Dramatic rebound in corn export sales
Corn export sales handily topped expectations the last week of September, with more export facilities reopening and fresh supplies in the U.S. pipeline. Sales were up sharply from recent weeks when sales tallies came in under 400,000 MT. Mexico accounted for the bulk of the purchases and shipments.
Soybean sales were also solid, above the 1 MMT mark and in line with expectations. China accounted for 64% of the purchases. Sales of soymeal and soyoil were stronger than expected to kick off the 2021-22 marketing year.
Wheat export sales were ho-hum and in line with recent tallies, but exports were solid and up 47% from the week prior.
Cotton export sales of nearly 247,000 RB were down notably from recent strong showings, but USDA also reported some unexpected business for 2022-23, which speaks to demand strength given elevated prices. China accounted for the lion’s share of the purchases. Exports hit a new low for the 2021-22 marketing year.
Beef sales were in line with recent tallies, but pork export sales slowed notably compared with recent strong tallies.
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USDA Weekly Export Sales Report Week Ended Sept. 30, 2021 |
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Corn |
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Actual Sales (in MT) |
2021-22: 1,265,100 |
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Expectations (in MT) |
2021-22: 350,000-800,000 |
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Weekly Sales Details |
Net sales of 1,265,100 MT for 2021-22 primarily for Mexico (801,400 MT, including decreases of 500 MT), Colombia (192,500 MT, including 100,000 MT switched from unknown destinations and decreases of 32,800 MT), Honduras (96,800 MT, including decreases of 10,300 MT), Canada (94,600 MT, including decreases of 100 MT), and Guatemala (60,000 MT), were offset by reductions for unknown destinations (149,500 MT). |
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Weekly Export Details |
Exports of 974,600 MT were primarily to Mexico (349,100 MT), China (212,300 MT), Japan (193,100 MT), Colombia (125,800 MT), and Venezuela (24,800 MT). |
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Comments and Performance Indicators |
Export commitments are 3% ahead of year-ago compared with 3% ahead last week early in the new marketing year. USDA projects exports in 2021-22 at 2.475 billion bu., 9.8% behind the previous marketing year. |
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Wheat |
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Actual Sales (in MT) |
2021-22: 333,200 |
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Expectations (in MT) |
2021-22: 250,000-550,000 |
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Weekly Sales Details |
Net sales of 333,200 metric tons (MT) for 2021-22 were up 15% from the previous week, but down 19% from the prior four-week average. Increases primarily for Mexico (89,100 MT, including decreases of 9,400 MT), South Korea (82,700 MT), the Philippines (69,300 MT, including decreases of 5,400 MT), Indonesia (59,000 MT), and Nigeria (32,000 MT, including 30,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (42,200 MT), Brazil (19,500 MT), and the Dominican Republic (16,700 MT). |
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Exports of 543,400 MT were up 47% from the previous week and 22% from the prior four-week average. The destinations were primarily to the Philippines (242,300 MT), Peru (67,500 MT), South Korea (55,000 MT), Guatemala (36,000 MT), and Japan (35,600 MT). |
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Comments and Performance Indicators |
Export commitments are 21% behind year-ago, compared with 21% behind last week. USDA projects exports in 2021-22 at 875 million bu., down 11.8% from the previous marketing year. |
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Soybeans |
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Actual Sales (in MT) |
2021-22: 1,041,900 |
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Expectations (in MT) |
2021-22: 600,000-1,200,000 |
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Weekly Sales Details |
Net sales of 1,041,900 MT for 2021-22 primarily for China (671,300 MT, including 131,000 MT switched from unknown destinations), Indonesia (128,400 MT, including 110,000 MT switched from unknown destinations and decreases of 300 MT), Germany (86,300 MT), Taiwan (84,000 MT), and Spain (72,400 MT, including 64,000 MT switched from the Netherlands), were offset by reductions for unknown destinations (246,000 MT) and Peru (7,000 MT). |
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Weekly Export Details |
Exports of 940,200 MT were primarily to China (276,800 MT), Indonesia (119,100 MT), the Netherlands (91,300 MT), Germany (86,300 MT), and Mexico (79,200 MT). |
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Comments and Performance Indicators |
Export commitments are 38% behind year-ago at the start of the marketing year, which compares to 36% ahead a week ago. USDA projects exports in 2021-22 at 2.090 billion bu., down 7.5% from year-ago. |
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Soymeal |
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Actual Sales (in MT) |
Combined: 347,900 |
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Expectations |
2020-21: -50,000-100,000 |
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Weekly Sales Details |
Net sales for the 2021-22 marketing year, which began Oct. 1, totaled 369,600 MT primarily for the United Kingdom (60,000 MT), Colombia (55,400 MT, including decreases of 100 MT), the Philippines (54,300 MT), Honduras (43,700 MT), and Canada (30,900 MT), were offset by reductions for Venezuela (4,500 MT) and Guatemala (1,500 MT). A net sales reduction of 21,700 MT was carried over from the 2020-21 marketing year, which ended Sept. 30. |
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Exports for the period ending Sept. 30 of 188,300 MT brought accumulated exports to 11,534,700 MT, down 2% from the prior year’s total of 11,818,300 MT. The primary destinations were to the Philippines (46,300 MT, including 200 MT - late), Ecuador (32,400 MT), Canada (28,500 MT), Mexico (27,900 MT), and Venezuela (26,900 MT). |
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Comments and Performance Indicators |
Export commitments are 256% ahead of year-ago to kick off the 2021-22 marketing year. USDA projects exports in 2021-22 will climb 0.7% from the previous marketing year. |
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Soyoil |
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Actual Sales (in MT) |
Combined: 33,100 |
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Expectations |
2020-21: -5,000-10,000 |
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Weekly Sales Details |
Net sales for the 2021-22 marketing year, which began Oct. 1, totaled 38,500 MT primarily for Morocco (19,000 MT), South Korea (10,000 MT), Canada (3,400 MT), Guatemala (2,500 MT, including decreases of 8,900 MT), and Cameroon (2,500 MT), were offset by reduction for Mexico (100 MT). A total net sales reduction of 5,400 MT was carried over from the 2020-21 marketing year, which ended Sept. 30. |
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Weekly Export Details |
There were no exports for the period ending Sept. 30. Exports for the period ending Oct. 1 of 400 MT brought accumulated exports to 675,600 MT, down 45% from the prior year’s total of 1,234,600 MT, with Canada being the destination. |
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Comments and Performance Indicators |
Export commitments for 2020-21 are 292% ahead of last year at the start of the 2021-22 marketing year. USDA projects exports will fall 27.1% this season. |
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Cotton |
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Actual Sales (in RB) |
Combined: 301,700 |
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Net sales of 246,700 RB for 2021-22 were down 57% from the previous week and 40% from the prior four-week average. Increases primarily for China (174,500 RB, including decreases of 11,000 RB), Guatemala (33,000 RB), Turkey (18,200 RB), Vietnam (14,200 RB, including 100 RB switched from Japan), and Indonesia (11,400 RB, including 1,200 switched from Vietnam), were offset by reductions for India (20,700 RB) and Pakistan (2,200 RB). Net sales for 2022-23 of 55,000 RB were primarily for China (40,000 RB). |
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Weekly Export Details |
Exports of 125,100 RB--a marketing-year low--were down 24% from the previous week and 32% from the prior four-week average. The destinations were primarily to China (30,800 RB), Mexico (16,700 RB), Bangladesh (12,600 RB), Vietnam (11,200 RB), and Turkey (11,100 RB). |
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Comments and Performance Indicators |
Export commitments are 8% behind 2020-22 compared with 9% last week at the start of the marketing year. USDA forecasts total cotton exports will fall 5.3% from year-ago to 15.50 million bales in 2021-22. |
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Beef |
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Actual Sales (in MT) |
Combined: 16,100 |
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Weekly Sales Details |
Net sales of 15,600 MT reported for 2021 were down 3% from the previous week, but up 5% from the prior four-week average. Increases primarily for China (6,000 MT, including decreases of 100 MT), Japan (3,200 MT, including decreases of 600 MT), South Korea (2,600 MT, including decreases of 400 MT), Mexico (1,500 MT), and Taiwan (1,100 MT, including decreases of 100 MT), were offset by reductions for Chile (100 MT), Colombia (100 MT), and Italy (100 MT). Net sales for 2022 of 500 MT were for Japan (400 MT) and Mexico (100 MT). |
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Weekly Export Details |
Exports of 15,700 MT were down 15% from the previous week and 13% from the prior four-week average. The destinations were primarily to Japan (4,700 MT), South Korea (3,700 MT), China (2,700 MT), Mexico (1,200 MT), and Taiwan (1,100 MT). |
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Comments and Performance Indicators |
USDA reported sales totaling 17,100 MT last week. USDA projects 2021 exports will climb 1.4% from year-ago levels. |
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Pork |
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Actual Sales (in MT) |
2021: 22,100 |
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Weekly Sales Details |
Net sales of 22,100 MT reported for 2021 were down 48% from the previous week and 34% from the prior four-week average. Increases were primarily for Mexico (16,000 MT, including decreases of 600 MT), Colombia (1,700 MT, including decreases of 700 MT), Canada (1,200 MT, including decreases of 1,100 MT), South Korea (1,000 MT, including decreases of 200 MT), and Japan (700 MT, including decreases of 1,100 MT). |
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Weekly Export Details |
Exports of 29,000 MT were down 4% from the previous week and from the prior four-week average. The destinations were primarily to Mexico (14,600 MT), China (4,200 MT), Japan (3,200 MT), Canada (1,600 MT), and South Korea (1,500 MT). |
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Comments and Performance Indicators |
USDA reported net sales of 42,500 MT last week. USDA projects exports in 2021 will dip 2.0% from last year’s strong tally. |
