Weekly soybean sales notch net reduction; corn sales soar

USDA Weekly Export Sales Report
USDA Weekly Export Sales Report
(USDA)

USDA Weekly Export Sales Report

Week Ended March 2, 2023

Corn

Actual Sales (in MT)

2022-23:  1,412,100  
 

Expectations (in MT)

2022-23:  600,000-1,200,000

Weekly Sales Details

Net sales of 1,412,100 MT for 2022/2023 were up noticeably from the previous week and up 57 percent from the prior 4-week average. Increases primarily for Japan (469,000 MT, including decreases of 94,800 MT and 101,700 MT - late), South Korea (377,900 MT, including 60,000 MT switched from unknown destinations and decreases of 10,700 MT), unknown destinations (201,300 MT), Mexico (130,900 MT, including decreases of 52,400 MT), and Colombia (83,300 MT, including 46,000 MT switched from unknown destinations and decreases of 98,900 MT), were offset by reductions for Italy (35,000 MT), Costa Rica (1,500 MT), and Panama (200 MT). Total net sales of 113,200 MT for 2023/2024 were for Mexico.

Weekly Export Details

Exports of 1,052,000 MT--a marketing-year high--were up 58 percent from the previous week and 74 percent from the prior 4-week average. The destinations were primarily to Mexico (462,900 MT, including 10,200 MT - late), Colombia (169,600 MT), Japan (129,500 MT, including 101,700 MT - late), South Korea (104,900 MT), and Guatemala (39,600 MT).

Comments and Performance Indicators

Export commitments are 38.9% behind a year-ago compared to 39.2% behind last week. USDA projects exports in 2022-23 at 1.850 billion bu., 25.1% below the previous marketing year.

Wheat

Actual Sales (in MT)

2022-23:  266,700

Expectations (in MT)

2022-23:  150,000-500,000

Weekly Sales Details

Net sales of 266,700 metric tons (MT) for 2022/2023 were down 6 percent from the previous week, but up 11 percent from the prior 4-week average. Increases primarily for China (137,000 MT, including 130,000 MT switched from unknown destinations), South Korea (87,000 MT), the Philippines (77,300 MT, including decreases of 2,200 MT), Taiwan (49,000 MT), and Tunisia (27,100 MT, including 25,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (173,000 MT). Net sales of 70,000 MT for 2023/2024 were reported for Mexico (41,000 MT), Thailand (28,500 MT), and Colombia (500 MT).

Weekly Export Details

Exports of 377,100 MT were down 38 percent from the previous week and 24 percent from the prior 4-week average. The destinations were primarily to China (135,000 MT), Mexico (65,500 MT), the Philippines (58,300 MT), South Korea (55,600 MT), and Tunisia (27,100 MT).

Comments and Performance Indicators

Export commitments are running 6.4% behind a year-ago, compared to 6.3% 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: (23,000)

Expectations (in MT)

2022-23: 200,000-750,000

Weekly Sales Details

Net sales reductions of 23,200 MT for 2022/2023--a marketing-year low--were down noticeably from the previous week and from the prior 4-week average. Increases primarily for China (178,500 MT, including 172,000 MT switched from unknown destinations and decreases of 3,200 MT), Japan (69,900 MT, including 50,000 MT switched from unknown destinations, decreases of 10,500 MT, and 10,700 MT - late), Mexico (57,200 MT, including decreases of 1,700 MT), Indonesia (49,900 MT, including 30,000 MT switched from unknown destinations and decreases of 200 MT), and Vietnam (25,500 MT, including decreases of 400 MT), were more than offset by reductions for unknown destinations (307,600 MT) and Pakistan (132,000 MT). Net sales of 172,300 MT for 2023/2024 were reported for Pakistan (66,000 MT), China (63,000 MT), Japan (34,500 MT), and unknown destinations (8,800 MT).

Weekly Export Details

Exports of 581,000 MT were down 34 percent from the previous week and 62 percent from the prior 4-week average. The destinations were primarily to China (262,200 MT, including 68,400 - late), Mexico (107,700 MT, including 38,400 - late), Japan (99,300 MT, including 10,700 MT - late), Indonesia (49,900 MT), and Vietnam (13,900 MT).

Comments and Performance Indicators

Export commitments are running 7.0% behind a year-ago, versus behind 2.7% last week. USDA projects exports in 2022-23 at 2.015 billion bu., down 6.6% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2022-23:  319,800

Expectations

2022-23: 100,000-300,000

Weekly Sales Details

Net sales of 319,800 MT for 2022/2023 were up 86 percent from the previous week and 85 percent from the prior 4-week average. Increases primarily for the Philippines (84,300 MT), Morocco (43,700 MT), Colombia (39,600 MT, including decreases of 36,900 MT), Guatemala (32,300 MT, including decreases of 1,400 MT), and Mexico (28,300 MT, including decreases of 5,800 MT), were offset by reductions primarily for unknown destinations (4,000 MT). Net sales of 110,000 MT for 2023/2024 were reported for Ecuador (96,000 MT) and Indonesia (14,000 MT).

Weekly Export Details

Exports of 266,900 MT were up 38 percent from the previous week and 11 percent from the prior 4-week average. The destinations were primarily to the Philippines (47,300 MT), Colombia (43,100 MT), Ecuador (32,100 MT), Morocco (23,700 MT), and Venezuela (19,100 MT).

Comments and Performance Indicators

Export commitments are 6.9% behind a year-ago, compared to 7.2% 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:  7,300

Expectations

2022-23: 0-10,000

Weekly Sales Details

Net sales of 7,300 MT for 2022/2023 were up noticeably from the previous week and from the prior 4-week average. Increases reported for Mexico (7,500 MT), were offset by reductions for Canada (200 MT).

Weekly Export Details

Exports of 500 MT were up 25 percent from the previous week, but down 75 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 89.8% behind a year-ago, compared to 90.8% behind last week. USDA projects exports will decrease 71.8% this season.

Cotton

Actual Upland Sales (in RB)

2022-23:  114,500  

Weekly Sales Details

Net sales of 114,500 RB for 2022/2023 were down 33 percent from the previous week and 57 percent from the prior 4-week average. Increases primarily for Vietnam (44,700 RB, including 400 RB switched from South Korea, 100 RB switched from China, and decreases of 2,300 RB), Turkey (17,400 RB, including decreases of 8,300 RB), China (15,300 RB, including 2,600 RB switched from Singapore and decreases of 18,300 RB), Pakistan (11,900 RB, including decreases of 1,100 RB), and Mexico (9,800 RB, including decreases of 100 RB), were offset by reductions primarily for Singapore (2,600 RB), Bangladesh (800 RB), and Nicaragua (700 RB). Net sales reductions of 68,300 RB for 2023/2024 resulting in increases primarily for Mexico (8,100 RB) and Japan (5,300 RB), were more than offset by reductions for Pakistan (87,100 RB).

Weekly Export Details

Exports of 287,500 RB were up 38 percent from the previous week and 44 percent from the prior 4-week average. The destinations were primarily to Pakistan (75,100 RB), China (54,400 RB), Vietnam (47,500 RB), Turkey (36,100 RB), and Bangladesh (14,200 RB). Net sales of Pima totaling 3,800 RB for 2022/2023 were up noticeably from the previous week and from the prior 4-week average. Increases were primarily for China (1,500 RB), India (900 RB), Thailand (600 RB), Vietnam (400 RB), and Pakistan (300 RB). Exports of 2,900 RB were down 1 percent from the previous week and 41 percent from the prior 4-week average. The destinations were to China (1,700 RB), Peru (900 RB), Bahrain (100 RB), Thailand (100 RB), and Japan (100 RB).

Comments and Performance Indicators

Export commitments are running 19.9% behind a year-ago, versus 18.6% 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:  5,600  

Weekly Sales Details

Net sales of 5,600 MT for 2023--a marketing-year low--were down 31 percent from the previous week and 67 percent from the prior 4-week average. Increases primarily for Japan (3,200 MT, including decreases of 700 MT), Mexico (1,400 MT, including decreases of 300 MT), China (500 MT, including decreases of 100 MT), Canada (300 MT, including decreases of 100 MT), and Hong Kong (200 MT, including decreases of 200 MT), were offset by reductions for South Korea (1,100 MT).

Weekly Export Details

Exports of 13,000 MT were down 19 percent from the previous week and 20 percent from the prior 4-week average. The destinations were primarily to South Korea (3,300 MT), Japan (3,000 MT), China (2,200 MT), Mexico (1,200 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:  22,100

Weekly Sales Details

Net sales of 22,100 MT for 2023 were down 29 percent from the previous week and 44 percent from the prior 4-week average. Increases primarily for Mexico (10,700 MT, including decreases of 500 MT), South Korea (3,800 MT, including decreases of 500 MT), Colombia (1,200 MT, including decreases of 100 MT), Chile (1,100 MT), and China (800 MT, including decreases of 300 MT), were offset by reductions for Canada (300 MT).

Weekly Export Details

Exports of 30,300 MT were unchanged from the previous week, but up 1 percent from the prior 4-week average. The destinations were primarily to Mexico (13,700 MT), Japan (4,200 MT), China (3,900 MT), South Korea (2,500 MT), and Canada (1,600 MT).

Comments and Performance Indicators

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

 

 

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