Weekly soybean sales prove lackluster

USDA Weekly Export Sales Report

Week Ended March 30, 2023

Corn

Actual Sales (in MT)

2022-23:  1,246,600  

Expectations (in MT)

2022-23:  800,000-1,500,000

Weekly Sales Details

Net sales of 1,246,600 MT for 2022/2023 were up 20 percent from the previous week, but down 26 percent from the prior 4-week average. Increases primarily for China (586,100 MT), unknown destinations (164,500 MT), Mexico (143,600 MT, including decreases of 2,500 MT), Japan (117,000 MT, including 51,200 MT switched from unknown destinations, decreases of 4,300 MT, and 11,000 MT - late), and South Korea (77,800 MT, including 68,000 MT switched from unknown destinations), were offset by reductions primarily for Hong Kong (41,900 MT), Panama (26,000 MT), and Canada (18,200 MT). Total net sales of 26,200 MT for 2023/2024 were for Japan.

Weekly Export Details

Exports of 1,136,800 MT were up 70 percent from the previous week and 8 percent from the prior 4-week average. The destinations were primarily to Mexico (461,900 MT), South Korea (197,300 MT), Japan (130,200 MT, including 10,400 MT - late), Saudi Arabia (73,500 MT), and Guatemala (56,400 MT).

Comments and Performance Indicators

Export commitments are 31.6% behind a year-ago compared to 33.0% 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: 193,600

Expectations (in MT)

2022-23:  100,000-350,000

Weekly Sales Details

Net sales of 193,600 metric tons (MT) for 2022/2023 were up noticeably from the previous week, but down 5 percent from the prior 4-week average. Increases primarily for China (69,300 MT, including 65,000 MT switched from unknown destinations), Taiwan (56,300 MT), Egypt (50,000 MT switched from unknown destinations), Mexico (13,900 MT), and Guatemala (6,000 MT), were offset by reductions for unknown destinations (25,000 MT). Net sales reductions of 10,200 MT for 2023/2024 resulting in increases for Peru (11,000 MT), Honduras (8,000 MT), and Ecuador (800 MT), were more than offset by reductions for unknown destinations (30,000 MT).

Weekly Export Details

Net sales of 193,600 metric tons (MT) for 2022/2023 were up noticeably from the previous week, but down 5 percent from the prior 4-week average. Increases primarily for China (69,300 MT, including 65,000 MT switched from unknown destinations), Taiwan (56,300 MT), Egypt (50,000 MT switched from unknown destinations), Mexico (13,900 MT), and Guatemala (6,000 MT), were offset by reductions for unknown destinations (25,000 MT). Net sales reductions of 10,200 MT for 2023/2024 resulting in increases for Peru (11,000 MT), Honduras (8,000 MT), and Ecuador (800 MT), were more than offset by reductions for unknown destinations (30,000 MT).

Comments and Performance Indicators

Export commitments are running 5.2% behind a year-ago, compared to 5.1% 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:  155,300

Expectations (in MT)

2022-23:  200,000-600,000

Weekly Sales Details

Net sales of 155,300 MT for 2022/2023 were down 55 percent from the previous week and 42 percent from the prior 4-week average. Increases primarily for China (162,000 MT, including 66,000 MT switched from unknown destinations and decreases of 1,400 MT), Germany (69,100 MT), Indonesia (65,700 MT, including 55,000 MT switched from unknown destinations and decreases of 1,200 MT), Egypt (27,000 MT, including decreases of 3,000 MT), and South Korea (22,800 MT, including 25,000 MT switched from unknown destinations and decreases of 2,200 MT), were offset by reductions primarily for unknown destinations (183,200 MT). Net sales reductions of 48,300 MT for 2023/2024 resulting in increases primarily for Japan (17,600 MT), were more than offset by reductions for China (66,000 MT).

Weekly Export Details

Exports of 558,700 MT were down 46 percent from the previous week and 26 percent from the prior 4-week average. The destinations were primarily to China (298,900 MT), Indonesia (70,800 MT), Germany (69,100 MT), Mexico (33,800 MT), and Japan (27,200 MT).

Comments and Performance Indicators

Export commitments are running 11.0% behind a year-ago, versus behind 10.0% 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:  245,500

Expectations

2022-23:  125,000-450,000

Weekly Sales Details

Net sales of 245,500 MT for 2022/2023 were down 35 percent from the previous week and 6 percent from the prior 4-week average. Increases primarily for Morocco (55,200 MT, including 23,000 MT switched from Spain), Colombia (47,100 MT, including decreases of 49,200 MT), Ecuador (40,100 MT, including decreases of 20,000 MT), Guatemala (20,900 MT, including 7,200 MT switched from Panama), and Honduras (20,200 MT), were offset by reductions primarily for Spain (36,000 MT), Panama (5,900 MT), and Nicaragua (2,700 MT). Total net sales of 32,000 MT for 2023/2024 were for Ecuador.

Weekly Export Details

Exports of 363,200 MT--a marketing-year high--were up 51 percent from the previous week and 30 percent from the prior 4-week average. The destinations were primarily to Colombia (132,500 MT), the Philippines (33,200 MT), Mexico (26,300 MT), Morocco (25,200 MT), and Ecuador (24,100 MT).

Comments and Performance Indicators

Export commitments are 2.3% behind a year-ago, compared to 4.3% 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:  27,600

Expectations

2022-23:  0-20,000

Weekly Sales Details

Net sales of 27,600 MT for 2022/2023--a marketing-year high--were up noticeably from the previous week and from the prior 4-week average. Increases were primarily for unknown destinations (20,000 MT), Jamaica (7,000 MT), and Canada (400 MT).

Weekly Export Details

Exports of 900 MT were up noticeably from the previous week and from the prior 4- week average. The destinations were to Canada (500 MT) and Mexico (400 MT).

Comments and Performance Indicators

Export commitments are running 83.8% behind a year-ago, compared to 88.0% behind last week. USDA projects exports will decrease 71.8% this season.

Cotton

Actual Upland Sales (in RB)

2022-23:  160,500

Weekly Sales Details

Net sales of 160,500 RB for 2022/2023 were down 43 percent from the previous week and 31 percent from the prior 4-week average. Increases primarily for China (64,400 RB), Vietnam (52,500 RB, including 1,700 RB switched from South Korea and decreases of 100 RB), Turkey (16,200 RB, including decreases of 200 RB), India (6,200 RB), and Peru (5,000 RB, including decreases of 100 RB), were offset by reductions primarily for Mexico (2,700 RB). Net sales of 15,900 RB for 2023/2024 were reported for Pakistan (10,000 RB), Mexico (3,600 RB), South Korea (1,800 RB), Turkey (400 RB), and Guatemala (100 RB). Exports of 250,100 RB were down 27 percent from the previous week and 15 percent from the prior 4-week average. The destinations were primarily to Vietnam (61,600 RB), China (45,100 RB), Turkey (40,800 RB), Pakistan (30,300 RB), and Bangladesh (14,300 RB). Net sales of Pima totaling 9,100 RB for 2022/2023 were down 10 percent from the previous week and 5 percent from the prior 4-week average. Increases primarily for China (4,400 RB), India (2,600 RB, including 1,200 RB switched from Italy and decreases of 100 RB), Pakistan (1,600 RB), Bangladesh (900 RB), and Vietnam (900 RB), were offset by reductions for Italy (2,100 RB). Total net sales of 800 RB for 2023/2024 were for Italy.

Weekly Export Details

Exports of 1,500 RB were down 80 percent from the previous week and 69 percent from the prior 4-week average. The destinations were to China (1,300 RB), Honduras (100 RB), and Malaysia (100 RB).

Comments and Performance Indicators

Export commitments are running 18.5% behind a year-ago, versus 19.3% behind last week. USDA forecasts total cotton exports will fall 17.9% from a year ago to 12.00 million bales in 2022-23.

Beef

Actual Sales (in MT)

2023:  13,500

Weekly Sales Details

Net sales of 13,500 MT for 2023 were up 20 percent from the previous week and 1 percent from the prior 4-week average. Increases were primarily for South Korea (4,900 MT, including decreases of 500 MT), Japan (2,600 MT, including decreases of 400 MT), Canada (1,300 MT, including decreases of 100 MT), Mexico (1,100 MT), and Taiwan (700 MT, including decreases of 100 MT). Total net sales of 100 MT for 2024 were for Canada.

Weekly Export Details

Exports of 17,300 MT were up 5 percent from the previous week and 17 percent from the prior 4-week average. The destinations were primarily to Japan (5,000 MT), South Korea (4,500 MT), China (2,200 MT), Mexico (1,400 MT), and Taiwan (1,300 MT).

Comments and Performance Indicators

USDA projects 2022 exports will fall 12.8% from a year ago.

Pork

Actual Sales (in MT)

2023:  53,200

Weekly Sales Details

Net sales of 53,200 MT for 2023--a marketing-year high--were up 75 percent from the previous week and 69 percent from the prior 4-week average. Increases were primarily for China (20,200 MT, including decreases of 200 MT), Mexico (14,300 MT, including decreases of 300 MT), Japan (3,800 MT, including decreases of 100 MT), South Korea (3,200 MT, including decreases of 1,100 MT), and Colombia (2,500 MT, including decreases of 200 MT). Total net sales of 700 MT for 2024 were for South Korea.

Weekly Export Details

Exports of 31,500 MT were down 3 percent from the previous week, but up 3 percent from the prior 4-week average. The destinations were primarily to Mexico (12,500 MT), China (4,900 MT), Japan (4,600 MT), South Korea (2,900 MT), and Canada (1,700 MT).

Comments and Performance Indicators

USDA projects exports in 2023 will rise 0.3% from last year.