Corn, wheat export sales higher than expected

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USDA Weekly Export Sales Report

Week Ended Nov. 18, 2021

Corn

Actual Sales (in MT)

2021-22: 1,429,200

Expectations (in MT)

2021-22: 750,000-1,400,000

Weekly Sales Details

Net sales of 1,429,200 MT for 2021/2022--a marketing-year high--were up 58 percent from the previous week and 40 percent from the prior 4-week average.  Increases were primarily for Mexico (629,600 MT, including decreases of 2,600 MT), Canada (306,900 MT, including decreases of 14,500 MT), Japan (120,900 MT, including 93,600 MT switched from unknown destinations), China (77,500 MT, including 68,000 MT switched from unknown destinations), and Saudi Arabia (73,400 MT, including 68,000 MT switched from unknown destinations). Total net sales of 90,000 MT for 2022/2023 were for Mexico.

Weekly Export Details

Exports of 929,000 MT were down 20 percent from the previous week, but up 12 percent from the prior 4-week average.  The destinations were primarily to Mexico (285,400 MT), China (281,500 MT), Japan (93,600 MT), Colombia (79,400 MT), and Saudi Arabia (73,400 MT).

Comments and Performance Indicators

Export commitments are 7% behind year-ago, compared with 6% behind last week. USDA projects exports in 2021-22 at 2.500 billion bu., 9.2% below the previous marketing year.

Wheat

Actual Sales (in MT)

2021-22: 567,500

Expectations (in MT)

2021-22: 250,000-550,000

Weekly Sales Details

Net sales of 567,500 metric tons (MT) for 2021/2022 were up 42 percent from the previous week and 70 percent from the prior4-week average.  Increases primarily for Japan (154,200 MT), Nigeria (102,100 MT), Mexico (82,000 MT, including decreases of 17,700 MT), the Philippines (50,800 MT), and Taiwan (48,000 MT), were offset by reductions primarily for Peru (5,000 MT), Jamaica (2,000 MT), and Belize (1,200 MT).

Weekly Export Details

Exports of 199,200 MT were down 36 percent from the previous week and 10 percent from the prior 4-week average.  The destinations were primarily to Mexico (60,100 MT), South Korea (50,700 MT), Japan (32,800 MT), Spain (19,200 MT), and the Philippines (13,800 MT).

Comments and Performance Indicators

Export commitments are 21% behind year-ago, compared with 20% behind last week. USDA projects exports in 2021-22 at 860 million bu., down 13.3% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2021-22: 1,564,500

Expectations (in MT)

2021-22: 900,000-1,800,000

Weekly Sales Details

Net sales of 1,564,500 MT for 2021/2022 were up 13 percent from the previous week and from the prior 4-week average.  Increases primarily for China (882,500 MT, including 461,000 MT switched from unknown destinations and decreases of 24,500 MT), Mexico (168,200 MT, including decreases of 1,100 MT), Thailand (148,600 MT, including 70,000 MT switched from unknown destinations and 66,000 MT switched from the Netherlands), Egypt (117,300 MT, including decreases of 700 MT), and Indonesia (98,300 MT, including 68,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (56,400 MT) and the Netherlands (47,500 MT).  Total net sales of 6,000 MT for 2022/2023 were for unknown destinations.

Weekly Export Details

Exports of 2,253,000 MT were down 4 percent from the previous week and 18 percent from the prior 4-week average.  The destinations were primarily to China (1,410,700 MT), Thailand (152,100 MT), Pakistan (128,200 MT), Mexico (112,700 MT), and the Netherlands (84,500 MT).

Comments and Performance Indicators

Export commitments are 30% behind year-ago, which compares to 32% behind a week ago. USDA projects exports in 2021-22 at 2.050 billion bu., down 9.5% from year-ago.

Soymeal

Actual Sales (in MT)

2021-22: 136,900

Expectations

2021-22: 100,000-350,000

Weekly Sales Details

Net sales of 136,900 MT for 2021/2022 were down 25 percent from the previous week and 36 percent from the prior 4-week average.  Increases primarily for Mexico (65,900 MT, including decreases of 3,400 MT), the Philippines (45,000 MT, including decreases of 3,200 MT), Colombia (44,600 MT, including 29,000 MT switched from unknown destinations and decreases of 20,400 MT), Panama (23,300 MT, including decreases of 400 MT), and Canada (10,800 MT, including decreases of 800 MT), were offset by reductions primarily for unknown destinations (55,000 MT) and Romania (27,000 MT).  Net sales reductions of 800 MT for 2022/2023 were for Japan (600 MT) and the Netherlands (200 MT).

Weekly Export Details

Exports of 277,500 MT were up 20 percent from the previous week and 40 percent from the prior 4-week average.  The destinations were primarily to the Philippines (87,100 MT), Ecuador (72,400 MT), Mexico (29,400 MT), Japan (28,900 MT), and Canada (28,500 MT).

Comments and Performance Indicators

Export commitments are running 7% ahead of year-ago, the same as last week. USDA projects exports in 2021-22 will climb 3.1% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2021-22: 42,000

Expectations

2021-22: 5,000-50,000

Weekly Sales Details

Net sales of 42,000 MT for 2021/2022 were down 38 percent from the previous week, but up 62 percent from the prior 4-week average.  Increases primarily for India (30,000 MT), the Dominican Republic (7,000 MT, including 6,300 MT switched from Guatemala and decreases of 3,100 MT), Colombia (4,000 MT), Jamaica (3,500 MT), and Mexico (3,000 MT), were offset by reductions for Guatemala (6,000 MT).

Weekly Export Details

Exports of 18,000 MT were up noticeably from the previous week and from the prior 4-week average.  The destinations were primarily to the Dominican Republic (10,800 MT), Mexico (2,300 MT), Guatemala (1,600 MT), Nicaragua (1,500 MT), and El Salvador (1,200 MT).

Comments and Performance Indicators

Export commitments are running 35% behind last year compared with 41% behind last week. USDA projects exports will fall 27.5% this season.

Cotton

Actual Upland Sales (in RB)

2021-22: 196,900

Weekly Sales Details

Net sales of 196,900 RB for 2021/2022 were up 44 percent from the previous week and 3 percent from the prior 4-week average.  Increases primarily for China (58,500 RB), Vietnam (44,500 RB, including 400 RB switched from South Korea, 100 RB switched from Japan, and decreases of 500 RB), Pakistan (34,200 RB), Turkey (20,100 RB), and Bangladesh (16,700 RB), were offset by reductions for South Korea (500 RB) and El Salvador (300 RB).  Net sales of 46,200 RB for 2022/2023 were reported for Bangladesh (19,800 RB), Turkey (13,200 RB), China (8,800 RB), and Pakistan (4,400 RB).  Exports of 97,100 RB were up 25 percent from the previous week and 5 percent from the prior 4-week average.  The destinations were primarily to China (35,100 RB), Mexico (20,900 RB), Vietnam (13,300 RB), South Korea (4,100 RB), and Bangladesh (3,700 RB).  Net sales of Pima totaling 18,100 RB were down 12 percent from the previous week, but up 7 percent from the prior 4-week average.  Increases were primarily for China (10,100 RB), Peru (2,700 RB), Thailand (2,000 RB), India (1,100 RB), and Vietnam (900 RB).  Total, net sales of Pima totaling 1,300 RB for 2022/2023 were for Egypt.

Weekly Export Details

Exports of 6,300 RB were down 4 percent from the previous week and 3 percent from the prior 4-week average.  The destinations were to India (2,900 RB), China (2,000 RB), Peru (900 RB), Bahrain (300 RB), and Italy (100 RB).

Comments and Performance Indicators

Export commitments are 6% behind year-ago, compared with 5% behind last week. USDA forecasts total cotton exports will fall 5.3% from year-ago to 15.50 million bales in 2021-22.

Beef

Actual Sales (in MT)

2021: 19,300
2022: 5,800

Weekly Sales Details

Net sales of 19,300 MT for 2021 were down 24 percent from the previous week and 6 percent from the prior 4-week average.  Increases primarily for South Korea (4,600 MT, including decreases of 500 MT), China (4,400 MT, including decreases of 200 MT), Canada (2,800 MT), Mexico (2,800 MT, including decreases of 100 MT), and Japan (2,100 MT, including decreases of 500 MT), were offset by reductions for Belgium (100 MT).  Net sales of 5,800 MT for 2022 were primarily for South Korea (3,300 MT), Canada (900 MT), Japan (700 MT), Taiwan (400 MT), and China (200 MT).

Weekly Export Details

Exports of 18,200 MT were unchanged from the previous week and up 6 percent from the prior 4-week average.  The destinations were primarily to South Korea (4,800 MT), Japan (4,500 MT), China (3,600 MT), Mexico (1,500 MT), and Taiwan (1,400 MT).

Comments and Performance Indicators

USDA projects 2021 exports will climb 17.1% from year-ago to a record level.

Pork

Actual Sales (in MT)

2021: 17,500
2022: 15,600

Weekly Sales Details

Net sales of 17,500 MT for 2021 were down 30 percent from the previous week and 43 percent from the prior 4-week average.  Increases primarily for Mexico (11,300 MT, including decreases of 600 MT), Japan (2,400 MT, including decreases of 400 MT), South Korea (1,600 MT, including decreases of 500 MT), Colombia (1,100 MT), and Canada (400 MT, including decreases of 400 MT), were offset by reductions for Nicaragua (300 MT), China (200 MT), and Costa Rica (100 MT).  Net sales of 15,600 MT for 2022 were primarily for Japan (8,300 MT), South Korea (3,700 MT), and Canada (2,700 MT).

Weekly Export Details

Exports of 28,900 MT were down 17 percent from the previous week and 13 percent from the prior 4-week average.  The destinations were primarily to Mexico (11,900 MT), China (4,300 MT), Japan (3,500 MT), South Korea (2,700 MT), and Colombia (1,700 MT).

Comments and Performance Indicators

USDA projects exports in 2021 will drop 1.2% from last year.

 

 

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