Soybean export sales top expectations by over 150,000 MT

USDA Weekly Export Sales Report

Week Ended Sept. 22, 2022

Corn

Actual Sales (in MT)

2022-23: 512,000
 

Expectations (in MT)

2022-23: 250,000-800,000

Weekly Sales Details

Net sales of 512,000 MT for 2022/2023 primarily for Mexico (321,700 MT, including decreases of 1,800 MT), unknown destinations (57,000 MT), Honduras (51,900 MT), Japan (51,100 MT, including 50,600 MT switched from unknown destinations and decreases of 300 MT), and Panama (44,200 MT), were offset by reductions for Egypt (65,000 MT), Guatemala (7,500 MT), and Costa Rica (3,200 MT). Total net sales of 160,000 MT for 2023/2024 were for Mexico.

Weekly Export Details

Exports of 574,700 MT were primarily to Mexico (239,200 MT), China (141,200 MT), Japan (135,000 MT), El Salvador (19,400 MT), and Venezuela (15,300 MT).

Comments and Performance Indicators

Export commitments are 48.7% behind a year-ago and were 50% 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: 279,800

Expectations (in MT)

2022-23: 175,000-500,000

Weekly Sales Details

Net sales of 279,800 metric tons (MT) for 2022/2023 primarily for Guatemala (115,400 MT, including 51,500 MT switched from unknown destinations), Thailand (47,500 MT), Mexico (45,500 MT, including decreases of 13,000 MT), Italy (31,800 MT), and Brazil (30,000 MT), were offset by reductions for unknown destinations (66,300 MT), Malaysia (700 MT), and Costa Rica (400 MT). Net sales reductions of 29,700 MT for 2023/2024 resulting in increases for South Korea (300 MT), were more than offset by reductions for Brazil (30,000 MT).

Weekly Export Details

Exports of 620,700 MT were primarily to China (137,400 MT), Chile (71,100 MT), Nigeria (69,700 MT), Mexico (50,000 MT), and Japan (48,200 MT).

Comments and Performance Indicators

Export commitments are running 3.5% 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: 1,003,000

Expectations (in MT)

2022-23: 250,000-850,000

Weekly Sales Details

Net sales of 1,003,000 MT for 2022/2023 primarily for China (548,700 MT, including 132,000 MT switched from unknown destinations and decreases of 32,000 MT), Mexico (217,000 MT, including 47,500 MT switched from unknown destinations and decreases of 34,700 MT), Japan (81,600 MT, including 50,400 MT switched from unknown destinations and decreases of 1,900 MT), Egypt (78,000 MT, including decreases of 30,000 MT), and Tunisia (30,000 MT), were offset by reductions for unknown destinations (23,700 MT) and Cuba (4,000 MT). Total net sales reductions of 30,000 MT for 2023/2024 were for Tunisia.

Weekly Export Details

Exports of 269,200 MT were primarily to Japan (85,800 MT), China (78,700 MT), Mexico (61,100 MT), Taiwan (20,600 MT), and Costa Rica (7,900 MT).

Comments and Performance Indicators

Export commitments are running 10.4% ahead of a year-ago, versus 9.9% 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: 86,300

Expectations

2022-23: 100,000-300,000

Weekly Sales Details

Net sales of 86,300 MT for 2021/2022 primarily for Vietnam (48,300 MT), Ireland (30,000 MT), Colombia (6,900 MT, including decreases of 13,400 MT), Kuwait (6,000 MT), and Canada (6,000 MT, including decreases of 200 MT), were offset by reductions primarily for Costa Rica (7,200 MT), unknown destinations (7,100 MT), Guatemala (2,600 MT), Belgium (1,900 MT), and Japan (600 MT). Net sales of 150,200 MT for 2022/2023 primarily for the Philippines (90,000 MT), Mexico (26,300 MT), Panama (26,300 MT), Honduras (23,400 MT), and Canada (12,700 MT), were offset by reductions for Ireland (30,000 MT) and Colombia (4,100 MT).

Weekly Export Details

Exports of 249,700 MT were primarily to Colombia (73,300 MT), Vietnam (42,600 MT), Honduras (27,500 MT), Canada (23,000 MT), and the Philippines (21,900 MT).

Comments and Performance Indicators

Export commitments are 2.0% behind year-ago, compared to 2.2% 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: (5,000)

Expectations

2022-23: 0-20,000

Weekly Sales Details

Net sales of reductions of 5,000 MT for 2021/2022 resulting in increases for Canada (1,400 MT), were more than offset by reductions for unknown destinations (6,500 MT). Total net sales of 700 MT for 2022/2023 were for Canada.

Weekly Export Details

Exports of 2,000 MT were to Canada (1,900 MT) and Mexico (100 MT).

Comments and Performance Indicators

Export commitments are running 0.1% ahead of year-ago, versus 1.6% ahead last week. USDA projects exports will decrease 21.1% this season.

Cotton

Actual Upland Sales (in RB)

2022-23: 30,200

Weekly Sales Details

Net sales of 30,200 RB for 2022/2023 primarily for Pakistan (32,400 RB), Nicaragua (8,800 RB), Taiwan (5,300 RB), Vietnam (1,600 RB), and Peru (1,300 RB), were offset by reductions primarily for Turkey (12,600 RB), El Salvador (5,000 RB), and Indonesia (2,500 RB). Net sales of 41,500 RB for 2023/2024 reported for Pakistan (20,000 RB), Thailand (16,100 RB), Turkey (8,800 RB), Mexico (1,600 RB), and Japan (500 RB), were offset by reductions for Bangladesh (5,500 RB). Exports of 187,900 RB were primarily to China (46,800 RB), Vietnam (29,600 RB), Turkey (27,300 RB), Pakistan (21,000 RB), and Bangladesh (17,000 RB). Net sales of Pima totaling 1,200 RB were primarily for Taiwan (400 RB) and Japan (400 RB). Total net sales of 300 RB for 2023/2024 were for Italy.

Weekly Export Details

Exports of 1,000 RB were primarily to Vietnam (700 RB) and South Korea (200 RB).

Comments and Performance Indicators

Export commitments are running 11% ahead of year-ago, versus 16.8% 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: 21,500

Weekly Sales Details

Net sales of 21,500 MT for 2022 were primarily for South Korea (7,300 MT, including decreases of 400 MT), China (6,000 MT, including decreases of 100 MT), Japan (3,500 MT, including decreases of 900 MT), Canada (1,200 MT, including decreases of 100 MT), and Mexico (1,100 MT). Net sales of 600 MT for 2023 were primarily for Japan (500 MT).

Weekly Export Details

Exports of 18,300 MT were primarily to Japan (5,100 MT), China (4,200 MT), South Korea (4,000 MT), Mexico (1,400 MT), and Canada (800 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 were primarily for Mexico (23,700 MT, including decreases of 200 MT), South Korea (2,900 MT, including decreases of 800 MT), China (2,000 MT, including decreases of 200 MT), Japan (1,800 MT, including decreases of 200 MT), and Canada (1,400 MT, including decreases of 400 MT). Total net sales of 100 MT for 2023 were for Mexico.

Weekly Export Details

Exports of 27,200 MT were primarily to Mexico (13,000 MT), China (4,400 MT), Japan (2,800 MT), South Korea (2,000 MT), and Canada (1,600 MT).

Comments and Performance Indicators

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