Weekly wheat exports top pre-report range

USDA Weekly Export Sales Report

Week Ended Jan. 19, 2022

Corn

Actual Sales (in MT)

2022-23: 910,400
 

Expectations (in MT)

2022-23: 600,000-1,400,000

Weekly Sales Details

Net sales of 910,400 MT for 2022/2023 were down 20 percent from the previous week, but up 46 percent from the prior 4-week average. Increases primarily for Mexico (407,000 MT, including decreases of 800 MT), Colombia (209,700 MT, including decreases of 8,000 MT), unknown destinations (84,300 MT), China (71,800 MT, including 68,000 MT switched from unknown destinations), and Canada (35,400 MT, including decreases of 200 MT), were offset by reductions primarily for Honduras (31,300 MT) and Nicaragua (5,000 MT). Total net sales of 15,500 MT for 2023/2024 were for Japan.

Weekly Export Details

Exports of 912,600 MT were up 28 percent from the previous week and 27 percent from the prior 4-week average. The destinations were primarily to Mexico (393,800 MT), Japan (116,600 MT), Guatemala (108,300 MT), Saudi Arabia (73,100 MT), and China (71,500 MT).

Comments and Performance Indicators

Export commitments are 45.3% behind a year-ago compared to 45.6% 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: 500,400  

Expectations (in MT)

2022-23: 150,000-500,000

Weekly Sales Details

Net sales of 500,400 metric tons (MT) for 2022/2023 were up 6 percent from the previous week and 84 percent from the prior 4-week average. Increases primarily for Japan (108,100 MT), Mexico (91,000 MT), unknown destinations (89,000 MT), South Korea (74,300 MT), and Taiwan (45,400 MT), were offset by reductions for Chile (2,300 MT). Total net sales of 61,000 MT for 2023/2024 were for Mexico.

Weekly Export Details

Exports of 264,200 MT were down 15 percent from the previous week, but up 15 percent from the prior 4-week average. The destinations were primarily to South Korea (90,800 MT), Japan (56,000 MT), Chile (47,700 MT), Mexico (35,000 MT), and Colombia (10,700 MT).

Comments and Performance Indicators

Export commitments are running 6.8% behind a year-ago, compared to 6.0% 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: 1,145,700

Expectations (in MT)

2022-23: 600,000-1,200,000  

Weekly Sales Details

Net sales of 1,145,700 MT for 2022/2023 were up 16 percent from the previous week and 53 percent from the prior 4-week average. Increases primarily for China (940,300 MT, including 386,000 MT switched from unknown destinations and decreases of 75,600 MT), the Netherlands (67,100 MT, including 66,000 MT switched from unknown destinations), South Korea (58,200 MT, including 55,000 MT switched from unknown destinations and decreases of 200 MT), Bangladesh (57,700 MT, including 55,000 MT switched from unknown destinations), and Italy (46,600 MT, including 41,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (213,100 MT). Total net sales of 129,000 MT for 2023/2024 were for China.

Weekly Export Details

Exports of 1,900,300 MT were down 8 percent from the previous week, but up 11 percent from the prior 4-week average. The destinations were primarily to China (1,172,200 MT), Mexico (228,600 MT), Germany (69,300 MT), the Netherlands (67,100 MT), and Taiwan (58,900 MT).

Comments and Performance Indicators

Export commitments are running 5.4% ahead of a year-ago, versus 5.3% 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: 303,900

Expectations

2022-23: 150,000-400,000

Weekly Sales Details

Net sales of 303,900 MT for 2022/2023 were down 16 percent from the previous week, but up 71 percent from the prior 4-week average. Increases primarily for Colombia (96,900 MT), the Philippines (93,800 MT, including decreases of 600 MT), Venezuela (47,000 MT, including 22,000 MT switched from unknown destinations), the Dominican Republic (43,800 MT), and Guatemala (27,800 MT, including 6,000 MT switched from Honduras, 1,600 MT switched from El Salvador, and decreases of 7,100 MT), were offset by reductions for Ireland (45,000 MT), unknown destinations (22,500 MT), and Morocco (500 MT). Total net sales of 30,000 MT for 2023/2024 were for Ireland.

Weekly Export Details

Exports of 285,800 MT were down 4 percent from the previous week, but up 9 percent from the prior 4-week average. The destinations were primarily to the Philippines (50,700 MT), Vietnam (49,600 MT), Mexico (33,100 MT), Ecuador (31,100 MT), and Guatemala (22,200 MT).

Comments and Performance Indicators

Export commitments are 0.1% behind a year-ago, compared to 0.3% 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: 2,200  

Expectations

2022-23: 0-10,000

Weekly Sales Details

Net sales of 2,200 MT for 2022/2023 were up noticeably from the previous week and up 27 percent from the prior 4-week average. Increases were primarily for Mexico (1,700 MT).

Weekly Export Details

Exports of 1,400 MT were up noticeably from the previous week, but down 24 percent from the prior 4-week average. The destination was primarily to Canada (700 MT).

Comments and Performance Indicators

Export commitments are running 91.6% behind a year-ago, compared to 91.8% behind last week. USDA projects exports will decrease 55% this season.

Cotton

Actual Upland Sales (in RB)

2022-23: 213,700  

Weekly Sales Details

Net sales of 213,700 RB for 2022/2023 were up 2 percent from the previous week and up noticeably from the prior 4-week average. Increases primarily for China (59,200 RB), Turkey (55,200 RB), Vietnam (42,400 RB, including 3,500 RB switched from China and 200 RB switched from Japan), Pakistan (22,000 RB, including decreases of 700 RB), and Egypt (8,800 RB), were offset by reductions primarily for Honduras (6,100 RB). Total net sales of 6,100 RB for 2023/2024 were for Honduras. Exports of 175,800 RB were down 4 percent from the previous week, but up 24 percent from the prior 4-week average. The destinations were primarily to China (56,700 RB), Pakistan (40,600 RB), Mexico (14,000 RB), Vietnam (13,200 RB), and Turkey (10,300 RB). Net sales of Pima totaling 5,400 RB for 2022/2023 were up noticeably from the previous week and from the prior 4-week average. Increases were primarily for China (3,100 RB), Pakistan (1,300 RB), and Thailand (900 RB).

Weekly Export Details

Exports of 2,100 RB were down 66 percent from the previous week and 58 percent from the prior 4-week average. The destinations were to Peru (900 RB), Taiwan (400 RB), Turkey (400 RB), and Bangladesh (300 RB).

Comments and Performance Indicators

Export commitments are running 20.4% behind a year-ago, versus 19.5% 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: 25,100

Weekly Sales Details

Net sales of 25,100 MT for 2023 were primarily for South Korea (10,000 MT, including decreases of 400 MT), Japan (4,400 MT, including decreases of 700 MT), China (4,200 MT, including decreases of 100 MT), Taiwan (1,900 MT, including decreases of 100 MT), and Hong Kong (1,500 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 15,600 MT were primarily to South Korea (4,500 MT), Japan (4,200 MT), China (2,200 MT), Mexico (1,700 MT), and Taiwan (900 MT).

Comments and Performance Indicators

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

Pork

Actual Sales (in MT)

2023: 44,700  

Weekly Sales Details

Net sales of 44,700 MT for 2023 were primarily for Mexico (17,700 MT, including decreases of 200 MT), China (12,500 MT, including decreases of 200 MT), Japan (3,700 MT, including decreases of 200 MT), Canada (2,800 MT, including decreases of 300 MT), and Colombia (2,200 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 30,400 MT were primarily to Mexico (15,600 MT), China (4,500 MT), Japan (2,700 MT), Canada (2,600 MT), and South Korea (1,500 MT).

Comments and Performance Indicators

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