Strong weekly net corn sales at over 1.13 MMT

USDA Weekly Export Sales Report

Week Ended Jan. 12, 2022

Corn

Actual Sales (in MT)

2022-23: 1,132,100
 

Expectations (in MT)

2022-23: 250,000-800,000

Weekly Sales Details

Net sales of 1,132,100 MT for 2022/2023 were up noticeably from the previous week and from the prior 4-week average. Increases were primarily for Japan (340,000 MT, including 56,800 MT switched from unknown destinations and decreases of 1,300 MT), Mexico (271,000 MT, including decreases of 1,000 MT), South Korea (134,500 MT), China (71,400 MT, including 68,000 MT switched from unknown destinations and decreases of 2,300 MT), and Taiwan (70,200 MT, including decreases of 100 MT). Total net sales of 87,000 MT for 2023/2024 were for Japan.

Weekly Export Details

Exports of 715,700 MT were up 85 percent from the previous week, but down 8 percent from the prior 4-week average. The destinations were primarily to Mexico (290,500 MT), China (275,400 MT), Japan (55,500 MT), Costa Rica (32,300 MT), and Canada (24,300 MT).

Comments and Performance Indicators

Export commitments are 45.6% behind a year-ago compared to 46.9% behind last week. USDA projects exports in 2022-23 at 1.925 billion bu., 22% below the previous marketing year.

Wheat

Actual Sales (in MT)

2022-23:  473,100

Expectations (in MT)

2022-23:  75,000-400,000

Weekly Sales Details

Net sales of 473,100 metric tons (MT) for 2022/2023 were up noticeably from the previous week and up 99 percent from the prior 4-week average. Increases primarily for Mexico (124,100 MT, including decreases of 11,100 MT), South Korea (112,000 MT), the Philippines (70,200 MT, including decreases of 900 MT), Japan (47,500 MT), and Honduras (40,000 MT), were offset by reductions for Panama (1,500 MT) and Guatemala (1,200 MT). Net sales of 35,000 MT for 2023/2024 were reported for Mexico (21,000 MT) and Japan (14,000 MT).

Weekly Export Details

Exports of 308,900 MT were up 60 percent from the previous week and 46 percent from the prior 4-week average. The destinations were primarily to the Philippines (81,700 MT),

Comments and Performance Indicators

Export commitments are running 6.0% behind a year-ago, compared to 6.7% 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:  986,200

Expectations (in MT)

2022-23:  600,000-1,200,000

Weekly Sales Details

Net sales of 986,200 MT for 2022/2023 were up 38 percent from the previous week and 48 percent from the prior 4-week average. Increases primarily for China (507,000 MT, including 313,000 MT switched from unknown destinations and decreases of 80,000 MT), Mexico (262,300 MT, including decreases of 3,100 MT), Spain (244,300 MT, including 249,800 MT switched from unknown destinations and decreases of 12,000 MT), Vietnam (67,200 MT, including 55,000 MT switched from unknown destinations and decreases of 200 MT), and Pakistan (66,000 MT), were offset by reductions for unknown destinations (382,300 MT).

Weekly Export Details

Exports of 2,066,200 MT were up 28 percent from the previous week and 23 percent from the prior 4-week average. The destinations were primarily to China (1,366,900 MT), Spain (244,300 MT), Mexico (161,500 MT), Vietnam (68,200 MT), and the Netherlands (58,600 MT).

Comments and Performance Indicators

Export commitments are running 5.3% ahead of a year-ago, versus 4.6% ahead last week. USDA projects exports in 2022-23 at 1.990 billion bu., down 8.0% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2022-23:  362,500

Expectations

2022-23: 0-250,000

Weekly Sales Details

Net sales of 362,500 MT for 2022/2023 were up noticeably from the previous week and from the prior 4-week average. Increases primarily for the Philippines (54,400 MT, including decreases of 1,700 MT), Spain (50,000 MT), Ireland (48,900 MT, including 24,000 MT switched from the Philippines), Chile (45,000 MT), and Colombia (35,700 MT), were offset by reductions primarily for Israel (6,000 MT).

Weekly Export Details

Exports of 299,200 MT were down 5 percent from the previous week, but up 11 percent from the prior 4-week average. The destinations were primarily to the Philippines (95,900 MT), Ecuador (38,400 MT), Mexico (35,300 MT), Ireland (26,400 MT), and Japan (25,900 MT).

Comments and Performance Indicators

Export commitments are 0.3% ahead of a year-ago, compared to 0.4% 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:  700  

Expectations

2022-23:  0-10,000

Weekly Sales Details

Net sales of 700 MT for 2022/2023 were up 8 percent from the previous week, but down 63 percent from the prior 4-week average. Increases were reported for Canada (500 MT) and Mexico (200 MT).

Weekly Export Details

Exports of 500 MT were down 8 percent from the previous week and 70 percent from the prior 4-week average. The destinations were to Canada (400 MT) and Mexico (100 MT).

Comments and Performance Indicators

Export commitments are running 91.8% behind a year-ago, compared to 91.0% behind last week. USDA projects exports will decrease 55% this season.

Cotton

Actual Upland Sales (in RB)

2022-23:  209,400

Weekly Sales Details

Net sales of 209,400 RB for 2022/2023 were up noticeably from the previous week and from the prior 4-week average. Increases primarily for China (55,100 RB), Pakistan (43,600 RB, including decreases of 200 RB), Vietnam (42,500 RB, including 100 RB switched from China), Turkey (25,600 RB, including decreases of 17,200 RB), and South Korea (18,700 RB), were offset by reductions for Mexico (2,500 RB). Net sales of 26,900 RB for 2023/2024 were primarily for Turkey (21,600 RB). Exports of 183,100 RB were up 22 percent from the previous week and 48 percent from the prior 4-week average. The destinations were primarily to China (60,200 RB), Pakistan (46,100 RB), Mexico (13,500 RB), Vietnam (12,600 RB), and Indonesia (7,000 RB). Net sales of Pima totaling 2,500 RB for 2022/2023 were down 24 percent from the previous week, but up 6 percent from the prior 4-week average. Increases were primarily for Vietnam (1,300 RB), Taiwan (400 RB), South Korea (300 RB), Bangladesh (200 RB), and Bahrain (100 RB).

Weekly Export Details

Exports of 6,300 RB were unchanged from the previous week, but up 14 percent from the prior 4-week average. The destinations were primarily to India (4,100 RB), Vietnam (900 RB), Turkey (400 RB), Japan (300 RB), and Peru (200 RB).

Comments and Performance Indicators

Export commitments are running 19.5% behind a year-ago, versus 19.4% 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:  17,300

Weekly Sales Details

Net sales of 17,300 MT for 2023 were primarily for China (4,800 MT, including decreases of 100 MT), South Korea (4,100 MT, including decreases of 400 MT), Japan (3,900 MT, including decreases of 500 MT), Mexico (1,700 MT, including decreases of 100 MT), and Taiwan (1,200 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 15,700 MT were primarily to Japan (5,200 MT), South Korea (3,400 MT), China (1,700 MT), Taiwan (1,600 MT), and Mexico (1,500 MT).

Comments and Performance Indicators

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

Pork

Actual Sales (in MT)

2023:  34,100

Weekly Sales Details

Net sales of 34,100 MT for 2023 were primarily for Mexico (11,800 MT, including decreases of 200 MT), Canada (4,800 MT, including decreases of 300 MT), China (4,100 MT, including decreases of 600 MT), South Korea (3,700 MT, including decreases of 500 MT), and Japan (3,500 MT, including decreases of 300 MT).

Weekly Export Details

Exports of 31,100 MT were primarily to Mexico (14,800 MT), China (4,100 MT), Japan (3,600 MT), South Korea (2,600 MT), and Canada (2,400 MT).

Comments and Performance Indicators

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