Wheat export sales falter

USDA Weekly Export Sales Report

Week Ended Nov. 24, 2022

Corn

Actual Sales (in MT)

2022-23: 602,700
 

Expectations (in MT)

2022-23: 475,000-1,000,000

Weekly Sales Details

Net sales of 602,700 MT for 2022/2023 were primarily for Mexico (387,100 MT, including decreases of 2,700 MT), unknown destinations (78,500 MT), Hong Kong (34,000 MT), Japan (27,700 MT, including 25,100 MT switched from unknown destinations), and Colombia (27,200 MT). Total net sales of 30,000 MT for 2023/2024 were for Mexico.

Weekly Export Details

Exports of 344,500 MT were primarily to Mexico (193,100 MT), China (77,100 MT), Japan (25,100 MT), Canada (17,800 MT), and Honduras (8,300 MT).

Comments and Performance Indicators

Export commitments are 48.2% behind a year-ago compared to 48.4% behind last week. USDA projects exports in 2022-23 at 2.150 billion bu., 13% below the previous marketing year.

Wheat

Actual Sales (in MT)

2022-23: 155,500

Expectations (in MT)

2022-23: 300,000-625,000

Weekly Sales Details

Net sales of 155,500 metric tons (MT) for 2022/2023 primarily for Algeria (58,300 MT, including decreases 1,700 MT), Mexico (32,800 MT, including decreases of 2,000 MT), Japan (26,700 MT), Nigeria (25,000 MT), and South Korea (6,100 MT), were offset by reductions for Barbados (2,100 MT), Spain (900 MT), and Leeward and Winward Islands (100 MT). Total net sales of 7,000 MT for 2023/2024 were for Mexico.

Weekly Export Details

Exports of 271,200 MT were primarily to Taiwan (84,800 MT), Mexico (73,600 MT), South Korea (39,400 MT), Spain (19,100 MT), and Algeria (18,800 MT).

Comments and Performance Indicators

Export commitments are running 6.1% behind a year-ago, compared to 6.6% 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: 693,800

Expectations (in MT)

2022-23: 550,000-1,000,000

Weekly Sales Details

Net sales of 693,800 MT for 2022/2023 primarily for China (927,400 MT, including 524,000 MT switched from unknown destinations and decreases of 70,200 MT), the Netherlands (177,900 MT, including 209,500 MT switched from unknown destinations and decreases of 1,000 MT), the United Kingdom (66,000 MT, including 60,000 MT switched from unknown destinations), Mexico (56,200 MT, including decreases of 2,900 MT), and Iraq (44,100 MT, including 42,000 MT switched from the Netherlands), were offset by reductions primarily for unknown destinations (702,900 MT).

Weekly Export Details

Exports of 2,117,000 MT were primarily to China (1,510,400 MT), the Netherlands (219,900 MT), Spain (95,100 MT), the United Kingdom (66,000 MT), and Mexico (55,800 MT).

Comments and Performance Indicators

Export commitments are running 0.4% ahead of a year-ago, versus 1.4% 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: 185,200

Expectations

2022-23: 150,000-500,000

Weekly Sales Details

Net sales of 185,200 MT for 2022/2023 primarily for Colombia (83,000 MT), Denmark (45,000 MT), Canada (24,700 MT), Mexico (18,000 MT), and Ecuador (8,000 MT), were offset by reductions for the Philippines (16,400 MT) and Guatemala (2,600 MT). Total net sales reductions of 15,700 MT for 2023/2024 were for Canada.

Weekly Export Details

Exports of 234,200 MT were primarily to Vietnam (53,300 MT), Mexico (49,300 MT), Colombia (48,100 MT), Ecuador (36,400 MT), and Canada (18,100 MT).

Comments and Performance Indicators

Export commitments are 5.9% behind year-ago, compared to 6.8% behind a week ago. USDA projects exports in 2022-23 will increase 0.7% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2022-23: (2,300)

Expectations

2022-23: 0-20,000

Weekly Sales Details

Net sales reductions of 2,300 MT for 2022/2023 resulting in increases for Canada (100 MT), were more than offset by reductions for Mexico (2,400 MT).

Weekly Export Details

Exports of 2,500 MT were to Mexico (2,200 MT) and Canada (300 MT).

Comments and Performance Indicators

Export commitments are running 90% behind a year-ago, compared to 87.2% behind last week. USDA projects exports will decrease 21.1% this season.

Cotton

Actual Upland Sales (in RB)

2022-23: 16,500

Weekly Sales Details

Net sales of 16,500 RB for 2022/2023 primarily for India (5,700 RB), Indonesia (4,200 RB, including decreases of 500 RB), Pakistan (3,500 RB, including decreases of 2,200 RB), Peru (2,600 RB), and Vietnam (2,200 RB), were offset by reductions primarily for Turkey (8,500 RB). Total net sales of 11,000 RB for 2023/2024 were for Turkey. Exports of 139,500 RB were primarily to China (38,300 RB), Pakistan (31,900 RB), Bangladesh (15,200 RB), Turkey (8,400 RB), and Mexico (8,100 RB). Net sales of Pima totaling 1,800 RB were primarily for China (1,800 RB, including 400 RB switched from Germany) and Thailand (400 RB), were offset by reductions for Germany (400 RB).

Weekly Export Details

Exports of 1,300 RB were primarily to China (500 RB) and Taiwan (400 RB).

Comments and Performance Indicators

Export commitments are running 6.9% behind a year-ago, versus 0.3% ahead of last week. USDA forecasts total cotton exports will fall 14.5% from a year ago to 12.5 million bales in 2022-23.

Beef

Actual Sales (in MT)

2022: 15,400

Weekly Sales Details

Net sales of 15,400 MT for 2022 primarily for China (7,200 MT, including decreases of 100 MT), Japan (2,600 MT, including decreases of 500 MT), Canada (1,900 MT, including decreases of 100 MT), South Korea (1,700 MT, including decreases of 400 MT), and Mexico (800 MT, including decreases of 100 MT), were offset by reductions for Brazil (100 MT). Net sales of 2,000 MT for 2023 were reported for Mexico (900 MT), Japan (500 MT), China (300 MT), Taiwan (200 MT), and Guatemala (100 MT).

Weekly Export Details

Exports of 15,800 MT were primarily to Japan (4,200 MT), South Korea (4,000 MT), China (3,000 MT), Mexico (1,400 MT), and Canada (800 MT).

Comments and Performance Indicators

USDA projects 2022 exports will rise 3.8% from a year ago.

Pork

Actual Sales (in MT)

2022: 20,100

Weekly Sales Details

Net sales of 20,100 MT for 2022 were primarily for Mexico (11,800 MT, including decreases of 400 MT), Japan (4,000 MT, including decreases of 200 MT), South Korea (1,800 MT, including decreases of 100 MT), the Dominican Republic (900 MT, including decreases of 100 MT), and Canada (500 MT, including decreases of 400 MT). Net sales of 3,800 MT for 2023 were primarily for Canada (1,200 MT), Colombia (1,000 MT), China (500 MT), Honduras (300 MT), and South Korea (200 MT).

Weekly Export Details

Exports of 29,700 MT were primarily to Mexico (14,900 MT), China (4,100 MT), Japan (3,000 MT), South Korea (1,900 MT), and Canada (1,800 MT).

Comments and Performance Indicators

USDA projects exports in 2022 will increase 9.1% from last year.