Weekly corn sales prove solid at nearly 1.6 MMT

USDA Weekly Export Sales Report

Week Ended Jan. 26, 2022

Corn

Actual Sales (in MT)

2022-23:  1,593,200
 

Expectations (in MT)

2022-23:  600,000-1,200,000

Weekly Sales Details

Net sales of 1,593,200 MT for 2022/2023 were up 75 percent from the previous week and up noticeably from the prior 4-week average. Increases primarily for unknown destinations (423,100 MT), Mexico (323,600 MT, including decreases of 78,000 MT), China (319,500 MT, including 136,000 MT switched from unknown destinations and 140,000 MT - late), Colombia (196,500 MT), and El Salvador (55,300 MT, including 34,800 MT switched from Guatemala and decreases of 2,800 MT), were offset by reductions for Guatemala (22,500 MT) and Canada (500 MT). Net sales of 163,200 MT for 2023/2024 were reported for Mexico (152,200 MT) and Japan (11,000 MT).

Weekly Export Details

Exports of 598,300 MT were down 34 percent from the previous week and 14 percent from the prior 4-week average. The destinations were primarily to Mexico (227,900 MT), China (138,700 MT), Japan (102,000 MT), El Salvador (58,600 MT), and Panama (18,000 MT).

Comments and Performance Indicators

Export commitments are 43.2% behind a year-ago compared to 45.3% 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:  136,400

Expectations (in MT)

2022-23:  300,000-600,000

Weekly Sales Details

Net sales of 136,400 metric tons (MT) for 2022/2023 were down 73 percent from the previous week and 51 percent from the prior 4-week average. Increases primarily for Egypt (60,000 MT switched from unknown destinations), Jamaica (22,000 MT), Singapore (22,000 MT switched from Thailand), Trinidad and Tobago (17,400 MT, including 9,500 MT switched from the Dominican Republic), and Peru (12,500 MT), were offset by reductions primarily for Thailand (19,600 MT), the Dominican Republic (9,200 MT), Japan (6,900 MT), Mexico (2,700 MT), and Panama (1,500). Net sales of 32,500 for 2023/2024 were primarily for Mexico (23,000 MT) and Japan (9,100 MT).

Weekly Export Details

Exports of 496,200 MT were up 88 percent from the previous week and up noticeably from the prior 4-week average. The destinations were primarily to Japan (98,500 MT), Mexico (85,900 MT), Thailand (58,100 MT), Iraq (52,500 MT), and Chile (47,400 MT).

Comments and Performance Indicators

Export commitments are running 6.3% behind a year-ago, compared to 6.8% 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:  736,000

Expectations (in MT)

2022-23:  700,000-1,300,000

Weekly Sales Details

Net sales of 736,000 MT for 2022/2023 were down 36 percent from the previous week and 18 percent from the prior 4-week average. Increases primarily for China (782,400 MT, including 613,000 MT switched from unknown destinations and decreases of 10,200 MT), Japan (96,300 MT, including 73,700 MT switched from unknown destinations and decreases of 2,100 MT), Indonesia (86,000 MT, including 68,000 MT switched from unknown destinations and decreases of 300 MT), Taiwan (71,300 MT, including 66,000 MT switched from unknown destinations and decreases of 1,200 MT), and the Netherlands (68,000 MT, including 66,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (523,200 MT). Net sales of 192,000 MT for 2023/2024 were reported for unknown destinations (132,000 MT) and China (60,000 MT).

Weekly Export Details

Exports of 1,959,600 MT were up 3 percent from the previous week and 11 percent from the prior 4-week average. The destinations were primarily to China (1,415,300 MT), Japan (123,600 MT), Taiwan (94,100 MT), Indonesia (90,700 MT), and Vietnam (70,900 MT).

Comments and Performance Indicators

Export commitments are running 4.7% ahead of a year-ago, versus 5.4% 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:  165,400

Expectations

2022-23:  200,000-400,000

Weekly Sales Details

Net sales of 165,400 MT for 2022/2023 were down 46 percent from the previous week and 12 percent from the prior 4-week average. Increases primarily for the United Kingdom (30,000 MT switched from Ireland), Panama (29,500 MT, including decreases of 100 MT), Morocco (27,000 MT), Colombia (26,700 MT, including decreases of 2,300 MT), and Canada (20,400 MT, including decreases of 5,400 MT), were offset by reductions primarily for Ireland (30,000 MT) and Spain (14,000 MT). Total net sales of 4,200 MT for 2023/2024 were for Canada.

Weekly Export Details

Exports of 288,300 MT were up 1 percent from the previous week and 3 percent from the prior 4-week average. The destinations were primarily to Venezuela (64,400 MT), the Philippines (50,200 MT), Colombia (45,800 MT), Mexico (31,800 MT), and Honduras (26,300 MT).

Comments and Performance Indicators

Export commitments are 6.0% behind a year-ago, compared to 0.1% 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:  900

Expectations

2022-23:  0-10,000

Weekly Sales Details

Net sales of 900 MT for 2022/2023 were down 62 percent from the previous week and 12 percent from the prior 4-week average. Increases were primarily for Mexico (700 MT).

Weekly Export Details

Exports of 1,500 MT were up 10 percent from the previous week and 99 percent from the prior 4-week average. The destinations were to Mexico (1,000 MT) and Canada (500 MT).

Comments and Performance Indicators

Export commitments are running 91.5% behind a year-ago, compared to 91.6% behind last week. USDA projects exports will decrease 55% this season.

Cotton

Actual Upland Sales (in RB)

2022-23:  171,200

Weekly Sales Details

Net sales of 171,200 RB for 2022/2023 were down 20 percent from the previous week, but up 28 percent from the prior 4-week average. Increases primarily for China (119,800 RB, including decreases of 3,300 RB), Turkey (44,000 RB, including decreases of 11,800 RB), Indonesia (8,800 RB, including 1,600 RB switched from Japan and decreases of 300 RB), Taiwan (2,000 RB), and Japan (900 RB), were offset by reductions primarily for Mexico (2,800 RB) and Thailand (1,200 RB). Net sales of 20,200 RB for 2023/2024 were reported for Turkey (18,000 RB) and Thailand (2,200 RB). Exports of 212,200 RB were up 21 percent from the previous week and 41 percent from the prior 4- week average. The destinations were primarily to China (59,200 RB), Pakistan (45,300 RB), Turkey (24,400 RB), Vietnam (20,400 RB), and Mexico (18,000 RB). Net sales reductions of Pima totaling 800 RB for 2022/2023 were down noticeably from the previous week and from the prior 4-week average. Increases reported for Turkey (1,100 RB, including 100 RB switched from India), Egypt (900 RB), Pakistan (400 RB), and Japan (200 RB), were more than offset by reductions for Italy (1,300 RB), Taiwan (900 RB), Peru (900 RB), India (200 RB), and China (100 RB). Total net sales of Pima totaling 2,400 RB for 2023/2024 were for Italy.

Weekly Export Details

Exports of 7,800 RB were up noticeably from the previous week and up 72 percent from the prior 4-week average. The destinations were primarily to India (5,400 RB), Indonesia (1,000 RB), Turkey (500 RB), Thailand (400 RB), and Japan (200 RB).

Comments and Performance Indicators

Export commitments are running 21.2% behind a year-ago, versus 20.4% 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:  25,200

Weekly Sales Details

Net sales of 25,200 MT for 2023 were primarily for South Korea (7,100 MT, including decreases of 400 MT), Japan (6,800 MT, including decreases of 700 MT), China (4,300 MT, including decreases of 100 MT), Mexico (3,300 MT, including decreases of 100 MT), and Canada (2,100 MT, including decreases of 200 MT).

Weekly Export Details

Exports of 18,900 MT were primarily to South Korea (5,300 MT), Japan (4,900 MT), China (3,500 MT), Mexico (1,800 MT), and Taiwan (1,000 MT).

Comments and Performance Indicators

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

Pork

Actual Sales (in MT)

2023:  30,900

Weekly Sales Details

Net sales of 30,900 MT for 2023 primarily for Mexico (15,100 MT, including decreases of 400 MT), Japan (3,700 MT, including decreases of 700 MT), Canada (3,100 MT, including decreases of 500 MT), Colombia (2,200 MT, including decreases of 200 MT), and Australia (2,200 MT), were offset by reductions for Vietnam (100 MT).

Weekly Export Details

Exports of 35,500 MT were primarily to Mexico (16,400 MT), China (5,700 MT), Japan (3,800 MT), South Korea (2,800 MT), and Canada (2,400 MT).

Comments and Performance Indicators

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