Weekly wheat sales top expectations

USDA Weekly Export Sales Report

Week Ended Dec. 22, 2022

Corn

Actual Sales (in MT)

2022-23: 781,600
 

Expectations (in MT)

2022-23: 600,000-850,000

Weekly Sales Details

Net sales of 781,600 MT for 2022/2023 primarily for Mexico (463,600 MT, including decreases of 37,200 MT), unknown destinations (102,600 MT), Colombia (68,500 MT, including decreases of 33,000 MT), Japan (65,600 MT, including 52,400 MT switched from unknown destinations), and Honduras (28,100 MT, including decreases of 32,700 MT), were offset by reductions for China (9,300 MT). Total net sales of 170,000 MT for 2023/2024 were for Japan.

Weekly Export Details

Exports of 1,012,500 MT were primarily to Mexico (441,600 MT), China (278,400 MT), Japan (124,200 MT), Colombia (45,400 MT), and Guatemala (33,700 MT).

Comments and Performance Indicators

Export commitments are 47.4% behind a year-ago compared to 47.7% behind last week. USDA projects exports in 2022-23 at 2.075 billion bu., 16% below the previous marketing year.

Wheat

Actual Sales (in MT)

2022-23: 478,100

Expectations (in MT)

2022-23: 200,000-450,000

Weekly Sales Details

Net sales of 478,100 metric tons (MT) for 2022/2023 were primarily for Japan (139,000 MT), Mexico (101,900 MT, including 30,000 MT switched from unknown destinations and decreases of 11,600 MT), unknown destinations (87,000 MT), Taiwan (56,000 MT), and Nigeria (24,000 MT). Total net sales of 33,000 MT for 2023/2024 were for Mexico.

Weekly Export Details

Exports of 337,100 MT were primarily to Mexico (92,800 MT), Thailand (54,100 MT), Iraq (52,500 MT), Italy (40,800 MT), and Japan (35,500 MT).

Comments and Performance Indicators

Export commitments are running 5.8% behind a year-ago, compared to 7.6% 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: 705,800

Expectations (in MT)

2022-23: 500,000-900,000

Weekly Sales Details

Net sales of 705,800 MT for 2022/2023 primarily for China (521,200 MT, including 334,000 MT switched from unknown destinations and decreases of 137,400 MT), the Netherlands (142,600 MT, including 137,000 MT switched from unknown destinations and decreases of 1,700 MT), Japan (96,800 MT, including 98,300 MT switched from unknown destinations and decreases of 2,700 MT), Thailand (77,800 MT), and Saudi Arabia (66,700 MT, including 70,000 MT switched from unknown destinations and decreases of 3,300 MT), were offset by reductions primarily for unknown destinations (278,300 MT).

Weekly Export Details

Exports of 1,848,500 MT were primarily to China (1,077,800 MT), the Netherlands (142,600 MT), Japan (131,300 MT), Mexico (77,600 MT), and Thailand (74,100 MT).

Comments and Performance Indicators

Export commitments are running 4.3% ahead of a year-ago, versus 4.1% 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: 264,300

Expectations

2022-23: 125,000-300,000

Weekly Sales Details

Net sales of 264,300 MT for 2022/2023 primarily for Colombia (117,200 MT, including decreases of 9,500 MT), Morocco (43,000 MT), Ireland (30,000 MT), Mexico (14,100 MT), and Honduras (9,600 MT, including decreases of 1,000 MT), were offset by reductions for Ecuador (7,000 MT) and the Philippines (1,100 MT).

Weekly Export Details

Exports of 212,900 MT were primarily to Denmark (49,500 MT), Colombia (39,200 MT), Mexico (34,600 MT), Morocco (33,000 MT), and the Philippines (23,200 MT).

Comments and Performance Indicators

Export commitments are 0.04% ahead of a year-ago, compared to 2.8% 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: 5,400

Expectations

2022-23: 0-5,000

Weekly Sales Details

Net sales of 5,400 MT for 2022/2023 were reported for Venezuela (5,200 MT) and Canada (200 MT).

Weekly Export Details

Exports of 5,500 MT were to Venezuela (5,200 MT) and Canada (300 MT).

Comments and Performance Indicators

Export commitments are running 91.6% behind a year-ago, compared to 92.7% behind last week. USDA projects exports will decrease 38% this season.

Cotton

Actual Upland Sales (in RB)

2022-23: 82,300

Weekly Sales Details

Net sales of 82,300 RB for 2022/2023 were primarily for South Korea (17,800 RB), China (15,400 RB, including 8,800 RB switched from Vietnam and decreases of 400 RB), Turkey (15,200 RB, including decreases of 2,400 RB), Pakistan (11,800 RB, including decreases of 1,700 RB), and Vietnam (4,100 RB, including 1,300 RB switched from South Korea and 200 RB switched from Japan). Total net sales of 3,500 RB for 2023/2024 were for Mexico. Exports of 140,300 RB were primarily to Pakistan (40,400 RB), China (30,200 RB), Vietnam (11,900 RB), Turkey (10,800 RB), and Malaysia (8,700 RB). Net sales of Pima totaling 5,600 RB were primarily for Vietnam (3,700 RB) and India (1,600 RB).

Weekly Export Details

Exports of 4,300 RB were to China (2,600 RB) and India (1,700 RB).

Comments and Performance Indicators

Export commitments are running 16.3% behind a year-ago, versus 15.5% behind ahead last week. USDA forecasts total cotton exports will fall 16.2% from a year ago to 12.25 million bales in 2022-23.

Beef

Actual Sales (in MT)

2022: 2,300

Weekly Sales Details

Net sales of 2,300 MT for 2022 reported for Japan (1,800 MT, including decreases of 200 MT), South Korea (1,700 MT, including decreases of 400 MT), Mexico (200 MT, including decreases of 100 MT), and the Netherlands (100 MT), were offset by reductions primarily for China (700 MT) and Vietnam (400 MT). Net sales of 7,200 MT for 2023 primarily for Japan (3,300 MT), China (1,300 MT), Taiwan (900 MT), Canada (500 MT), and Vietnam (400 MT), were offset by reductions for South Korea (500 MT).

Weekly Export Details

Exports of 16,800 MT were primarily to South Korea (4,400 MT), Japan (4,400 MT), China (2,200 MT), Mexico (1,800 MT), and Taiwan (1,300 MT).

Comments and Performance Indicators

USDA projects 2022 exports will rise 3.5% from a year ago.

Pork

Actual Sales (in MT)

2022: 15,100

Weekly Sales Details

Net sales of 15,100 MT for 2022 primarily for Mexico (9,100 MT, including decreases of 900 MT), Canada (1,600 MT, including decreases of 400 MT), China (1,600 MT, including decreases of 100 MT), Japan (1,300 MT, including decreases of 1,500 MT), and the Dominican Republic (1,100 MT, including decreases of 100 MT), were offset by reductions primarily for South Korea (300 MT). Net sales of 30,500 MT for 2023 were primarily for Mexico (11,900 MT), China (10,000 MT), Canada (1,700 MT), Japan (1,700 MT), and Colombia (1,600 MT).

Weekly Export Details

Exports of 32,400 MT were primarily to Mexico (16,200 MT), China (4,600 MT), Japan (2,800 MT), South Korea (2,500 MT), and Canada (1,600 MT).

Comments and Performance Indicators

USDA projects exports in 2022 will decrease 9.8% from last year.