RB), were offset by reductions for Japan (900 RB) and Mexico (400 RB).  Net sales of 139,200 RB for 2022/2023 were primarily for Pakistan (95,000 RB) and Honduras (22,200 RB).

Weekly Export Details

Exports of 198,700 RB were up 19 percent from the previous week and 41 percent from the prior 4-week average.  The destinations were primarily to China (55,200 RB), Vietnam (54,200 RB), Mexico (31,200 RB), Pakistan (13,700 RB), and Turkey (10,300 RB).  Net sales of Pima totaling 3,800 RB were up 58 percent from the previous week, but down 26 percent from the prior 4-week average.  Increases were primarily for India (1,200 RB), Italy (500 RB), Japan (500 RB), Taiwan (400 RB), and Pakistan (400 RB).  Exports of 7,500 RB were down 19 percent from the previous week, but up 7 percent from the prior 4-week average.  The destinations were primarily to India (2,400 RB), Peru (1,500 RB), Pakistan (1,000 RB), Germany (900 RB), and Egypt (900 RB).

 

Comments and Performance Indicators

Export commitments are 7% behind year-ago, steady with last week.  USDA forecasts total cotton exports will fall 8.4% from year-ago to 15.0 million bales in 2021-22.

Beef

Actual Sales (in MT)

2022: 12,800

Weekly Sales Details

Net sales of 12,800 MT for 2022 were primarily for China (3,900 MT, including decreases of 100 MT), Japan (2,100 MT, including decreases of 300 MT), South Korea (1,800 MT, including decreases of 500 MT), Mexico (1,200 MT, including decreases of 100 MT), and Taiwan (1,000 MT, including decreases of 400 MT).

Weekly Export Details

Exports of 14,100 MT were primarily to South Korea (4,500 MT), Japan (3,400 MT), China (1,900 MT), Mexico (1,200 MT), and Taiwan (900 MT). 

Comments and Performance Indicators

USDA projects 2022 exports will decline 5.4% from year-ago to a record level.

Pork

Actual Sales (in MT)

2022:  38,700
 

Weekly Sales Details

Net sales of 38,700 MT for 2022, primarily for Japan (21,800 MT, including decreases of 200 MT), Mexico (9,700 MT, including decreases of 300 MT), South Korea (1,900 MT, including decreases of 1,000 MT), Colombia (1,400 MT, including decreases of 200 MT), and Canada (900 MT, including decreases of 600 MT), were offset by reductions for Trinidad and Tobago (100 MT).

Weekly Export Details

Exports of 31,000 MT were primarily to Mexico (17,100 MT), Japan (3,700 MT), China (3,600 MT), South Korea (2,200 MT), and Canada (1,500 MT).

Comments and Performance Indicators

USDA projects exports in 2022 will drop 1.2% from last year.

 

 

Latest News

Friday Wrap Up | May 20, 2022

Davis Michaelsen and Editor Brian Grete discuss this week's market action...

After the Bell | May 20, 2022

Wheat futures extend steep selloff on heavy liquidation to end lower on week; soybeans surge to four-week high.

Another bearish placements figure

USDA's estimated April placements down 0.9% from last year, whereas traders expected a 4.6% decline, on average.

Pro Farmer's Daily Advice Monitor

Pro Farmer editors provide daily updates on advice, including if now is a good time to catch up on cash sales.

House Passes Gas Bill | May 20, 2022

Malaysia maintains palm oil export tax, France's wheat crop ratings soften and Biden Administration lends flexibility to refiners on RFS requirements...