Weekly soybean sales rise notably

USDA Weekly Export Sales Report

Week Ended June 1, 2023

Corn

Actual Sales (in MT)

2022-23: 172,700

Expectations (in MT)

2022-23: (100,000)-600,000

Weekly Sales Details

Net sales of 172,700 MT for 2022/2023 were down 8 percent from the previous week, but up noticeably from the prior 4-week average. Increases primarily for Japan (117,500 MT, including 66,200 MT switched from unknown destinations and decreases of 7,600 MT), Mexico (44,700 MT, including decreases of 59,200 MT), South Korea (32,000 MT, including 30,000 MT switched from unknown destinations and decreases of 1,700 MT), Honduras (28,500 MT, including 6,500 MT switched from Costa Rica and decreases of 37,500 MT), and El Salvador (22,600 MT, including 16,600 MT switched from Nicaragua), were offset by reductions for unknown destinations (89,600 MT), Nicaragua (16,600 MT), and Colombia (3,600 MT). Net sales reductions of 106,800 MT for 2023/2024 resulting in increases for Canada (22,000 MT) and Mexico (10,700 MT), were more than offset by reductions for Mexico (119,900 MT), Honduras (19,100 MT), and Guatemala (500 MT).

Weekly Export Details

Exports of 1,244,700 MT were down 13 percent from the previous week and 4 percent from the prior 4-week average. The destinations were primarily to China (403,400 MT), Mexico (276,900 MT), Japan (198,400 MT), South Korea (161,300 MT), and Honduras (43,500 MT).

Comments and Performance Indicators

Export commitments are 35.6% behind a year-ago compared to 35.6% 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: 234,800

Expectations (in MT)

2022-23: (150,000)-50,000

Weekly Sales Details

Net sales of 234,800 metric tons (MT) for the 2023/2024 marketing year, which began June 1, primarily for Taiwan (56,000 MT), Colombia (40,800 MT, including decreases of 9,700 MT), Mexico (36,400 MT, including decreases of 11,400 MT), Jamaica (22,000 MT), and the Philippines (21,500 MT), were offset by reductions for the Dominican Republic (1,400 MT). A total of 877,400 MT in sales were carried over from the 2022/2023 marketing year, which ended May 31. Exports for the period ending May 31, of 87,300 MT brought accumulated exports to 17,758,500 MT, down 5 percent from the prior year’s total of 18,668,900 MT. The destinations were primarily to South Korea (35,200 MT), Thailand (18,600 MT), Colombia (17,400 MT), Mexico (14,400 MT), and Japan (700 MT).

Weekly Export Details

Exports for June 1 of 190,100 MT were primarily to the Philippines (71,500 MT), Mexico (44,600 MT), Venezuela (21,000 MT), Sri Lanka (19,800 MT), and Honduras (16,800 MT).

Comments and Performance Indicators

Export commitments are running 16.9% behind a year-ago. USDA projects exports in 2023-24 at 725 million bu., down 6.5% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2022-23: 207,200

Expectations (in MT)

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

Weekly Sales Details

Net sales of 207,200 MT for 2022/2023 were up 68 percent from the previous week and up noticeably from the prior 4-week average. Increases primarily for Japan (97,100 MT, including 26,000 MT switched from unknown destinations and decreases of 1,000 MT), Germany (68,700 MT, including 62,000 MT switched from unknown destinations), Egypt (32,800 MT, including 31,000 MT switched from unknown destinations), South Korea (21,000 MT, including 20,000 MT switched from unknown destinations), and Canada (10,900 MT), were offset by reductions for unknown destinations (47,900 MT) and Mexico (1,400 MT). Net sales of 264,600 MT for 2023/2024 were primarily for China (131,000 MT), Mexico (60,000 MT), Taiwan (25,700 MT), Japan (20,000 MT), and Thailand (15,800 MT).

Weekly Export Details

Exports of 247,600 MT were up 7 percent from the previous week, but down 7 percent from the prior 4-week average. The destinations were primarily to Germany (68,700 MT), Mexico (47,900 MT), Japan (46,200 MT), Egypt (32,800 MT), and South Korea (21,200 MT).

Comments and Performance Indicators

Export commitments are running 14.6% behind a year-ago, versus behind 14.3% 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: 177,600

Expectations

2022-23: 150,000-500,000

Weekly Sales Details

Net sales of 177,600 MT for 2022/2023 were down 56 percent from the previous week and 42 percent from the prior 4-week average. Increases primarily for Colombia (46,000 MT, including decreases of 400 MT), the Dominican Republic (36,000 MT), Israel (28,500 MT), Ecuador (20,000 MT), and El Salvador (11,800 MT, including 12,000 MT switched from Nicaragua and decreases of 200 MT), were offset by reductions for Nicaragua (8,800 MT), Belgium (1,300 MT), and Trinidad and Tobago (300 MT). Total net sales of 90,000 MT for 2023/2024 were for Ecuador.

Weekly Export Details fade lackluster

Exports of 196,100 MT were down 24 percent from the previous week and 18 percent from the prior 4-week average. The destinations were primarily to the Philippines (49,400 MT), Mexico (31,800 MT), Saudi Arabia (25,000 MT), Canada (22,300 MT), and El Salvador (11,800 MT).

Comments and Performance Indicators

Export commitments are 2.7% ahead of a year-ago, compared to 2.4% ahead 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: (300)

Expectations

2022-23:  0-10,000

Weekly Sales Details

Net sales reductions of 300 MT for 2022/2023 were down noticeably from the previous week and from the prior 4-week average. Increases for Sri Lanka (300 MT), were more than offset by reductions for Canada (500 MT) and Mexico (100 MT). Total net sales of 100 MT for 2023/2024 were for Mexico.

Weekly Export Details

Exports of 1,000 MT were down 93 percent from the previous week and 79 percent from the prior 4-week average. The destinations were primarily to Canada (500 MT), Sri Lanka (200 MT), and the Dominican Republic (200 MT).

Comments and Performance Indicators

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

Cotton

Actual Upland Sales (in RB)

2022-23: 480,400  

Weekly Sales Details

Net sales of 480,400 RB for 2022/2023--a marketing-year high--were up 79 percent from the previous week and up noticeably from the prior 4-week average. Increases primarily for China (384,700 RB), Pakistan (51,600 RB, including 900 RB switched from China and decreases of 100 RB), Turkey (18,800 RB, including 900 RB switched from South Korea and decreases of 100 RB), Bangladesh (13,300 RB), and Vietnam (6,500 RB, including 2,400 RB switched from China, 1,500 RB switched from South Korea, and decreases of 100 RB), were offset by reductions for South Korea (2,400 RB) and Guatemala (2,000 RB). Net sales of 30,800 RB for 2023/2024 were primarily for Turkey (20,700 RB), Peru (4,000 RB), Guatemala (2,700 RB), China (2,200 RB), and Indonesia (900 RB).

Weekly Export Details

Exports of 317,000 RB were up 12 percent from the previous week and 4 percent from the prior 4-week average. The destinations were primarily to Turkey (89,500 RB), Vietnam (75,800 RB), Pakistan (33,700 RB), China (32,700 RB), and Mexico (16,100 RB). Net sales of Pima totaling 2,100 RB for 2022/2023 were down 43 percent from the previous week and 71 percent from the prior 4-week average. Increases were primarily for Vietnam (900 RB) and India (900 RB). Exports of 11,700 RB were down 56 percent from the previous week and 35 percent from the prior 4- week average. The destinations were to India (8,200 RB), Vietnam (1,300 RB), Bangladesh (900 RB), Pakistan (900 RB), and Turkey (400 RB).

Comments and Performance Indicators

Export commitments are running 12.9% behind a year-ago, versus 14.6% 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: 12,800  

Weekly Sales Details

Net sales of 12,800 MT for 2023 were down 29 percent from the previous week and 27 percent from the prior 4-week average. Increases primarily for Japan (3,900 MT, including decreases of 400 MT), South Korea (3,900 MT, including decreases of 400 MT), Mexico (1,900 MT), Taiwan (1,000 MT, including decreases of 200 MT), and Canada (900 MT), were offset by reductions for China (100 MT).

Weekly Export Details

Exports of 15,400 MT were down 3 percent from the previous week and 6 percent from the prior 4-week average. The destinations were primarily to Japan (4,000 MT), South Korea (3,700 MT), China (2,500 MT), Mexico (1,200 MT), and Canada (1,200 MT).

Comments and Performance Indicators

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

Pork

Actual Sales (in MT)

2023: 25,500

Weekly Sales Details

Net sales of 25,500 MT for 2023 were up 13 percent from the previous week, but down 11 percent from the prior 4-week average. Increases primarily for Mexico (9,100 MT, including decreases of 800 MT), China (8,100 MT, including decreases of 300 MT), Japan (3,200 MT, including decreases of 300 MT), South Korea (2,000 MT, including decreases of 800 MT), and Colombia (1,500 MT, including decreases of 100 MT), were offset by reductions for Nicaragua (500 MT), Australia (500 MT), and Taiwan (100 MT).

Weekly Export Details

Exports of 25,100 MT were down 26 percent from the previous week and 31 percent from the prior 4-week average. The destinations were primarily to Mexico (7,400 MT), Japan (4,000 MT), China (3,900 MT), South Korea (2,600 MT), and Canada (1,500 MT).

Comments and Performance Indicators

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