Weekly corn sales reach marketing-year low; shipments at marketing-year high

USDA Weekly Export Sales Report

Week Ended April 27, 2023

Corn

Actual Sales (in MT)

2022-23: (315,600)

Expectations (in MT)

2022-23: (450,000)-600,000

Weekly Sales Details

Net sales reductions of 315,600 MT for 2022/2023--a marketing-year low--were down noticeably from the previous week and from the prior 4-week average. Increases primarily for Japan (193,300 MT, including 88,500 MT switched from unknown destinations and decreases of 2,300 MT), Taiwan (74,400 MT, including 70,000 MT switched from China), Guatemala (37,000 MT, including 26,000 MT switched from Panama and decreases of 6,200 MT), Colombia (34,800 MT, including 5,000 MT switched from Honduras and decreases of 60,300 MT), and Mexico (28,700 MT, including decreases of 29,400 MT), were more than offset by reductions for China (562,800 MT), unknown destinations (168,800 MT), Panama (26,000 MT), South Korea (2,700 MT), and Hong Kong (100 MT). Net sales of 121,000 MT for 2023/2024 were reported for Mexico (97,300 MT), El Salvador (20,000 MT), and Costa Rica (3,700 MT).

Weekly Export Details

Exports of 1,699,200 MT--a marketing-year high--were up 58 percent from the previous week and 54 percent from the prior 4-week average. The destinations were primarily to Japan (591,800 MT), Mexico (401,500 MT), China (201,800 MT), Colombia (175,900 MT), and Taiwan (75,300 MT).

Comments and Performance Indicators

Export commitments are 34.6% behind a year-ago compared to 33.1% behind last week. USDA projects exports in 2022-23 at 1.850 billion bu., 25.1% below the previous marketing year.

Wheat

Actual Sales (in MT)

2022-23:  211,100

Expectations (in MT)

2022-23: 0-250,000

Weekly Sales Details

Net sales of 211,100 metric tons (MT) for 2022/2023 were up 36 percent from the previous week and 14 percent from the prior 4-week average. Increases primarily for Mexico (72,600 MT, including decreases of 1,100 MT), South Korea (32,000 MT, including decreases of 700 MT), the Dominican Republic (29,900 MT, including 32,000 MT switched from unknown destinations and decreases of 3,100 MT), Italy (29,200 MT), and Japan (27,000 MT), were offset by reductions primarily for Singapore (18,000 MT), Guatemala (14,000 MT), Colombia (6,400 MT), Peru (3,000 MT), and Nicaragua (400 MT). Net sales of 279,700 MT for 2023/2024 were primarily for unknown destinations (135,000 MT), South Korea (45,300 MT), Vietnam (36,000 MT), the Dominican Republic (19,000 MT), and Singapore (18,000 MT).

Weekly Export Details

Exports of 288,900 MT were down 5 percent from the previous week, but up 17 percent from the prior 4-week average. The destinations were primarily to Egypt (55,000 MT), Japan (43,600 MT), the Dominican Republic (39,900 MT), Mexico (36,500 MT), and Italy (18,200 MT).

Comments and Performance Indicators

Export commitments are running 2.6% behind a year-ago, compared to 3.1% 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:  289,700

Expectations (in MT)

2022-23: 100,000-400,000

Weekly Sales Details

Net sales of 289,700 MT for 2022/2023 were down 7 percent from the previous week, but up 78 percent from the prior 4-week average. Increases primarily for China (134,300 MT, including 132,000 MT switched from unknown destinations and decreases of 900 MT), Germany (128,300 MT), the Netherlands (85,500 MT, including 77,000 MT switched from unknown destinations), Japan (48,500 MT, including 9,000 MT switched from unknown destinations), and Costa Rica (32,200 MT), were offset by reductions primarily for unknown destinations (217,800 MT). Total net sales of 67,000 MT for 2023/2024 were for China.

Weekly Export Details

Exports of 561,200 MT were up 24 percent from the previous week and 12 percent from the prior 4-week average. The destinations were primarily to China (190,800 MT), Germany (128,300 MT), the Netherlands (85,500 MT), Mexico (40,500 MT), and South Korea (25,500 MT).

Comments and Performance Indicators

Export commitments are running 13.0% behind a year-ago, versus behind 12.0% last week. USDA projects exports in 2022-23 at 2.015 billion bu., down 6.6% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2022-23:  179,600

Expectations

2022-23: 75,000-300,000

Weekly Sales Details

Net sales of 179,600 MT for 2022/2023 were up 17 percent from the previous week, but down 10 percent from the prior 4-week average. Increases primarily for Morocco (31,600 MT), the Dominican Republic (30,300 MT, including decreases of 16,700 MT), Mexico (26,800 MT, including decreases of 600 MT), Saudi Arabia (25,000 MT), and Canada (24,700 MT), were offset by reductions for Panama (7,000 MT), Guatemala (5,100 MT), Honduras (300 MT), and Venezuela (200 MT). Net sales reductions of 17,000 MT for 2023/2024 resulting in increases for Canada (3,000 MT), were more than offset by reductions for Ecuador (20,000 MT).

Weekly Export Details

Exports of 238,800 MT were down 5 percent from the previous week and 9 percent from the prior 4-week average. The destinations were primarily to Colombia (52,200 MT), the Philippines (47,800 MT), the Dominican Republic (27,500 MT), Mexico (22,200 MT), and El Salvador (18,900 MT).

Comments and Performance Indicators

Export commitments are 1.5% behind a year-ago, compared to 1.0% behind a week ago. USDA projects exports in 2022-23 will increase 1.3% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2022-23:  14,000

Expectations

2022-23: 0-20,000

Weekly Sales Details

Net sales of 14,000 MT for 2022/2023 were up noticeably from the previous week and from the prior 4-week average. Increases reported for Spain (20,000 MT switched from unknown destinations), Mexico (13,500 MT), and Canada (500 MT), were offset by reductions for unknown destinations (20,000 MT).

Weekly Export Details

Exports of 20,600 MT--a marketing-year high--were up noticeably from the previous week and from the prior 4- week average. The destinations were to Spain (20,000 MT), Canada (500 MT), and Mexico (100 MT).

Comments and Performance Indicators

Export commitments are running 82.0% behind a year-ago, compared to 84.0% behind last week. USDA projects exports will decrease 71.8% this season.

Cotton

Actual Upland Sales (in RB)

2022-23:  231,300

Weekly Sales Details

Net sales of 231,300 RB for 2022/2023 were up 19 percent from the previous week and 65 percent from the prior 4-week average. Increases primarily for China (117,100 RB, including 400 RB switched from Pakistan), Vietnam (43,500 RB, including 200 RB switched from Taiwan and decreases of 1,600 RB), Turkey (34,800 RB), Bangladesh (17,100 RB, including decreases of 200 RB), and Nicaragua (8,800 RB), were offset by reductions for Honduras (8,300 RB), Mexico (2,500 RB), and Pakistan (1,500 RB). Net sales of 26,900 RB for 2023/2024 were primarily for Turkey (12,800 RB) and Honduras (8,300 RB). Exports of 414,000 RB were up 4 percent from the previous week and 30 percent from the prior 4-week average. The destinations were primarily to China (107,200 RB), Vietnam (94,200 RB), Turkey (62,000 RB), Pakistan (43,500 RB), and Bangladesh (21,700 RB). Net sales of Pima totaling 24,600 RB for 2022/2023 were up 48 percent from the previous week and 18 percent from the prior 4-week average. Increases were primarily for India (12,900 RB, including decreases of 200 RB), China (8,400 RB, including decreases of 6,100 RB), Vietnam (1,300 RB), Egypt (900 RB), and Turkey (500 RB).

Weekly Export Details

Exports of 24,800 RB--a marketing-year high--were up 20 percent from the previous week and up noticeably from the prior 4-week average. The destinations were primarily to China (9,600 RB), Vietnam (5,200 RB), India (4,400 RB), Pakistan (3,500 RB), and Thailand (900 RB).

Comments and Performance Indicators

Export commitments are running 16.2% behind a year-ago, versus 17.0% behind last week. USDA forecasts total cotton exports will fall 16.6% from a year ago to 12.20 million bales in 2022-23.

Beef

Actual Sales (in MT)

2023:  20,100

Weekly Sales Details

Net sales of 20,100 MT for 2023 were up noticeably from the previous week and up 59 percent from the prior 4-week average. Increases primarily for Japan (4,700 MT, including decreases of 200 MT), South Korea (3,600 MT, including decreases of 500 MT), China (3,400 MT, including decreases of 100 MT), Taiwan (2,500 MT, including decreases of 100 MT), and Mexico (2,000 MT), were offset by reductions for the United Kingdom (100 MT).

Weekly Export Details

Exports of 18,800 MT were up 18 percent from the previous week and 16 percent from the prior 4-week average. The destinations were primarily to Japan (5,200 MT), South Korea (4,800 MT), China (3,500 MT), Taiwan (1,300 MT), and Mexico (1,200 MT).

Comments and Performance Indicators

USDA projects 2022 exports will fall 11.3% from a year ago.

Pork

Actual Sales (in MT)

2023:  49,000

Weekly Sales Details

Net sales of 49,000 MT for 2023 were down 9 percent from the previous week, but up 15 percent from the prior 4-week average. Increases were primarily for Mexico (14,600 MT, including decreases of 600 MT), China (14,200 MT, including decreases of 200 MT), South Korea (7,700 MT, including decreases of 800 MT), Japan (3,400 MT, including decreases of 300 MT), and Canada (2,700 MT, including decreases of 400 MT).

Weekly Export Details

Exports of 38,600 MT--a marketing-year high--were up 2 percent from the previous week and 10 percent from the prior 4-week average. The destinations were primarily to Mexico (15,100 MT), China (5,800 MT), Japan (4,700 MT), South Korea (4,100 MT), and Canada (1,700 MT).

Comments and Performance Indicators

USDA projects exports in 2023 will rise 0.6% from last year.