Huge weekly soybean sales of 3 MMT

USDA Weekly Export Sales Report

Week Ended Nov. 10, 2022

Corn

Actual Sales (in MT)

2022-23: 1,169,700
 

Expectations (in MT)

2022-23: 700,000-1,400,000

Weekly Sales Details

Net sales of 1,169,700 MT for 2022/2023 primarily for Mexico (919,800 MT, including decreases of 30,800 MT), Canada (91,300 MT), Saudi Arabia (65,000 MT), Japan (47,200 MT, including 62,200 MT switched from unknown destinations and decreases of 15,000 MT), and Panama (26,000 MT), were offset by reductions for Colombia (19,500 MT) and Costa Rica (15,600 MT).

Weekly Export Details

Exports of 564,400 MT were primarily to Mexico (265,300 MT), China (206,400 MT), Japan (62,200 MT), Colombia (21,000 MT), and Jamaica (4,600 MT).

Comments and Performance Indicators

Export commitments are 51.8% behind a year-ago compared to 54.1% 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: 290,300

Expectations (in MT)

2022-23: 250,000-500,000

Weekly Sales Details

Net sales of 290,300 metric tons (MT) for 2022/2023 primarily for Mexico (68,400 MT, including decreases of 12,000 MT), Japan (62,600 MT), Chile (60,000 MT), Thailand (51,500 MT), and the Philippines (33,100 MT), were offset by reductions for Nigeria (12,000 MT).

Weekly Export Details

Exports of 118,600 MT were primarily to the Philippines (62,100 MT), Mexico (43,300 MT), Colombia (12,700 MT), the United Arab Emirates (200 MT), and Vietnam (200 MT).

Comments and Performance Indicators

Export commitments are running 6.5% behind a year-ago, compared to 5.9% 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: 3,030,100

Expectations (in MT)

2022-23: 900,000-1,700,000

Weekly Sales Details

Net sales of 3,030,100 MT for 2022/2023 primarily for China (1,542,400 MT, including 395,100 MT switched from unknown destinations and decreases of 15,900 MT), Mexico (455,500 MT, including 47,500 MT switched from unknown destinations and decreases of 1,200 MT), unknown destinations (397,600 MT), Germany (138,900 MT), and South Korea (108,800 MT, including 111,000 MT switched from unknown destinations and decreases of 4,500 MT), were offset by reductions for Venezuela (1,800 MT).

Weekly Export Details

Exports of 2,081,800 MT were primarily to China (1,309,600 MT), Germany (138,900 MT), Mexico (115,300 MT), South Korea (109,200 MT), and Taiwan (95,600 MT).

Comments and Performance Indicators

Export commitments are running 4.2% ahead of a year-ago, versus 0.4% behind 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: 267,100

Expectations

2022-23: 90,000-300,000

Weekly Sales Details

Net sales of 267,100 MT for 2022/2023 primarily for the Philippines (88,100 MT), Vietnam (55,800 MT, including 48,000 MT switched from unknown destinations), Mexico (39,400 MT), Colombia (31,000 MT, including decreases of 400 MT), and the Dominican Republic (30,000 MT), were offset by reductions primarily for unknown destinations (48,000 MT).

Weekly Export Details

Exports of 213,800 MT were primarily to Mexico (62,400 MT), Vietnam (52,800 MT), Colombia (43,600 MT), Venezuela (16,800 MT), and Canada (15,100 MT).

Comments and Performance Indicators

Export commitments are 14.3% behind year-ago, compared to 16.5% behind a week ago. USDA projects exports in 2022-23 will increase 0.7% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2022-23: 400

Expectations

2022-23: 0-20,000

Weekly Sales Details

Net sales of 400 MT for 2022/2023 were reported for Canada (300 MT, including decreases of 100 MT) and Mexico (100 MT).

Weekly Export Details

Exports of 400 MT were to Canada.

Comments and Performance Indicators

Export commitments are running 84.6% behind a year-ago, compared to 77% behind last week. USDA projects exports will decrease 21.1% this season.

Cotton

Actual Upland Sales (in RB)

2022-23: 25,100

Weekly Sales Details

Net sales of 25,100 RB for 2022/2023 were primarily for Taiwan (5,800 RB), China (5,700 RB), Turkey (4,800 RB, including decreases of 2,200 RB), Bangladesh (4,100 RB), and Vietnam (1,300 RB). Total net sales of 8,100 RB for 2023/2024 were reported for Mexico.

Weekly Export Details

Exports of 183,000 RB were primarily to China (88,800 RB), Pakistan (27,300 RB), Mexico (24,400 RB), Turkey (10,300 RB), and Bangladesh (7,200 RB). Total net sales of Pima totaling 300 RB were for Slovenia. Exports of 800 RB were primarily to Vietnam (400 RB), China (200 RB), and Japan (100 RB).

Comments and Performance Indicators

Export commitments are running 0.3% ahead of year-ago, versus 1.6% 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: 13,400

Weekly Sales Details

Net sales of 13,400 MT for 2022 primarily for Mexico (5,200 MT, including decreases of 100 MT), Japan (2,500 MT, including decreases of 400 MT), Canada (1,800 MT, including decreases of 100 MT), South Korea (1,500 MT, including decreases of 500 MT), and Hong Kong (500 MT, including decreases of 100 MT), were offset by reductions for Colombia (200 MT). Net sales of 3,800 MT for 2023 were primarily for South Korea (2,200 MT), China (500 MT), Mexico (400 MT), Hong Kong (200 MT), and Japan (200 MT).

Weekly Export Details

Exports of 18,200 MT were primarily to South Korea (5,500 MT), Japan (4,900 MT), China (2,600 MT), Mexico (1,400 MT), and Canada (800 MT).

Comments and Performance Indicators

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

Pork

Actual Sales (in MT)

2022: 25,200
 

Weekly Sales Details

Net sales of 25,200 MT for 2022 primarily for Mexico (15,300 MT, including decreases of 500 MT), Japan (4,300 MT, including decreases of 400 MT), Canada (1,900 MT, including decreases of 300 MT), Colombia (1,000 MT, including decreases of 100 MT), and South Korea (700 MT, including decreases of 400 MT), were offset by reductions for Australia (200 MT). Net sales of 1,000 MT for 2023 were primarily for the Dominican Republic (500 MT) and Chile (300 MT).

Weekly Export Details

Exports of 30,600 MT were primarily to Mexico (15,300 MT), China (4,400 MT), Japan (3,400 MT), South Korea (2,300 MT), and Canada (1,500 MT).

Comments and Performance Indicators

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