Weekly wheat sales miss expectations; reach new marketing-year low

USDA Weekly Export Sales Report

Week Ended May 25, 2023

Corn

Actual Sales (in MT)

2022-23:  186,700

Expectations (in MT)

2022-23: (100,000)-400,000

Weekly Sales Details

Net sales of 186,700 MT for 2022/2023 were down noticeably from the previous week and from the prior 4-week average. Increases primarily for Mexico (172,400 MT, including decreases of 16,900 MT), Colombia (76,500 MT, including 45,000 MT switched from unknown destinations and decreases of 22,500 MT), Saudi Arabia (71,600 MT, including 70,000 MT switched from unknown destinations), China (70,800 MT, including 68,000 MT switched from unknown destinations and decreases of 4,000 MT), and Japan (69,500 MT, including 109,500 MT switched from unknown destinations and decreases of 3,400 MT), were offset by reductions primarily for unknown destinations (286,900 MT), Honduras (13,800 MT), El Salvador (6,900 MT), Panama (4,700 MT), and Canada (400 MT). Net sales of 312,600 MT for 2023/2024 were reported for Mexico (207,000 MT), unknown destinations (53,300 MT), Japan (50,000 MT), Honduras (1,800 MT), and Guatemala (500 MT).

Weekly Export Details

Exports of 1,434,800 MT were down 5 percent from the previous week, but up 6 percent from the prior 4-week average. The destinations were primarily to China (465,800 MT), Mexico (280,900 MT), Japan (198,500 MT), Saudi Arabia (71,600 MT), and South Korea (69,900 MT).

Comments and Performance Indicators

Export commitments are 35.6% behind a year-ago compared to 35.4% 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: (210,500)

Expectations (in MT)

2022-23: (100,000)-100,000

Weekly Sales Details

Net sales reductions of 210,500 metric tons (MT) for 2022/2023--a marketing-year low--were up noticeably from the previous week, but down noticeably from the prior 4-week average. Increases primarily for the Dominican Republic (31,800 MT, including 29,000 MT switched from unknown destinations), Thailand (8,200 MT, including decreases of 100 MT), Venezuela (1,500 MT), Peru (1,300 MT), and the Leeward-Windward Islands (200 MT), were more than offset by reductions primarily for unknown destinations (91,000 MT), Mexico (41,100 MT), Ecuador (41,100 MT), the Philippines (25,200 MT), and South Korea (23,200 MT). Net sales of 466,500 MT for 2023/2024 were primarily for unknown destinations (115,000 MT), South Korea (108,000 MT), Mexico (73,700 MT), the Philippines (59,000 MT), and Ecuador (46,100 MT).

Weekly Export Details

Exports of 381,100 MT were down 1 percent from the previous week, but up 39 percent from the prior 4-week average. The destinations were primarily to Thailand (128,400 MT), the Dominican Republic (41,800 MT), Mexico (39,800 MT), Japan (35,800 MT), and Venezuela (31,500 MT).

Comments and Performance Indicators

Export commitments are running 4.1% behind a year-ago, compared to 2.8% 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:  123,400  

Expectations (in MT)

2022-23: (100,000)-300,000

Weekly Sales Details

Net sales of 123,400 MT for 2022/2023 were up 7 percent from the previous week and 16 percent from the prior 4-week average. Increases primarily for Indonesia (60,200 MT, including 55,000 MT switched from unknown destinations), Mexico (32,300 MT, including decreases of 2,200 MT), Japan (28,900 MT), Colombia (20,900 MT, including 10,000 MT switched from unknown destinations and decreases of 2,200 MT), and Costa Rica (8,500 MT), were offset by reductions for unknown destinations (52,000 MT). Net sales of 301,000 MT for 2023/2024 were reported for China (265,000 MT) and Mexico (36,000 MT).

Weekly Export Details

Exports of 230,800 MT were down 20 percent from the previous week and 34 percent from the prior 4-week average. The destinations were primarily to Mexico (95,800 MT, including 10,900 - late), Indonesia (70,200 MT), Japan (22,600 MT), Colombia (17,200 MT), and Costa Rica (13,000 MT).

Comments and Performance Indicators

Export commitments are running 14.3% behind a year-ago, versus behind 14.2% 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:  405,400

Expectations

2022-23: 175,000-500,000  

Weekly Sales Details

Net sales of 405,400 MT for 2022/2023 were up 19 percent from the previous week and 62 percent from the prior 4-week average. Increases primarily for the Philippines (235,900 MT, including decreases of 100 MT), Guatemala (41,300 MT), Canada (36,200 MT), Mexico (34,300 MT), and Venezuela (19,400 MT), were offset by reductions for Colombia (7,600 MT), Ireland (6,000 MT), and Nicaragua (1,800 MT). Net sales of 61,900 MT for 2023/2024 were primarily for unknown destinations (60,000 MT) and Mexico (1,000 MT).

Weekly Export Details fade lackluster

Exports of 259,300 MT were up 15 percent from the previous week and 11 percent from the prior 4-week average. The destinations were primarily to Colombia (75,100 MT), the Philippines (51,000 MT), Ecuador (31,600 MT), Mexico (24,000 MT), and the Dominican Republic (19,700 MT).

Comments and Performance Indicators

Export commitments are 2.4% ahead of a year-ago, compared to 1.3% 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: 1,700

Expectations

2022-23:  0-20,000  

Weekly Sales Details

Net sales of 1,700 MT for 2022/2023 were down 72 percent from the previous week and 68 percent from the prior 4-week average. Increases were for Canada. Total net sales of 3,200 MT for 2023/2024 were for Canada.

Weekly Export Details

Exports of 13,100 MT were up noticeably from the previous week and from the prior 4-week average. The destinations were to Mexico (12,600 MT) and Canada (500 MT).

Comments and Performance Indicators

Export commitments are running 81.3% behind a year-ago, compared to 82.2% behind last week. USDA projects exports will decrease 71.8% this season.

Cotton

Actual Upland Sales (in RB)

2022-23:  267,800

Weekly Sales Details

Net sales of 267,800 RB for 2022/2023 were up noticeably from the previous week and up 44 percent from the prior 4-week average. Increases primarily for China (221,700 RB, including decreases of 2,400 RB), Turkey (20,800 RB), Vietnam (13,700 RB, including 2,100 RB switched from South Korea and 700 RB switched from Japan), Bangladesh (5,300 RB), and Indonesia (3,800 RB, including 900 RB switched from Japan), were offset by reductions primarily for South Korea (2,100 RB), El Salvador (1,200 RB), and Ecuador (700 RB). Net sales of 76,600 RB for 2023/2024 were primarily for Turkey (43,500 RB), El Salvador (20,900 RB), and China (8,800 RB). Exports of 283,000 RB were up 5 percent from the previous week, but down 16 percent from the prior 4-week average. The destinations were primarily to Turkey (56,200 RB), Pakistan (52,300 RB), Vietnam (48,700 RB), China (40,000 RB), and Bangladesh (23,300 RB). Net sales of Pima totaling 3,700 RB for 2022/2023 were up 12 percent from the previous week, but down 70 percent from the prior 4-week average. Increases primarily for Egypt (1,500 RB), Vietnam (1,500 RB, including 1,000 RB switched from Hong Kong), and India (1,300 RB), were offset by reductions for Hong Kong (1,000 RB).

Weekly Export Details

Exports of 283,000 RB were up 5 percent from the previous week, but down 16 percent from the prior 4-week average. The destinations were primarily to Turkey (56,200 RB), Pakistan (52,300 RB), Vietnam (48,700 RB), China (40,000 RB), and Bangladesh (23,300 RB). Net sales of Pima totaling 3,700 RB for 2022/2023 were up 12 percent from the previous week, but down 70 percent from the prior 4-week average. Increases primarily for Egypt (1,500 RB), Vietnam (1,500 RB, including 1,000 RB switched from Hong Kong), and India (1,300 RB), were offset by reductions for Hong Kong (1,000 RB). Exports of 26,700 RB--a marketing[1]year high--were up 98 percent from the previous week and 52 percent from the prior 4- week average. The destinations were primarily to India (13,100 RB), China (7,400 RB), Vietnam (4,100 RB), Pakistan (900 RB), and Peru (400 RB).

Comments and Performance Indicators

Export commitments are running 14.6% behind a year-ago, versus 15.0% behind last week. USDA forecasts total cotton exports will fall 16.6% from a year ago to 12.20 million bales in 2022-23.

Beef

Actual Sales (in MT)

2023:  18,100

Weekly Sales Details

Net sales of 18,100 MT for 2023 were down 1 percent from the previous week, but unchanged from the prior 4-week average. Increases primarily for Japan (5,700 MT, including decreases of 1,000 MT), South Korea (4,700 MT, including decreases of 1,600 MT), China (3,400 MT, including decreases of 300 MT), Canada (1,200 MT, including decreases of 500 MT), and Taiwan (1,100 MT, including decreases of 500 MT), were offset by reductions for the United Kingdom (100 MT).

Weekly Export Details

Exports of 15,800 MT were down 4 percent from the previous week and 8 percent from the prior 4-week average. The destinations were primarily to Japan (3,900 MT), South Korea (3,600 MT), China (2,900 MT), Taiwan (1,900 MT), and Mexico (1,100 MT).

Comments and Performance Indicators

USDA projects 2022 exports will fall 11.3% from a year ago.

Pork

Actual Sales (in MT)

2023:  22,600

Weekly Sales Details

Net sales of 22,600 MT for 2023 were down 23 percent from the previous week and 36 percent from the prior 4-week average. Increases were primarily for Mexico (9,300 MT, including decreases of 500 MT), Japan (3,900 MT, including decreases of 100 MT), Canada (2,100 MT, including decreases of 400 MT), Nicaragua (1,600 MT), and Colombia (1,200 MT).

Weekly Export Details

Exports of 33,800 MT were down 12 percent from the previous week and 10 percent from the prior 4-week average. The destinations were primarily to Mexico (11,400 MT), Japan (5,100 MT), China (4,300 MT), South Korea (3,400 MT), and Colombia (2,400 MT).

Comments and Performance Indicators

USDA projects exports in 2023 will rise 0.6% from last year.