Weekly corn sales reach marketing year high; beans, wheat falter

USDA Weekly Export Sales Report

Week Ended March 16, 2023

Corn

Actual Sales (in MT)

2022-23: 3,095,900

Expectations (in MT)

2022-23: 1,700,000-3,400,000

Weekly Sales Details

Net sales of 3,095,900 MT for 2022/2023--a marketing-year high--were up noticeably from the previous week and from the prior 4-week average. Increases primarily for China (2,245,200 MT, including 123,000 MT switched from unknown destinations), Japan (683,000 MT, including 94,400 MT switched from unknown destinations and decreases of 122,100 MT), Mexico (224,900 MT, including decreases of 3,600 MT), Colombia (54,100 MT, including decreases of 42,200 MT), and the Dominican Republic (51,200 MT), were offset by reductions for unknown destinations (261,400 MT), Italy (35,000 MT), Guatemala (7,100 MT), and Costa Rica (3,500 MT). Net sales of 93,000 MT for 2023/2024 were reported for Mexico (80,000 MT), Japan (10,000 MT), and unknown destinations (3,000 MT).

Weekly Export Details

Exports of 1,381,300 MT--a marketing-year high--were up 23 percent from the previous week and 57 percent from the prior 4-week average. The destinations were primarily to Mexico (395,600 MT), Japan (304,700 MT), China (201,900 MT), Colombia (116,900 MT), and South Korea (67,600 MT).

Comments and Performance Indicators

Export commitments are 34.0% behind a year-ago compared to 38.7% 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: 125,600

Expectations (in MT)

2022-23: 140,000-550,000

Weekly Sales Details

Net sales of 125,600 metric tons (MT) for 2022/2023 were down 63 percent from the previous week and 59 percent from the prior 4-week average. Increases primarily for Mexico (74,900 MT, including decreases of 600 MT), China (73,600 MT, including 65,000 MT switched from unknown destinations), Ecuador (37,900 MT, including 34,700 MT switched from unknown destinations), Algeria (33,000 MT), and the Philippines (26,600 MT, including 23,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (142,700 MT), Nigeria (25,000 MT), and Panama (100 MT). Net sales of 13,000 MT for 2023/2024 were reported for Trinidad and Tobago (8,900 MT), Ecuador (4,000 MT), and Panama (100 MT).

Weekly Export Details

Exports of 361,600 MT were up 44 percent from the previous week, but down 8 percent from the prior 4-week average. The destinations were primarily to China (68,300 MT), Mexico (52,600 MT), the Philippines (48,600 MT), Taiwan (47,500 MT), and Ecuador (37,900 MT).

Comments and Performance Indicators

Export commitments are running 5.4% behind a year-ago, compared to 5.3% 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: 152,500

Expectations (in MT)

2022-23: 400,000-900,000  

Weekly Sales Details

Net sales of 152,500 MT for 2022/2023 were down 77 percent from the previous week and 55 percent from the prior 4-week average. Increases primarily for China (137,700 MT, including 126,000 MT switched from unknown destinations and decreases of 6,500 MT), Mexico (76,700 MT, including decreases of 700 MT), the Netherlands (65,000 MT, including 62,000 MT switched from unknown destinations), Japan (52,800 MT, including decreases of 18,000 MT), and Algeria (42,500 MT, including 45,000 MT switched from unknown destinations and decreases of 2,500 MT), were offset by reductions primarily for unknown destinations (222,000 MT). Net sales of 199,000 MT for 2023/2024 were reported for unknown destinations (132,000 MT) and China (67,000 MT).

Weekly Export Details

Exports of 704,300 MT were down 8 percent from the previous week and 26 percent from the prior 4-week average. The destinations were primarily to China (420,900 MT), the Netherlands (65,000 MT), Egypt (50,300 MT), Algeria (42,500 MT), and Mexico (42,500 MT).

Comments and Performance Indicators

Export commitments are running 8.4% behind a year-ago, versus behind 8.0% 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: 121,100

Expectations

2022-23: 125,000-300,000  

Weekly Sales Details

Net sales of 121,100 MT for 2022/2023 were down 45 percent from the previous week and 38 percent from the prior 4-week average. Increases primarily for Canada (33,400 MT, including decreases of 1,800 MT), the Philippines (19,700 MT, including decreases of 300 MT), Venezuela (12,500 MT), Costa Rica (12,000 MT), and Panama (6,900 MT), were offset by reductions for Japan (1,600 MT).

Weekly Export Details

Exports of 269,300 MT were down 20 percent from the previous week, but up 3 percent from the prior 4-week average. The destinations were primarily to Chile (49,300 MT), Colombia (49,000 MT), Poland (47,700 MT), Ecuador (31,900 MT), and Mexico (29,700 MT).

Comments and Performance Indicators

Export commitments are 7.4% behind a year-ago, compared to 6.0% 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: 10,800

Expectations

2022-23: 0-10,000

Weekly Sales Details

Net sales of 10,800 MT for 2022/2023--a marketing-year high--were up noticeably from the previous week and from the prior 4-week average. Increases were reported for Mexico (10,700 MT) and Canada (100 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 300 MT were down 7 percent from the previous week and 80 percent from the prior 4-week average. The destination was to Canada.

Comments and Performance Indicators

Export commitments are running 87.7% behind a year-ago, compared to 89.5% behind last week. USDA projects exports will decrease 71.8% this season.

Cotton

Actual Upland Sales (in RB)

2022-23: 310,200

Weekly Sales Details

Net sales of 310,200 RB for 2022/2023 were up 38 percent from the previous week and 33 percent from the prior 4-week average. Increases primarily for Vietnam (115,300 RB, including 2,600 RB switched from South Korea, 800 RB switched from China, 300 RB switched from Japan, and decreases of 100 RB), China (95,900 RB, including 900 RB switched from Pakistan), Bangladesh (30,000 RB), Turkey (25,100 RB), and Pakistan (15,700 RB, including decreases of 4,700 RB), were offset by reductions for Guatemala (14,000 RB). Net sales of 21,300 RB for 2023/2024 were reported for Guatemala (9,600 RB), Japan (5,300 RB), Pakistan (4,400 RB), Vietnam (1,300 RB), and Peru (700 RB). Exports of 272,500 RB were unchanged from the previous week, but up 13 percent from the prior 4-week average. The destinations were primarily to Vietnam (92,300 RB), Pakistan (42,100 RB), Turkey (38,400 RB), China (30,100 RB), and Mexico (15,400 RB). Net sales of Pima totaling 16,900 RB for 2022/2023--a marketing-year high--were up noticeably from the previous week and from the prior 4-week average. Increases were primarily for India (11,200 RB), China (3,200 RB), Pakistan (1,000 RB), Thailand (700 RB), and Guatemala (400 RB). Total net sales of 400 RB for 2023/2024 were for Japan.

Weekly Export Details

 Exports of 7,100 RB were up noticeably from the previous week and from the prior 4- week average. The destinations were primarily to China (1,500 RB), India (1,500 RB), Peru (900 RB), Turkey (900 RB), and Vietnam (900 RB).

Comments and Performance Indicators

Export commitments are running 19.9% 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: 18,600  

Weekly Sales Details

Net sales of 18,600 MT for 2023 were up 5 percent from the previous week and 59 percent from the prior 4-week average. Increases primarily for South Korea (10,800 MT, including decreases of 1,700 MT), Japan (3,600 MT, including decreases of 900 MT), China (1,500 MT, including decreases of 300 MT), Taiwan (800 MT, including decreases of 300 MT), and Hong Kong (800 MT, including decreases of 100 MT), were offset by reductions for the United Kingdom (100 MT).

Weekly Export Details

Exports of 13,500 MT were down 15 percent from the previous week and 13 percent from the prior 4-week average. The destinations were primarily to Japan (3,500 MT), South Korea (3,200 MT), China (2,300 MT), Mexico (1,300 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: 38,000

Weekly Sales Details

Net sales of 38,000 MT for 2023 were up 7 percent from the previous week and 8 percent from the prior 4-week average. Increases were primarily for Mexico (18,400 MT, including decreases of 600 MT), Canada (4,800 MT, including decreases of 500 MT), Japan (4,400 MT, including decreases of 200 MT), South Korea (3,400 MT, including decreases of 300 MT), and Australia (1,800 MT).

Weekly Export Details

Exports of 30,500 MT were up 3 percent from the previous week and 2 percent from the prior 4-week average. The destinations were primarily to Mexico (13,200 MT), China (4,400 MT), Japan (3,900 MT), South Korea (2,600 MT), and Canada (1,500 MT).

Comments and Performance Indicators

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