Corn, wheat show weekly net sales reductions

USDA Weekly Export Sales Report

Week Ended May 11, 2023

Corn

Actual Sales (in MT)

2022-23: (339,000)

Expectations (in MT)

2022-23: (500,000)-300,000

Weekly Sales Details

Net sales reductions of 339,000 MT for 2022/2023--a marketing-year low--were down noticeably from the previous week and from the prior 4-week average. Increases primarily for Japan (35,500 MT, including decreases of 6,800 MT), Colombia (18,900 MT, including decreases of 11,900 MT), Guatemala (15,400 MT, including 7,500 MT switched from Costa Rica, 6,200 MT switched from El Salvador, and decreases of 600 MT), the Netherlands (15,000 MT), and Germany (8,200 MT), were more than offset by reductions primarily for China (271,200 MT), unknown destinations (85,600 MT), Mexico (30,800 MT), Venezuela (27,700 MT), and Costa Rica (24,300 MT). Net sales of 74,000 MT for 2023/2024 were reported for Mexico (61,000 MT), Trinidad and Tobago (7,100 MT), Honduras (5,300 MT), and Guatemala (600 MT).

Weekly Export Details

Exports of 1,086,500 MT were down 5 percent from the previous week and 17 percent from the prior 4-week average. The destinations were primarily to Mexico (414,000 MT), China (409,900 MT), Japan (93,800 MT), the Dominican Republic (40,600 MT), and Costa Rica (22,200 MT).

Comments and Performance Indicators

Export commitments are 35.4% behind a year-ago compared to 34.4% behind last week. USDA projects exports in 2022-23 at 1.850 billion bu., 25.1% below the previous marketing year.

Wheat

Actual Sales (in MT)

2022-23: (42,100)

Expectations (in MT)

2022-23:  50,000-150,000

Weekly Sales Details

Net sales reductions of 42,100 metric tons (MT) for 2022/2023--a marketing[1]year low--were down noticeably from the previous week and from the prior 4-week average. Increases primarily for Nigeria (25,100 MT switched from unknown destinations), Colombia (7,700 MT, including 7,000 MT switched from unknown destinations), Taiwan (5,900 MT), the Philippines (2,300 MT), and Thailand (500 MT), were more than offset by reductions primarily for unknown destinations (53,000 MT), Mexico (17,600 MT), and Vietnam (12,000 MT). Net sales of 336,800 MT for 2023/2024 were primarily for the Philippines (80,000 MT), unknown destinations (78,500 MT), Mexico (64,200 MT), Taiwan (46,400 MT), and Japan (21,200 MT).

Weekly Export Details

Exports of 216,600 MT were up 6 percent from the previous week, but down 13 percent from the prior 4-week average. The destinations were primarily to Japan (47,400 MT), the Philippines (47,300 MT), Mexico (42,900 MT), Nigeria (25,100 MT), and Algeria (19,700 MT).

Comments and Performance Indicators

Export commitments are running 2.8% behind a year-ago, compared to 2.6% 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:  17,000

Expectations (in MT)

2022-23:  0-300,000

Weekly Sales Details

Net sales of 17,000 MT for 2022/2023 were down 73 percent from the previous week and 89 percent from the prior 4-week average. Increases primarily for Mexico (34,200 MT), unknown destinations (33,600 MT), Colombia (30,900 MT, including 7,000 MT switched from unknown destinations and decreases of 500 MT), Japan (11,700 MT, including decreases of 100 MT), and the Philippines (10,900 MT), were offset by reductions for China (119,200 MT), Costa Rica (16,300 MT), and Canada (300 MT). Net sales of 663,800 MT for 2023/2024 were reported for unknown destinations (390,000 MT), China (187,000 MT), Mexico (65,000 MT), Costa Rica (16,300 MT), and Panama (5,500 MT).

Weekly Export Details

 Exports of 189,100 MT were down 54 percent from the previous week and 60 percent from the prior 4-week average. The destinations were primarily to Mexico (79,700 MT), Egypt (34,300 MT), the Philippines (11,900 MT), Indonesia (11,600 MT), and Venezuela (8,500 MT).

Comments and Performance Indicators

Export commitments are running 14.2% behind a year-ago, versus behind 13.2% last week. USDA projects exports in 2022-23 at 2.015 billion bu., down 6.6% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2022-23: 202,500

Expectations

2022-23:  277,843

Weekly Sales Details

Net sales of 202,500 MT for 2022/2023 were down 27 percent from the previous week, but up 7 percent from the prior 4-week average. Increases primarily for the Philippines (52,000 MT, including decreases of 200 MT), Colombia (27,700 MT), Guatemala (26,800 MT, including 12,000 MT switched from El Salvador), unknown destinations (25,000 MT), and Venezuela (18,900 MT, including 18,000 MT switched from Colombia), were offset by reductions primarily for Nicaragua (14,000 MT) and El Salvador (11,100 MT). Net sales of 89,000 MT for 2023/2024 were primarily for unknown destinations (45,000 MT) and New Zealand (30,000 MT).

Weekly Export Details fade lackluster

Exports of 285,300 MT were up 52 percent from the previous week and 24 percent from the prior 4-week average. The destinations were primarily to the Philippines (51,200 MT), Venezuela (46,400 MT), Tunisia (33,000 MT), Mexico (25,400 MT), and Guatemala (21,800 MT).

Comments and Performance Indicators

Export commitments are 1.3% behind a year-ago, compared to 0.5% behind a week ago. USDA projects exports in 2022-23 will increase 1.3% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2022-23:  900

Expectations

2022-23:  0-10,000

Weekly Sales Details

Net sales of 900 MT for 2022/2023 were up noticeably from the previous week, but down 77 percent from the prior 4-week average. Increases were primarily for Canada (400 MT).

Weekly Export Details

Exports of 4,400 MT were down noticeably from the previous week, but down 21 percent from the prior 4-week average. The destinations were to Jamaica (3,500 MT), Mexico (500 MT), and Canada (400 MT).

Comments and Performance Indicators

Export commitments are running 82.2% behind a year-ago, compared to 82.3% behind last week. USDA projects exports will decrease 71.8% this season.

Cotton

Actual Upland Sales (in RB)

2022-23:  132,400

Weekly Sales Details

Net sales of 132,400 RB for 2022/2023 were down 46 percent from the previous week and 28 percent from the prior 4-week average. Increases primarily for China (62,000 RB, including 1,100 RB switched from Singapore), Vietnam (24,000 RB, including 1,300 RB switched from Japan, 100 RB switched from Taiwan, and decreases of 800 RB), Pakistan (18,900 RB, including decreases of 900 RB), Turkey (7,600 RB), and Indonesia (5,200 RB, including 300 RB switched from Japan and decreases of 2,200 RB), were offset by reductions for Singapore (1,100 RB) and South Korea (100 RB). Net sales of 28,100 RB for 2023/2024 were reported for Bangladesh (12,000 RB), South Korea (6,600 RB), Turkey (4,400 RB), Indonesia (3,300 RB), and Thailand (1,800 RB). Exports of 332,700 RB were unchanged from the previous week, but down 7 percent from the prior 4- week average. The destinations were primarily to Pakistan (71,700 RB), China (64,500 RB), Vietnam (59,100 RB), Turkey (54,500 RB), and Bangladesh (17,200 RB). Net sales of Pima totaling 9,500 RB for 2022/2023 were down 38 percent from the previous week and 54 percent from the prior 4-week average. Increases were primarily for China (3,300 RB), Vietnam (2,600 RB), India (1,600 RB), Peru (1,300 RB), and Thailand (600 RB).

Weekly Export Details

Exports of 14,600 RB were down 28 percent from the previous week and 29 percent from the prior 4-week average. The destinations were primarily to China (5,700 RB), India (5,700 RB), Egypt (1,300 RB), Turkey (800 RB), and Indonesia (500 RB).

Comments and Performance Indicators

Export commitments are running 15.0% behind a year-ago, versus 15.3% behind last week. USDA forecasts total cotton exports will fall 16.6% from a year ago to 12.20 million bales in 2022-23.

Beef

Actual Sales (in MT)

2023:  17,400  

Weekly Sales Details

Net sales of 17,400 MT for 2023 were up 5 percent from the previous week and 7 percent from the prior 4-week average. Increases primarily for Japan (4,600 MT, including decreases of 300 MT), South Korea (3,500 MT, including decreases of 400 MT), China (2,900 MT, including decreases of 100 MT), Mexico (2,500 MT), and Taiwan (1,600 MT, including decreases of 100 MT), were offset by reductions for Indonesia (200 MT) and Chile (100 MT).

Weekly Export Details

Exports of 18,300 MT were up 24 percent from the previous week and 11 percent from the prior 4-week average. The destinations were primarily to South Korea (4,600 MT), Japan (3,800 MT), China (3,400 MT), Taiwan (2,000 MT), and Mexico (1,300 MT).

Comments and Performance Indicators

USDA projects 2022 exports will fall 11.3% from a year ago.

Pork

Actual Sales (in MT)

2023:  31,900

Weekly Sales Details

Net sales of 31,900 MT for 2023 were up 6 percent from the previous week, but down 25 percent from the prior 4-week average. Increases were primarily for Mexico (15,500 MT, including decreases of 300 MT), China (5,200 MT, including decreases of 200 MT), Japan (2,700 MT, including decreases of 300 MT), Colombia (1,600 MT, including decreases of 100 MT), and Canada (1,000 MT, including decreases of 1,000 MT).

Weekly Export Details

Exports of 36,800 MT were unchanged from the previous week and from the prior 4- week average. The destinations were primarily to Mexico (15,400 MT), China (6,600 MT), Japan (4,100 MT), South Korea (3,100 MT), and Canada (2,100 MT).

Comments and Performance Indicators

USDA projects exports in 2023 will rise 0.6% from last year.