Soybean export sales prove solid at over 2.3 MMT

USDA Weekly Export Sales Report

Week Ended Oct. 13, 2022

Corn

Actual Sales (in MT)

2022-23: 408,300
 

Expectations (in MT)

2022-23: 250,000-700,000

Weekly Sales Details

Net sales of 408,300 MT for 2022/2023 primarily for Mexico (183,700 MT, including decreases of 32,900 MT), Japan (77,600 MT, including 37,000 MT switched from unknown destinations), Honduras (47,900 MT, including 7,500 MT switched from Guatemala and decreases of 17,100 MT), Colombia (30,000 MT), and Panama (22,700 MT), were offset by reductions for Guatemala (7,000 MT).

Weekly Export Details

Exports of 407,200 MT were primarily to Mexico (163,300 MT), China (71,400 MT), Honduras (49,000 MT), Japan (37,000 MT), and Saudi Arabia (30,700 MT).

Comments and Performance Indicators

Export commitments are 52.1% behind a year-ago compared to 51.4% 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: 163,100

Expectations (in MT)

2022-23: 200,000-500,000

Weekly Sales Details

Net sales of 163,100 metric tons (MT) for 2022/2023 primarily for Mexico (93,500 MT, including decreases of 900 MT), Nigeria (36,000 MT), Algeria (31,500 MT), Japan (27,200 MT), and Colombia (18,700 MT, including decreases of 4,300 MT), were offset by reductions primarily for Italy (60,000 MT), Panama (20,100 MT), and unknown destinations (10,500 MT). Total net sales of 22,000 MT for 2023/2024 were for Panama.

Weekly Export Details

Exports of 242,600 MT were primarily to Japan (61,600 MT), South Korea (36,300 MT), Ecuador (33,000 MT), Honduras (27,500 MT), and Panama (27,300 MT).

Comments and Performance Indicators

Export commitments are running 8.5% behind a year-ago, compared to 7% 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: 2,335,600

Expectations (in MT)

2022-23: 1,700,000-2,500,000

Weekly Sales Details

Net sales of 2,335,600 MT for 2022/2023 primarily for China (1,976,200 MT, including 436,000 MT switched from unknown destinations and decreases of 213,700 MT), the Netherlands (82,800 MT, including 77,000 MT switched from unknown destinations and decreases of 200 MT), Spain (58,800 MT switched from the United Kingdom), Italy (57,200 MT, including 57,000 MT switched from unknown destinations), and Algeria (43,400 MT, including decreases of 1,600 MT), were offset by reductions primarily for the United Kingdom (60,000 MT).

Weekly Export Details

Exports of 1,896,800 MT were primarily to China (1,400,700 MT), Mexico (97,800 MT), the Netherlands (82,800 MT), Spain (58,800 MT), and Italy (57,200 MT).

Comments and Performance Indicators

Export commitments are running 5% ahead of a year-ago, versus 7.3% 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: 542,300

Expectations

2022-23: 150,000-550,000

Weekly Sales Details

Net sales of 542,300 MT for 2022/2023 primarily for the Philippines (190,200 MT, including decreases of 45,000 MT), unknown destinations (88,000 MT), Denmark (45,000 MT), Ecuador (40,000 MT), and Canada (39,200 MT, including decreases of 400 MT), were offset by reductions for Belgium (1,400 MT) and Japan (100 MT). Exports of 161,000 MT were primarily to the Philippines (47,500 MT), Ireland (22,300 MT), Mexico (17,900 MT), Panama (17,500 MT), and Canada (15,600 MT). Soybean Oil: Net sales of 9,300 MT for 2022/2023 were for Canada, including decreases of 600 MT. Total net sales of 400 MT for 2023/2024 were for Canada.

Weekly Export Details

Exports of 2,300 MT were primarily to Canada (1,700 MT) and Mexico (400 MT).

Comments and Performance Indicators

Export commitments are 15.5% 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: 9,300

Expectations

2022-23: 0-20,000

Weekly Sales Details

Net sales of 9,300 MT for 2022/2023 were for Canada, including decreases of 600 MT. Total net sales of 400 MT for 2023/2024 were for Canada.

Weekly Export Details

Exports of 2,300 MT were primarily to Canada (1,700 MT) and Mexico (400 MT).

Comments and Performance Indicators

Export commitments are running 72.8% behind a year-ago. USDA projects exports will decrease 21.1% this season.

Cotton

Actual Upland Sales (in RB)

2022-23: 84,500

Weekly Sales Details

Net sales of 84,500 RB for 2022/2023 primarily for Pakistan (27,600 RB), Egypt (22,000 RB), China (10,100 RB), Mexico (6,900 RB), and El Salvador (5,300 RB), were offset by reductions for Indonesia (2,500 RB) and Costa Rica (300 RB). Net sales of 4,400 RB for 2023/2024 were reported for Portugal (2,200 RB) and Pakistan (2,200 RB). Exports of 165,700 RB were primarily to China (71,700 RB), Pakistan (24,800 RB), Turkey (19,200 RB), Mexico (14,600 RB), and Vietnam (9,000 RB). Net sales of Pima totaling 100 RB resulted in increases for China (100 RB) and Japan (100 RB), were offset by reductions for the United Kingdom (100 RB).

Weekly Export Details

Exports of 400 RB were to Turkey.

Comments and Performance Indicators

Export commitments are running 4.5% ahead of year-ago, versus 8.8% 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: 16,600

Weekly Sales Details

Net sales of 16,600 MT for 2022 primarily for South Korea (7,100 MT, including decreases of 600 MT), Japan (3,600 MT, including decreases of 300 MT), China (2,000 MT, including decreases of 100 MT), Mexico (1,600 MT, including decreases of 100 MT), and Canada (800 MT, including decreases of 100 MT), were offset by reductions for Colombia (100 MT). Net sales of 2,800 MT for 2023 were primarily for Japan (1,600 MT).

Weekly Export Details

Exports of 17,600 MT were primarily to South Korea (4,400 MT), Japan (4,000 MT), China (3,900 MT), Mexico (1,400 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: 40,800
 

Weekly Sales Details

Net sales of 40,800 MT for 2022 were primarily for Mexico (14,800 MT, including decreases of 300 MT), Japan (11,000 MT, including decreases of 200 MT), Australia (3,500 MT), Canada (3,100 MT, including decreases of 400 MT), and China (3,000 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 28,400 MT were primarily to Mexico (13,700 MT), China (4,100 MT), Canada (2,100 MT), Japan (2,100 MT), and South Korea (2,000 MT).

Comments and Performance Indicators

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