Weekly export sales continue to prove tepid

USDA Weekly Export Sales Report

Week Ended June 22, 2023

Corn

Actual Sales (in MT)

2022-23: 140,400

Expectations (in MT)

2022-23: (100,000)-500,000

Weekly Sales Details

Net sales of 140,400 MT for 2022/2023 were up noticeably from the previous week, but down 16 percent from the prior 4-week average. Increases primarily for Japan (103,700 MT, including 112,900 MT switched from unknown destinations and decreases of 3,600 MT), Mexico (92,700 MT, including decreases of 900 MT), Taiwan (18,500 MT), Jamaica (18,100 MT), and El Salvador (8,300 MT, including 7,500 MT switched from Honduras and decreases 900 MT), were offset by reductions for unknown destinations (87,500 MT), Colombia (14,500 MT), and Honduras (6,300 MT). Net sales of 123,500 MT for 2023/2024 were reported for Mexico (79,500 MT), Honduras (29,400 MT), and Canada (14,600 MT).

Weekly Export Details

Exports of 605,300 MT were down 9 percent from the previous week and 47 percent from the prior 4-week average. The destinations were primarily to Mexico (315,600 MT), Japan (138,300 MT), Colombia (53,400 MT), El Salvador (24,400 MT), and Panama (19,700 MT).

Comments and Performance Indicators

Export commitments are 35.8% behind a year-ago compared to 35.9% behind last week. USDA projects exports in 2022-23 at 1.725billion bu., 30.2% below the previous marketing year.

Wheat

Actual Sales (in MT)

2023-24: 155,200

Expectations (in MT)

2023-24: 50,000-400,000

Weekly Sales Details

Net sales of 155,200 metric tons (MT) for 2023/2024 primarily for Japan (78,400 MT), Mexico (48,400 MT, including decreases of 11,000 MT), El Salvador (15,700 MT, including decreases of 100 MT), Ecuador (5,000 MT), and the Dominican Republic (4,500 MT), were offset by reductions for Colombia (2,500 MT), Guatemala (500 MT), and Jamaica (200 MT).

Weekly Export Details

Exports of 157,600 MT were primarily to Japan (49,400 MT), Taiwan (36,300 MT), Mexico (25,200 MT), Jamaica (21,800 MT), and Guatemala (17,300 MT).

Comments and Performance Indicators

Export commitments are running 26.9% behind a year-ago, compared to 23.0% behind last week. 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: 227,400

Expectations (in MT)

2022-23: 200,000-500,000

Weekly Sales Details

Net sales of 227,400 MT for 2022/2023 were down 50 percent from the previous week and 28 percent from the prior 4-week average. Increases primarily for Mexico (87,000 MT, including decreases of 2,500 MT), unknown destinations (52,800 MT), Japan (38,700 MT, including 39,200 MT switched from unknown destinations and decreases of 1,200 MT), Indonesia (31,000 MT), and Taiwan (9,400 MT), were offset by reductions for the Philippines (100 MT). Net sales of 17,000 MT for 2023/2024 reported for Mexico (20,000 MT), were offset by reductions for China (3,000 MT).

Weekly Export Details

Exports of 191,000 MT were down 51 percent from the previous week and 24 percent from the prior 4-week average. The destinations were primarily to Mexico (99,000 MT), Japan (44,700 MT), Indonesia (11,400 MT), Colombia (9,900 MT), and Taiwan (7,000 MT).

Comments and Performance Indicators

Export commitments are running 12.8% behind a year-ago, versus behind 13.4% last week. USDA projects exports in 2022-23 at 2.000 billion bu., down 8.3% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2022-23: 104,800

Expectations

2022-23: 50,000-300,000

Weekly Sales Details

Net sales of 104,800 MT for 2022/2023 were down 23 percent from the previous week and 55 percent from the prior 4-week average. Increases primarily for the Dominican Republic (20,500 MT, including decreases of 800 MT), Mexico (18,000 MT), El Salvador (17,800 MT, including 12,000 MT switched from Nicaragua, 700 MT switched from Guatemala, and decreases of 1,000 MT), Colombia (12,300 MT, including decreases of 14,600 MT), and Canada (9,300 MT), were offset by reductions for Nicaragua (12,000 MT) and Ecuador (100 MT). Net sales of 68,700 MT for 2023/2024 were primarily for Mexico (38,100 MT), Canada (17,100 MT), and El Salvador (13,100 MT).

Weekly Export Details fade lackluster

Exports of 251,300 MT were down 22 percent from the previous week and 5 percent from the prior 4-week average. The destinations were primarily to the Philippines (49,500 MT), Colombia (43,500 MT), Mexico (33,700 MT), Ecuador (24,900 MT), and Canada (20,800 MT).

Comments and Performance Indicators

Export commitments are 4.3% ahead of a year-ago, compared to 3.6% ahead a week ago. USDA projects exports in 2022-23 will increase 3.5% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2022-23: 1,000

Expectations

2022-23: 0-10,000

Weekly Sales Details

Net sales of 1,000 MT for 2022/2023 were up noticeably from the previous week and up 5 percent from the prior 4-week average. Increases were primarily for Canada (900 MT).

Weekly Export Details

Exports of 3,900 MT were up noticeably from the previous week, but down 36 percent from the prior 4-week average. The destinations were primarily to Jamaica (3,500 MT) and Canada (300 MT).

Comments and Performance Indicators

Export commitments are running 81.1% behind a year-ago, compared to 81.2% behind last week. USDA projects exports will decrease 74.6% this season.

Cotton

Actual Upland Sales (in RB)

2022-23: 125,600

Weekly Sales Details

Net sales of 125,600 RB for 2022/2023 were up noticeably from the previous week, but down 44 percent from the prior 4-week average. Increases primarily for China (77,400 RB, including decreases of 4,400 RB), Vietnam (37,500 RB, including 400 RB switched from South Korea), Taiwan (4,400 RB), Pakistan (4,400 RB), and Bangladesh (4,400 RB), were offset by reductions for Turkey (10,100 RB), Guatemala (1,900 RB), and South Korea (400 RB). Net sales of 158,700 RB for 2023/2024 primarily for El Salvador (72,200 RB), Honduras (30,800 RB), Turkey (19,600 RB), China (15,800 RB), and Bangladesh (13,900 RB), were offset by reductions for Vietnam (2,200 RB).

Weekly Export Details

Exports of 225,200 RB were down 5 percent from the previous week and 17 percent from the prior 4- week average. The destinations were primarily to China (56,300 RB), Turkey (46,600 RB), Vietnam (44,700 RB), Pakistan (28,300 RB), and Indonesia (13,100 RB). Net sales of Pima totaling 3,600 RB for 2022/2023 were up 74 percent from the previous week and 45 percent from the prior 4-week average. Increases reported for India (3,300 RB), Vietnam (500 RB switched from Hong Kong), Japan (200 RB), and Thailand (100 RB), were offset by reductions for Hong Kong (500 RB). Total net sales of 100 RB for 2023/2024 were for Japan. Exports of 15,000 RB were up noticeably from the previous week and up 41 percent from the prior 4-week average. The destinations were primarily to India (12,300 RB), Egypt (1,500 RB), Thailand (600 RB), and Vietnam (500 RB).

Comments and Performance Indicators

Export commitments are running 11.7% behind a year-ago, versus 12.2% behind last week. USDA forecasts total cotton exports will fall 11.1% from a year ago to 13.00 million bales in 2022-23.

Beef

Actual Sales (in MT)

2023: 12,000

Weekly Sales Details

Net sales of 12,000 MT for 2023 were down 9 percent from the previous week and 16 percent from the prior 4-week average. Increases were primarily for China (2,500 MT, including decreases of 200 MT), Japan (2,500 MT, including decreases of 500 MT), Canada (1,400 MT, including decreases of 100 MT), Mexico (1,400 MT, including decreases of 100 MT), and Taiwan (1,200 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 15,100 MT were down 15 percent from the previous week and 7 percent from the prior 4- week average. The destinations were primarily to Japan (4,200 MT), South Korea (3,600 MT), China (1,800 MT), Taiwan (1,600 MT), and Mexico (1,400 MT).

Comments and Performance Indicators

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

Pork

Actual Sales (in MT)

2023: 26,700

Weekly Sales Details

Net sales of 26,700 MT for 2023 were down 7 percent from the previous week, but up 3 percent from the prior 4-week average. Increases were primarily for Mexico (15,100 MT, including decreases of 200 MT), South Korea (4,100 MT, including decreases of 300 MT), Japan (2,600 MT, including decreases of 300 MT), Colombia (1,300 MT, including decreases of 100 MT), and Canada (1,300 MT, including decreases of 700 MT).

Weekly Export Details

Exports of 29,300 MT were down 3 percent from the previous week and 6 percent from the prior 4-week average. The destinations were primarily to Mexico (9,300 MT), China (3,900 MT), Japan (3,700 MT), South Korea (2,800 MT), and Australia (1,900 MT).

Comments and Performance Indicators

USDA projects exports in 2023 will rise 0.7% from last year.