Solid weekly corn, wheat sales surpass expectations

USDA Weekly Export Sales Report

Week Ended Jan. 11, 2024

Corn

Actual Sales (in MT)

2023-24: 1,251,100

Expectations (in MT)

2023-24: 500,000-1,200,000

Weekly Sales Details

Net sales of 1,251,100 MT for 2023/2024 were up noticeably from the previous week and up 61 percent from the prior 4-week average. Increases primarily for Mexico (637,000 MT, including decreases of 13,100 MT), Colombia (107,000 MT, including decreases of 53,400 MT), Japan (83,500 MT, including 91,400 MT switched from unknown destinations and decreases of 84,400 MT), South Korea (73,200 MT), and Saudi Arabia (70,000 MT), were offset by reductions for Bangladesh (500 MT) and Vietnam (200 MT). Total net sales of 20,000 MT for 2024/2025 were for Japan.

Weekly Export Details

Exports of 1,000,400 MT were down 4 percent from the previous week, but up 3 percent from the prior 4-week average. The destinations were primarily to Mexico (382,000 MT), Japan (304,800 MT), Colombia (113,200 MT), South Korea (68,600 MT), and Honduras (65,700 MT).

Comments and Performance Indicators

Export commitments are 36.4% ahead of a year-ago, compared to 37.6% ahead last week. USDA projects exports in 2023-24 at 2.100 billion bu., 26.4% above the previous marketing year.

Wheat

Actual Sales (in MT)

2023-24: 707,600

Expectations (in MT)

2023-24: 150,000-500,000

Weekly Sales Details

Net sales of 707,600 metric tons (MT) for 2023/2024 were up noticeably from the previous week and from the prior 4-week average. Increases primarily for the Philippines (154,500 MT, including decreases of 60,000 MT), unknown destinations (147,000 MT), South Korea (109,700 MT), Taiwan (83,400 MT), and Vietnam (64,700 MT, including decreases of 300 MT), were offset by reductions for the Dominican Republic (9,400 MT) and Guatemala (6,000 MT).

Weekly Export Details

Exports of 244,900 MT were down 58 percent from the previous week and 37 percent from the prior 4-week average. The destinations were primarily to Japan (62,900 MT), Mexico (55,500 MT), Thailand (55,300 MT), Taiwan (41,400 MT), and Haiti (12,100 MT).

Comments and Performance Indicators

Export commitments are running 3.6% ahead of year-ago, compared to 2.3% ahead last week. USDA projects exports in 2023-24 at 725 million bu., down 4.5% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2023-24: 781,300

Expectations (in MT)

2023-24: 400,000-900,000

Weekly Sales Details

  Net sales of 781,300 MT for 2023/2024 were up noticeably from the previous week, but down 6 percent from the prior 4-week average. Increases primarily for China (465,100 MT, including 332,000 MT switched from unknown destinations and decreases of 1,100 MT), Germany (219,300 MT), Indonesia (133,500 MT, including 55,000 MT switched from unknown destinations), the Netherlands (68,800 MT, including 62,000 MT switched from unknown destinations), and Mexico (56,700 MT, including decreases of 17,700 MT), were offset by reductions primarily for unknown destinations (374,700 MT). Total net sales of 1,700 MT for 2024/2025 were for Japan.

Weekly Export Details

Exports of 1,670,700 MT were up 94 percent from the previous week and 56 percent from the prior 4-week average. The destinations were primarily to China (781,900 MT), Germany (219,300 MT), Mexico (168,900 MT), Spain (105,700 MT), and Indonesia (78,500 MT).

Comments and Performance Indicators

Export commitments are running 17.5% behind a year-ago, compared to 16.9% behind last week. USDA projects exports in 2023-24 at 1.755 billion bu., down 10.9% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2023-24: 349,200

Expectations

2023-24: 100,000-400,000

Weekly Sales Details

Net sales of 349,200 MT for 2023/2024 were up noticeably from the previous week and from the prior 4-week average. Increases primarily for the Philippines (96,700 MT, including decreases of 100 MT), Morocco (58,700 MT), Mexico (41,200 MT, including decreases of 2,100 MT), Venezuela (36,000 MT), and Colombia (30,600 MT, including decreases of 300 MT), were offset by reductions for unknown destinations (30,000 MT), El Salvador (3,900 MT), Belgium (2,200 MT), and Ecuador (2,000 MT). Net sales of 1,700 MT for 2024/2025 were reported for Japan (1,200 MT) and Canada (500 MT).

Weekly Export Details

Exports of 199,400 MT were unchanged from the previous week, but down 22 percent from the prior 4-week average. The destinations were primarily to the Philippines (48,100 MT), Mexico (38,400 MT), Romania (23,500 MT), Canada (21,700 MT), and the Dominican Republic (15,400 MT).

Comments and Performance Indicators

Export commitments are 15.2% ahead of a year-ago, compared to 16.3% ahead last week. USDA projects exports in 2022-23 will increase 4.3% from the previous marketing year in 2023-24.

Soyoil

Actual Sales (in MT)

2023-24: 100

Expectations

2023-24: (5,000)-8,000

Weekly Sales Details

Net sales of 100 MT for 2023/2024 were down noticeably from the previous week and down 91 percent from the prior 4-week average. Increases were for Honduras.

Weekly Export Details

Exports of 300 MT were down 43 percent from the previous week and 23 percent from the prior 4-week average. The destination was Canada.

Comments and Performance Indicators

Export commitments are running 16.2% behind a year-ago, compared 15.1% behind a year ago last week. USDA projects exports will decrease 7.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 420,000

Weekly Sales Details

Net sales of 420,000 RB for 2023/2024 were up 60 percent from the previous week and 85 percent from the prior 4-week average. Increases were primarily for China (227,700 RB), Vietnam (38,900 RB, including 100 RB switched from Japan), Pakistan (37,300 RB), India (21,000 RB), and Turkey (13,700 RB). Total net sales of 17,600 RB for 2024/2025 were for Guatemala.

Weekly Export Details

Exports of 257,700 RB--a marketing-year high--were up 13 percent from the previous week and 15 percent from the prior 4-week average. The destinations were primarily to China (146,300 RB), Vietnam (18,200 RB), Pakistan (15,200 RB), Mexico (11,800 RB), and Honduras (10,300 RB). Net sales of Pima totaling 3,500 RB for 2023/2024 were up 77 percent from the previous week and 5 percent from the prior 4-week average. Increases were primarily for China (2,200 RB), Thailand (500 RB), Pakistan (400 RB), Guatemala (200 RB), and Brazil (100 RB). Total net sales of 600 RB for 2024/2025 were for Italy. Exports of 4,600 RB were down 83 percent from the previous week and 54 percent from the prior 4-week average. The destinations were primarily to China (2,600 RB), Peru (1,000 RB), India (400 RB), Italy (400 RB), and Bangladesh (100 RB).

Comments and Performance Indicators

Upland cotton export commitments are running 2.6% ahead of a year ago, compared to 0.3% ahead last week. USDA forecasts total cotton exports will fall 4.5% from a year ago to 12.20 million bales in 2023-24.

Beef

Actual Sales (in MT)

2024: 21,400

Weekly Sales Details

Net sales of 21,400 MT for 2024 were primarily for South Korea (7,800 MT, including decreases of 500 MT), China (5,200 MT, including decreases of 100 MT), Japan (2,400 MT, including decreases of 500 MT), Mexico (2,200 MT, including decreases of 200 MT), and Taiwan (1,100 MT, including decreases of 100 MT).
 

Weekly Export Details

Exports of 15,200 MT were primarily to South Korea (4,600 MT), Japan (3,500 MT), China (2,200 MT), Mexico (1,700 MT), and Taiwan (800 MT).

Comments and Performance Indicators

USDA projects 2023 exports will fall 8.1% from a year ago.

Pork

Actual Sales (in MT)

2024: 33,400

Weekly Sales Details

Net sales of 33,400 MT for 2024 were primarily for Mexico (10,000 MT, including decreases of 200 MT), Japan (9,000 MT, including decreases of 400 MT), South Korea (6,300 MT, including decreases of 1,100 MT), Chile (1,600 MT), and Colombia (1,600 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 31,400 MT were primarily to Mexico (12,500 MT), South Korea (4,100 MT), Japan (3,800 MT), China (2,500 MT), and Colombia (2,500 MT).

Comments and Performance Indicators

USDA projects exports in 2023 will rise 1.5% from last year.