Export sales prove weak, corn falls nearly 100,000 MT below expectations

USDA Weekly Export Sales Report

Week Ended Oct. 6, 2022

Corn

Actual Sales (in MT)

2022-23: 200,200
 

Expectations (in MT)

2022-23: 300,000-900,000

Weekly Sales Details

Net sales of 200,200 MT for 2022/2023 primarily for Japan (142,300 MT, including 85,400 MT switched from unknown destinations), Guatemala (22,800 MT, including decreases of 5,100 MT), Colombia (22,500 MT, including decreases of 1,000 MT), Mexico (19,100 MT, including decreases of 181,000 MT), and Panama (17,500 MT), were offset by reductions for unknown destinations (45,000 MT) and Hong Kong (100 MT). Total net sales of 60,500 MT for 2023/2024 were for Mexico.

Weekly Export Details

Exports of 422,600 MT were primarily to Mexico (189,700 MT), Japan (137,000 MT), China (76,700 MT), Colombia (9,000 MT), and Canada (3,700 MT).

Comments and Performance Indicators

Export commitments are 51.4% behind a year-ago compared to 50.3% 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: 211,800

Expectations (in MT)

2022-23: 200,000-500,000

Weekly Sales Details

Net sales of 211,800 metric tons (MT) for 2022/2023 primarily for Japan (65,200 MT), Thailand (55,000 MT), Mexico (38,500 MT, including decreases of 300 MT), the Philippines (35,100 MT), and Venezuela (29,000 MT, including 30,000 MT switched from unknown destinations and decreases of 1,000 MT), were offset by reductions for Nigeria (24,300 MT) and unknown destinations (5,000 MT).

Weekly Export Details

Exports of 560,500 MT were primarily to China (135,600 MT), Iraq (105,000 MT), the Philippines (63,600 MT), South Korea (55,000 MT), and Taiwan (39,100 MT).

Comments and Performance Indicators

Export commitments are running 7% behind a year-ago, compared to 4.3% ahead 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: 724,400

Expectations (in MT)

2022-23: 600,000-1,400,000

Weekly Sales Details

Net sales of 724,400 MT for 2022/2023 primarily for China (622,300 MT, including 251,000 MT switched from unknown destinations and decreases of 67,500 MT), South Korea (51,600 MT, including 53,000 MT switched from unknown destinations and decreases of 1,600 MT), Portugal (28,200 MT, including 21,500 MT switched from unknown destinations and decreases of 800 MT), Japan (14,900 MT, including 9,600 MT switched from unknown destinations and decreases of 100 MT), and Thailand (12,300 MT), were offset by reductions for unknown destinations (63,400 MT) and Colombia (2,500 MT).

Weekly Export Details

Exports of 888,000 MT were primarily to China (607,100 MT), Mexico (92,400 MT), Egypt (60,500 MT), South Korea (51,400 MT), and Portugal (20,700 MT).

Comments and Performance Indicators

Export commitments are running 7.3% ahead of a year-ago, versus 9.3% 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: 491,900

Expectations

2022-23: 100,000-300,000

Weekly Sales Details

Net sales for the 2022/2023 marketing year, which began October 1, totaled 491,900 MT primarily for the Philippines (100,000 MT), Ecuador (91,000 MT), Japan (53,800 MT), Canada (48,700 MT), and Vietnam (45,000 MT), were offset by reductions for Morocco (1,100 MT). Net sales of 280,300 MT was carried over from the 2021/2022 marketing year, which ended September 30. Exports for the period ending September 30 were primarily to Mexico (28,500 MT), Sri Lanka (1,200 MT), Canada (900 MT), Burma (700 MT), and Taiwan (500 MT).

Weekly Export Details

Exports for the period ending October 1 of 110,900 MT brought accumulated exports to 11,701,100 MT, up 38 percent from the prior year’s total of 301,000 MT. The primary destinations were to the Philippines (52,500 MT), Mexico (27,200 MT), Canada (15,900 MT), and Morocco (14,900 MT).

Comments and Performance Indicators

Export commitments are 23.8% behind year-ago. USDA projects exports in 2022-23 will increase 0.7% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2022-23: 3,300

Expectations

2022-23: 0-20,000

Weekly Sales Details

Net sales for the 2022/2023 marketing year, which began October 1, totaled 3,300 MT for Canada (3,700 MT), were offset by reduction for Mexico (400 MT). Total net sales of 10,200 MT was carried over from the 2020/2021 marketing year, which ended September 30.

Weekly Export Details

Exports for the period ending September 30 were to Canada (1,600 MT). Exports for the period ending October 1 of 200 MT brought accumulated exports to 678,400 MT, up noticeably from the prior year’s total of 500 MT, with Canada being the destination.

Comments and Performance Indicators

Export commitments are running 80.5% behind a year-ago. USDA projects exports will decrease 21.1% this season.

Cotton

Actual Upland Sales (in RB)

2022-23: 144,800

Weekly Sales Details

Net sales of 144,800 RB for 2022/2023 were primarily for Pakistan (55,300 RB, including decreases of 900 RB), Bangladesh (31,700 RB), China (14,400 RB), Vietnam (13,700 RB, including 200 RB switched from Japan), and Turkey (6,400 RB, including decreases of 500 RB). Total net sales of 34,800 RB for 2023/2024 were reported for Mexico (21,000 RB), Pakistan (6,600 RB), Guatemala (6,300 RB), and Turkey (900 RB). Exports of 168,100 RB were primarily to China (39,700 RB), Vietnam (26,700 RB), Pakistan (25,500 RB), Mexico (20,300 RB), and Bangladesh (19,000 RB). Net sales reductions of Pima totaling 2,000 RB resulted in increases for Italy (1,000 RB), were more than offset by reductions for India (3,000 RB).

Weekly Export Details

Exports of 800 RB were to China (700 RB) and Italy (100 RB).

Comments and Performance Indicators

Export commitments are running 8.8% ahead of year-ago, versus 9% 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: 13,200

Weekly Sales Details

Net sales of 13,200 MT for 2022 primarily for Japan (5,300 MT, including decreases of 300 MT), South Korea (2,900 MT, including decreases of 700 MT), Mexico (2,300 MT), Canada (800 MT), and Taiwan (800 MT, including decreases of 100 MT), were offset by reductions for China (300 MT), the Netherlands (100 MT), and Vietnam (100 MT). Net sales of 1,600 MT for 2023 were primarily for Indonesia (700 MT) and Japan (700 MT).

Weekly Export Details

Exports of 16,500 MT were primarily to Japan (5,400 MT), South Korea (3,700 MT), China (2,300 MT), Mexico (1,200 MT), and Canada (1,000 MT).

Comments and Performance Indicators

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

Pork

Actual Sales (in MT)

2022: 29,900
 

Weekly Sales Details

Net sales of 29,900 MT for 2022 were primarily for Mexico (8,100 MT, including decreases of 200 MT), China (5,900 MT, including decreases of 100 MT), Japan (5,300 MT), South Korea (4,000 MT, including decreases of 200 MT), and the Dominican Republic (1,500 MT).

Weekly Export Details

Exports of 28,500 MT were primarily to Mexico (12,100 MT), China (5,800 MT), Japan (3,500 MT), South Korea (1,800 MT), and Canada (1,500 MT).

Comments and Performance Indicators

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