Weekly soymeal sales top expectations by nearly 130,000 MT

USDA Weekly Export Sales Report

Week Ended March 23, 2023

Corn

Actual Sales (in MT)

2022-23:  1,036,400

Expectations (in MT)

2022-23: 600,000-1,800,000

Weekly Sales Details

Net sales of 1,036,400 MT for 2022/2023 were down 67 percent from the previous week and 34 percent from the prior 4-week average. Increases primarily for China (709,200 MT, including 66,000 MT switched from unknown destinations), Japan (162,900 MT, including 40,500 MT switched from unknown destinations), Colombia (122,400 MT, including 121,200 MT switched from unknown destinations and decreases of 37,200 MT), Mexico (103,100 MT, including decreases of 7,200 MT), and Costa Rica (53,000 MT, including decreases of 10,500 MT), were offset by reductions for unknown destinations (231,000 MT), Nicaragua (21,300 MT), and Taiwan (200 MT). Total net sales of 21,800 MT for 2023/2024 were for Mexico.

Weekly Export Details

Exports of 668,200 MT were down 52 percent from the previous week and 37 percent from the prior 4-week average. The destinations were primarily to Mexico (289,000 MT, including 34,800 - late), Colombia (145,300 MT), China (68,300 MT), Japan (40,900 MT), and the Dominican Republic (35,500 MT).

Comments and Performance Indicators

Export commitments are 33.0% behind a year-ago compared to 34.0% 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:  151,700

Expectations (in MT)

2022-23: 125,000-300,000

Weekly Sales Details

Net sales of 151,700 metric tons (MT) for 2022/2023 were up 21 percent from the previous week, but down 40 percent from the prior 4-week average. Increases primarily for Mexico (67,300 MT), the Philippines (34,400 MT), Colombia (13,400 MT, including decreases of 2,000 MT), Indonesia (10,000 MT), and the Dominican Republic (10,000 MT), were offset by reductions for unknown destinations (10,200 MT), Vietnam (5,000 MT), and Nicaragua (200 MT). Net sales of 37,400 MT for 2023/2024 were reported for the Dominican Republic (33,600 MT) and Guatemala (3,800 MT).

Weekly Export Details

Exports of 377,500 MT were up 4 percent from the previous week, but down 6 percent from the prior 4-week average. The destinations were primarily to Mexico (71,600 MT), unknown destinations (68,300 MT - late), South Korea (54,100 MT), Vietnam (33,600 MT), and the Philippines (31,400 MT).

Comments and Performance Indicators

Export commitments are running 5.1% behind a year-ago, compared to 5.4% 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:  348,200

Expectations (in MT)

2022-23: 100,000-600,000

Weekly Sales Details

Net sales of 348,200 MT for 2022/2023 were up noticeably from the previous week and up 36 percent from the prior 4-week average. Increases primarily for China (153,000 MT, including 132,000 MT switched from unknown destinations), the Netherlands (69,100 MT, including 62,000 MT switched from unknown destinations), Indonesia (67,000 MT, including 55,000 MT switched from unknown destinations), Germany (65,000 MT), and Egypt (64,900 MT, including decreases of 100 MT), were offset by reductions for unknown destinations (212,900 MT). Total net sales of 3,900 MT for 2023/2024 were for Japan.

Weekly Export Details

Exports of 1,039,000 MT were up 63 percent from the previous week and 48 percent from the prior 4-week average. The destinations were primarily to China (543,200 MT), Mexico (119,000 MT), Indonesia (74,100 MT), the Netherlands (69,100 MT), and Germany (65,000 MT).

Comments and Performance Indicators

Export commitments are running 10.0% behind a year-ago, versus behind 8.4% 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:  377,900

Expectations

2022-23: 75,000-250,000

Weekly Sales Details

Net sales of 377,900 MT for 2022/2023 were up noticeably from the previous week and up 81 percent from the prior 4-week average. Increases primarily for the Philippines (95,800 MT), Colombia (44,900 MT, including decreases of 1,000 MT), Costa Rica (36,400 MT, including 4,300 MT switched from Nicaragua, 3,000 MT switched from El Salvador, and decreases of 5,100 MT), Ecuador (33,900 MT), and Canada (32,700 MT), were offset by reductions for Honduras (1,500 MT), Belgium (400 MT), and Madagascar (100 MT). Total net sales of 10,000 MT for 2023/2024 were for Ireland.

Weekly Export Details

Exports of 240,400 MT were down 11 percent from the previous week and 10 percent from the prior 4-week average. The destinations were primarily to the Philippines (47,600 MT), Ecuador (31,900 MT), the Dominican Republic (28,500 MT), Venezuela (27,500 MT), and Canada (21,100 MT).

Comments and Performance Indicators

Export commitments are 4.3% behind a year-ago, compared to 7.4% 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:  2,000

Expectations

2022-23:  0-20,000

Weekly Sales Details

Net sales of 2,000 MT for 2022/2023 were down 82 percent from the previous week and 66 percent from the prior 4-week average. Increases were reported for Mexico (1,500 MT) and Canada (500 MT).

Weekly Export Details

Exports of 400 MT were up 13 percent from the previous week, but down 8 percent from the prior 4-week average. The destination was Canada.

Comments and Performance Indicators

Export commitments are running 88.0% behind a year-ago, compared to 87.7% behind last week. USDA projects exports will decrease 71.8% this season.

Cotton

Actual Upland Sales (in RB)

2022-23:  281,300

Weekly Sales Details

Net sales of 281,300 RB for 2022/2023 were down 9 percent from the previous week, but up 37 percent from the prior 4-week average. Increases primarily for China (85,000 RB, including 2,100 RB switched from Singapore), Vietnam (78,200 RB, including 1,800 RB switched from South Korea), Bangladesh (38,300 RB, including decreases of 200 RB), Pakistan (24,900 RB, including decreases of 3,600 RB), and Turkey (19,000 RB), were offset by reductions primarily for Honduras (2,200 RB), Brazil (2,200 RB), Ecuador (2,200 RB), and Singapore (2,100 RB). Net sales of 12,300 RB for 2023/2024 were reported for India (8,800 RB) and Pakistan (3,500 RB). Exports of 341,000 RB were up 25 percent from the previous week and 31 percent from the prior 4-week average. The destinations were primarily to Vietnam (97,200 RB), China (67,200 RB), Turkey (40,500 RB), Pakistan (32,500 RB), and Malaysia (13,400 RB). Net sales of Pima totaling 10,100 RB for 2022/2023 were down 40 percent from the previous week, but up 37 percent from the prior 4-week average. Increases were primarily for Vietnam (4,200 RB, including 1,300 RB switched from China), India (2,300 RB), Pakistan (1,600 RB), Turkey (1,300 RB), and China (500 RB).

Weekly Export Details

  Exports of 7,400 RB were up 4 percent from the previous week and up noticeably from the prior 4-week average. The destinations were primarily to Peru (2,900 RB), Egypt (1,300 RB), India (1,000 RB), China (900 RB), and Thailand (600 RB).

Comments and Performance Indicators

Export commitments are running 19.3% behind a year-ago, versus 19.9% 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:  11,300

Weekly Sales Details

Net sales of 11,300 MT for 2023 were down 40 percent from the previous week and 10 percent from the prior 4-week average. Increases were primarily for Japan (2,700 MT, including decreases of 900 MT), China (2,500 MT, including decreases of 100 MT), Taiwan (1,700 MT, including decreases of 100 MT), South Korea (1,600 MT, including decreases of 400 MT), and Canada (700 MT).

Weekly Export Details

Exports of 16,600 MT were up 23 percent from the previous week and 13 percent from the prior 4-week average. The destinations were primarily to South Korea (5,100 MT), Japan (3,800 MT), China (2,200 MT), Mexico (1,300 MT), and Taiwan (1,100 MT).

Comments and Performance Indicators

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

Pork

Actual Sales (in MT)

2023:  30,400

Weekly Sales Details

Net sales of 30,400 MT for 2023 were down 20 percent from the previous week and 4 percent from the prior 4-week average. Increases were primarily for Mexico (14,600 MT, including decreases of 300 MT), Japan (4,100 MT, including decreases of 300 MT), Australia (2,200 MT), Canada (1,600 MT, including decreases of 500 MT), and South Korea (1,500 MT, including decreases of 600 MT).

Weekly Export Details

Exports of 32,400 MT were up 6 percent from the previous week and 7 percent from the prior 4-week average. The destinations were primarily to Mexico (12,800 MT), China (4,600 MT), Japan (4,600 MT), South Korea (3,300 MT), and Canada (1,700 MT).

Comments and Performance Indicators

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