Weekly wheat sales well below expectations

USDA Weekly Export Sales Report

Week Ended Dec. 29, 2022

Corn

Actual Sales (in MT)

2022-23:  319,200
 

Expectations (in MT)

2022-23: 400,000-1,000,000

Weekly Sales Details

Net sales of 319,200 MT for 2022/2023 primarily for Mexico (145,100 MT, including decreases of 500 MT), Honduras (83,200 MT), Japan (49,500 MT, including 69,500 MT switched from unknown destinations and decreases of 20,000 MT), Nicaragua (48,300 MT, including 8,300 MT switched from El Salvador), and Costa Rica (25,100 MT, including decreases of 400 MT), were offset by reductions for unknown destinations (53,400 MT), El Salvador (8,200 MT), and the Philippines (800 MT).

Weekly Export Details

Exports of 761,800 MT were primarily to China (348,400 MT), Mexico (226,800 MT), Japan (69,600 MT), Honduras (53,700 MT), and Panama (25,400 MT).

Comments and Performance Indicators

Export commitments are 47.6% behind a year-ago compared to 47.4% 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:  47,100

Expectations (in MT)

2022-23: 200,000-575,000

Weekly Sales Details

Net sales of 47,100 metric tons (MT) for 2022/2023 primarily for China (65,000 MT switched from unknown destinations), Thailand (53,000 MT), and Vietnam (43,000 MT switched from the Philippines), were offset by reductions primarily for the Philippines (43,000 MT), unknown destinations (39,000 MT), Nigeria (24,000 MT), and Trinidad and Tobago (10,000 MT). Net sales of 97,000 MT for 2023/2024 were reported for Mexico (33,000 MT), unknown destinations (30,000 MT), Nigeria (24,000 MT), and Trinidad and Tobago (10,000 MT).

Weekly Export Details

Exports of 81,500 MT were to Mexico (81,200 MT), Canada (200 MT), and the United Arab Emirates (100 MT).

Comments and Performance Indicators

Export commitments are running 5.8% behind a year-ago, compared to 5.8% 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:  721,000

Expectations (in MT)

2022-23: 400,000-1,200,000

Weekly Sales Details

Net sales of 721,000 MT for 2022/2023 primarily for China (421,800 MT, including 71,400 MT switched from unknown destinations and decreases of 67,000 MT), Turkey (97,900 MT, including 50,800 MT switched from Egypt and 43,600 MT switched from unknown destinations), Mexico (87,600 MT, including decreases of 900 MT), the United Kingdom (65,300 MT, including 60,000 MT switched from unknown destinations), and Taiwan (62,900 MT, including 50,000 MT switched from unknown destinations and decreases of 200 MT), were offset by reductions primarily for unknown destinations (129,000 MT). Net sales of 151,000 MT for 2023/2024 were reported for China (66,000 MT), unknown destinations (66,000 MT), and Japan (19,000 MT).

Weekly Export Details

Exports of 1,478,300 MT were primarily to China (899,500 MT), Mexico (155,000 MT), Turkey (97,900 MT), the United Kingdom (65,300 MT), and Taiwan (60,900 MT).

Comments and Performance Indicators

Export commitments are running 5.1% ahead of a year-ago, versus 4.3% 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:  79,300

Expectations

2022-23: 50,000-300,000

Weekly Sales Details

Net sales of 79,300 MT for 2022/2023 primarily for the Philippines (26,400 MT, including decreases of 500 MT), the Dominican Republic (18,000 MT), Canada (14,500 MT), Colombia (9,100 MT, including decreases of 18,200 MT), and Nicaragua (8,100 MT, including 3,100 MT switched from El Salvador and decreases of 4,600 MT), were offset by reductions primarily for Morocco (6,000 MT) and El Salvador (3,200 MT).

Weekly Export Details

Exports of 219,300 MT were primarily to Colombia (67,400 MT), the Philippines (50,000 MT), Canada (19,000 MT), Panama (18,600 MT), and Guatemala (18,400 MT).

Comments and Performance Indicators

Export commitments are 1.2% ahead of a year-ago, compared to 0.4% ahead 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:  400

Expectations

2022-23: 0-12,000

Weekly Sales Details

Net sales of 400 MT for 2022/2023 were reported for Mexico (300 MT) and Canada (100 MT).

Weekly Export Details

Exports of 500 MT were to Canada (300 MT) and Mexico (200 MT).

Comments and Performance Indicators

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

Cotton

Actual Upland Sales (in RB)

2022-23:  39,600

Weekly Sales Details

Net sales of 39,600 RB for 2022/2023 primarily for Vietnam (15,500 RB, including 13,000 RB switched from China), Turkey (10,900 RB, including decreases of 2,800 RB), Japan (6,200 RB), Indonesia (5,500 RB, including 900 RB switched from China and 600 RB switched from Vietnam), and Pakistan (4,300 RB), were offset by reductions for China (7,700 RB) and Peru (2,600 RB). Exports of 93,600 RB were primarily to China (33,600 RB), Pakistan (24,400 RB), Turkey (11,600 RB), Taiwan (4,400 RB), and Malaysia (3,400 RB). Net sales reductions of Pima totaling 900 RB resulting in increases for Honduras (500 RB) and Colombia (100 RB), were more than offset by reductions for India (1,500 RB).

Weekly Export Details

Exports of 3,400 RB were primarily to India (1,300 RB), China (1,200 RB), and Indonesia (500 RB).

Comments and Performance Indicators

Export commitments are running 17% behind a year-ago, versus 16.3% behind 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:  (6,900)

Weekly Sales Details

Net sales reductions of 6,900 MT for 2022 were primarily for Japan (2,200 MT), South Korea (1,900 MT), China (1,000 MT), Taiwan (900 MT), and Hong Kong (500 MT). Net sales of 12,500 MT for 2023 were primarily for Japan (4,400 MT), South Korea (2,100 MT), Taiwan (2,100 MT), China (1,500 MT), and Hong Kong (900 MT).

Weekly Export Details

Exports of 11,700 MT were primarily to Japan (4,500 MT), South Korea (3,100 MT), China (1,100 MT), Mexico (900 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:  51,900

Weekly Sales Details

Net sales reduction of 51,900 MT for 2022 were primarily for Mexico (21,800 MT), Japan (9,200 MT), South Korea (5,800 MT), Canada (4,400 MT), and Australia (4,200 MT). Net sales of 73,600 MT for 2023 were primarily for Mexico (31,000 MT), Japan (15,700 MT), South Korea (7,000 MT), Canada (5,400 MT), and Australia (5,300 MT).

Weekly Export Details

Exports of 19,400 MT were primarily to Mexico (8,700 MT), China (3,000 MT), Japan (2,600 MT), South Korea (1,300 MT), and Colombia (1,000 MT).

Comments and Performance Indicators

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