Export sales wane, corn remains laggard

USDA Weekly Export Sales Report

Week Ended Sept. 29, 2022

Corn

Actual Sales (in MT)

2022-23: 227,000
 

Expectations (in MT)

2022-23: 350,000-800,000

Weekly Sales Details

Net sales of 227,000 MT for 2022/2023 primarily for Mexico (147,300 MT, including decreases of 1,800 MT), Honduras (28,200 MT), Guatemala (20,800 MT, including 7,500 MT switched from El Salvador and decreases of 1,700 MT), China (14,200 MT), and Costa Rica (11,100 MT, including decreases of 2,800 MT), were offset by reductions primarily for Japan (8,500 MT), El Salvador (7,500 MT), and Canada (2,300 MT).

Weekly Export Details

Exports of 645,500 MT were primarily to China (422,300 MT), Mexico (182,800 MT), Guatemala (13,300 MT), Canada (10,000 MT), and Jamaica (7,200 MT).

Comments and Performance Indicators

Export commitments are 50.3% behind a year-ago and were 48.7% behind last week. USDA projects exports in 2022-23 at 2.275 billion bu., 8.1% below the previous marketing year.

Wheat

Actual Sales (in MT)

2022-23: 229,400

Expectations (in MT)

2022-23: 200,000-450,000

Weekly Sales Details

Net sales of 229,400 metric tons (MT) for 2022/2023 primarily for the Philippines (85,300 MT, including decreases of 700 MT), Taiwan (51,800 MT), Nigeria (51,200 MT, including 47,800 MT switched from unknown destinations), Japan (28,600 MT), and Mexico (28,300 MT), were offset by reductions primarily for unknown destinations (49,000 MT).

Weekly Export Details

Exports of 629,800 MT were primarily to the Philippines (127,300 MT), Indonesia (75,600 MT), Brazil (72,200 MT), China (64,600 MT), and South Korea (55,000 MT).

Comments and Performance Indicators

Export commitments are running 4.3% behind a year-ago, compared with 3.5% ahead of last week. USDA projects exports in 2022-23 at 825 million bu., up 3.1% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2022-23: 777,100

Expectations (in MT)

2022-23: 500,000-1,200,000

Weekly Sales Details

Net sales of 777,100 MT for 2022/2023 primarily for Mexico (233,400 MT), China (157,100 MT, including decreases of 5,400 MT), the Netherlands (150,100 MT, including 138,000 MT switched from unknown destinations), Taiwan (57,800 MT, including 50,000 MT switched from unknown destinations and decreases of 800 MT), and Spain (57,200 MT, including 57,000 MT switched from China), were offset by reductions for Japan (5,500 MT) and Colombia (1,300 MT).

Weekly Export Details

Exports of 617,500 MT were primarily to the Netherlands (150,100 MT), Mexico (69,400 MT), China (65,500 MT), Taiwan (57,300 MT), and Spain (57,200 MT).

Comments and Performance Indicators

Export commitments are running 9.3% ahead of a year-ago, versus 10.4% ahead of last week. USDA projects exports in 2022-23 at 2.085 billion bu., down 2.8% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2022-23: 139,900

Expectations

2022-23: 100,000-300,000

Weekly Sales Details

Net sales reductions of 19,500 MT for 2021/2022 primarily for Canada (15,700 MT), Mexico (7,100 MT), Nicaragua (2,500 MT), Sri Lanka (1,700 MT, including decreases of 400 MT), and Japan (1,600 MT), were more than offset by reductions for Vietnam (48,000 MT), Venezuela (4,200 MT), and unknown destinations (2,800 MT). Net sales of 139,900 MT for 2022/2023 primarily for Vietnam (48,000 MT), Canada (35,300 MT), Colombia (26,000 MT), Mexico (25,600 MT), and the Dominican Republic (5,000 MT), were offset by reductions for Nicaragua (1,400 MT).

Weekly Export Details

Exports of 166,100 MT were primarily to Guatemala (43,800 MT), Colombia (41,200 MT), Mexico (24,900 MT), Canada (21,500 MT), and El Salvador (12,700 MT).

Comments and Performance Indicators

Export commitments are 2.0% behind year-ago, compared to 2.0% behind last week. USDA projects exports in 2022-23 will increase 0.7% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2022-23: 900

Expectations

2022-23: 0-20,000

Weekly Sales Details

Total net sales of 900 MT for 2021/2022 were for Canada. Total net sales of 100 MT for 2022/2023 were for Canada.

Weekly Export Details

Exports of 1,000 MT were to Canada.

Comments and Performance Indicators

Export commitments are running 0.1% ahead of year-ago, versus 0.1% ahead last week. USDA projects exports will decrease 21.1% this season.

Cotton

Actual Upland Sales (in RB)

2022-23: 121,200

Weekly Sales Details

Net sales of 121,200 RB for 2022/2023 primarily for Pakistan (69,400 RB, including decreases of 3,500 RB), Turkey (14,000 RB, including decreases of 6,400 RB), Bangladesh (12,100 RB), Taiwan (10,900 RB), and South Korea (7,000 RB), were offset by reduction for El Salvador (4,500 RB), Indonesia (3,500 RB), and Vietnam (3,200 RB). Net sales of 48,500 RB for 2023/2024 primarily for Pakistan (22,900 RB), Guatemala (10,100 RB), Honduras (10,000 RB), and Bangladesh (6,600 RB), were offset by reductions for Thailand (4,600 RB). Exports of 209,600 RB were primarily to China (78,400 RB), Turkey (25,400 RB), Pakistan (21,200 RB), Bangladesh (19,200 RB), and Mexico (17,700 RB). Net sales of Pima totaling 1,600 RB were reported for Taiwan (900 RB), Italy (600 RB), and Indonesia (100 RB). Total net sales of 600 RB for 2023/2024 were for Italy.

Weekly Export Details

Exports of 3,300 RB were to Vietnam (1,800 RB), India (900 RB), Germany (400 RB), Turkey (100 RB), and Honduras (100 RB).

Comments and Performance Indicators

Export commitments are running 9.0% ahead of year-ago, versus 11% ahead of last week. USDA forecasts total cotton exports will fall 13.9% from a year ago to 12.6 million bales in 2022-23.

Beef

Actual Sales (in MT)

2022: 16,400

Weekly Sales Details

Net sales of 16,400 MT for 2022 primarily for South Korea (6,000 MT, including decreases of 700 MT), Japan (2,200 MT, including decreases of 700 MT), Mexico (2,200 MT), China (2,100 MT, including decreases of 100 MT), and Taiwan (900 MT, including decreases of 100 MT), were offset by reductions for Kuwait (100 MT). Total net sales of 100 MT for 2023 were for Japan.

Weekly Export Details

Exports of 18,400 MT were primarily to South Korea (4,700 MT), Japan (4,400 MT), China (3,100 MT), Mexico (1,500 MT), and Taiwan (1,100 MT).

Comments and Performance Indicators

USDA projects 2022 exports will rise 3.5% from a year ago.

Pork

Actual Sales (in MT)

2022: 34,300
 

Weekly Sales Details

Net sales of 34,300 MT for 2022 primarily for Mexico (16,800 MT, including decreases of 200 MT), China (10,100 MT, including decreases of 200 MT), Canada (1,900 MT, including decreases of 400 MT), South Korea (1,600 MT, including decreases of 200 MT), and the Dominican Republic (1,200 MT), were offset by reductions for Australia (100 MT).

Weekly Export Details

Exports of 29,700 MT were primarily to Mexico (13,500 MT), China (5,000 MT), Japan (3,400 MT), Canada (1,700 MT), and South Korea (1,700 MT).

Comments and Performance Indicators

USDA projects exports in 2022 will drop 0.9% from last year.