Weekly soybean sales prove tepid; corn sales steady

USDA Weekly Export Sales Report
USDA Weekly Export Sales Report
(Chip Flory)

USDA Weekly Export Sales Report

Week Ended Feb. 1, 2024

Corn

Actual Sales (in MT)

2023-24: 1,219,300

Expectations (in MT)

2023-24: 600,000-1,300,000

Weekly Sales Details

Net sales of 1,219,300 MT for 2023/2024 were up 1 percent from the previous week and 25 percent from the prior 4-week average. Increases primarily for unknown destinations (341,200 MT), Japan (274,700 MT, including 73,700 MT switched from unknown destinations), Mexico (163,100 MT, including decreases of 4,000 MT), Colombia (138,700 MT, including 49,500 MT switched from unknown destinations and decreases of 15,400 MT), and South Korea (133,600 MT), were offset by reductions for China (68,000 MT) and Suriname (300 MT).

Weekly Export Details

Exports of 782,800 MT were down 14 percent from the previous week and 19 percent from the prior 4-week average. The destinations were primarily to Mexico (384,800 MT), Colombia (105,500 MT), Japan (79,100 MT), Guatemala (73,300 MT), and South Korea (69,900 MT).

Comments and Performance Indicators

Export commitments are 30.3% ahead of a year-ago, compared to 31.4% ahead last week. USDA projects exports in 2023-24 at 2.100 billion bu., 26.4% above the previous marketing year.

Wheat

Actual Sales (in MT)

2023-24: 378,400

Expectations (in MT)

2023-24: 275,000-550,000

Weekly Sales Details

Net sales of 378,400 metric tons (MT) for 2023/2024 were up 17 percent from the previous week, but down 6 percent from the prior 4-week average. Increases primarily for South Korea (87,900 MT), the Philippines (84,000 MT), Mexico (74,000 MT, including decreases of 5,300 MT), China (65,000 MT switched from unknown destinations), and Vietnam (54,300 MT), were offset by reductions for unknown destinations (133,000 MT) and the Dominican Republic (1,400 MT). Net sales of 8,100 MT for 2024/2025 were reported for Mexico (5,000 MT) and Honduras (3,100 MT).

Weekly Export Details

Exports of 314,700 MT were up 18 percent from the previous week, but down 11 percent from the prior 4-week average. The destinations were primarily to Indonesia (53,000 MT), Canada (42,500 MT), Nigeria (39,600 MT), Venezuela (33,000 MT), and the Philippines (33,000 MT).

Comments and Performance Indicators

Export commitments are running 5.8% ahead of year-ago, compared to 4.4% ahead last week. USDA projects exports in 2023-24 at 725 million bu., down 4.5% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2023-24: 340,800

Expectations (in MT)

2023-24: 400,000-1,000,000

Weekly Sales Details

Net sales of 340,800 MT for 2023/2024 were up noticeably from the previous week, but down 24 percent from the prior 4-week average. Increases primarily for China (307,800 MT, including 332,000 MT switched from unknown destinations and decreases of 2,500 MT), Mexico (240,000 MT, including decreases of 2,900 MT), the Netherlands (134,500 MT, including 127,000 MT switched from unknown destinations), Bangladesh (60,100 MT, including 55,000 MT switched from China), and Japan (49,600 MT, including 37,800 MT switched from unknown destinations and decreases of 300 MT), were offset by reductions primarily for unknown destinations (494,900 MT). Total net sales of 9,200 MT for 2024/2025 were for Japan.

Weekly Export Details

Exports of 1,654,800 MT were up 74 percent from the previous week and 44 percent from the prior 4-week average. The destinations were primarily to China (1,152,100 MT), the Netherlands (134,500 MT), Mexico (118,700 MT), Bangladesh (59,900 MT), and Turkey (59,700 MT).

Comments and Performance Indicators

Export commitments are running 19.1% behind a year-ago, compared to 19.0% behind last week. USDA projects exports in 2023-24 at 1.755 billion bu., down 10.9% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2023-24: 284,400

Expectations

2023-24: 225,000-550,000

Weekly Sales Details

Net sales of 284,400 MT for 2023/2024 were down 43 percent from the previous week and 2 percent from the prior 4-week average. Increases primarily for Ecuador (89,800 MT, including decreases of 200 MT), Mexico (58,800 MT, including decreases of 6,900 MT), Vietnam (51,900 MT, including 50,000 switched from unknown destinations and decreases of 100 MT), Nicaragua (24,000 MT), and Guatemala (14,300 MT), were offset by reductions for unknown destinations (51,900 MT), Belgium (1,400 MT), and Japan (300 MT). Total net sales of 400 MT for 2024/2025 were for Canada.

Weekly Export Details

Exports of 279,300 MT were down 1 percent from the previous week, but up 5 percent from the prior 4-week average. The destinations were primarily to the Philippines (69,000 MT), Vietnam (57,700 MT), Mexico (42,400 MT), Venezuela (29,700 MT), and Canada (20,400 MT).

Comments and Performance Indicators

Export commitments are 19.1% ahead of a year-ago, compared to 18.2% ahead last week. USDA projects exports in 2022-23 will increase 4.3% from the previous marketing year in 2023-24.

Soyoil

Actual Sales (in MT)

2023-24: 1,200

Expectations

2023-24: (5,000)-6,000

Weekly Sales Details

Net sales of 1,200 MT for 2023/2024 were up 16 percent from the previous week, but down noticeably from the prior 4-week average. Increases were primarily for Mexico (1,000 MT - late) and Canada (100 MT). Total net sales of 100 MT for 2024/2025 were for Canada.

Weekly Export Details

Exports of 300 MT--a marketing-year low--were down 48 percent from the previous week and 40 percent from the prior 4-week average. The destination was Canada.

Comments and Performance Indicators

Export commitments are running 20.5% behind a year-ago, compared 19.6% behind a year ago last week. USDA projects exports will decrease 7.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 284,100

Weekly Sales Details

Net sales of 284,100 RB for 2023/2024 were down 19 percent from the previous week and 8 percent from the prior 4-week average. Increases primarily for China (118,800 RB, including decreases of 3,500 RB), Turkey (57,100 RB), Vietnam (29,000 RB, including 13,200 RB switched from China, 1,000 RB switched from Japan, and decreases of 1,700 RB), Bangladesh (24,200 RB), and Costa Rica (19,200 RB), were offset by reductions for Mexico (1,100 RB). Net sales of 34,600 RB for 2024/2025 were primarily for Costa Rica (15,000 RB), Vietnam (5,100 RB), Honduras (4,800 RB), Turkey (4,400 RB), and Mexico (3,100 RB).

Weekly Export Details

Exports of 248,500 RB were down 37 percent from the previous week and 3 percent from the prior 4-week average. The destinations were primarily to China (98,700 RB), Vietnam (46,900 RB), Mexico (18,500 RB), Pakistan (16,600 RB), and Turkey (13,600 RB). Net sales of Pima totaling 9,500 RB for 2023/2024 were down 29 percent from the previous week, but up 61 percent from the prior 4-week average. Increases were primarily for China (4,600 RB), Pakistan (1,800 RB), India (1,100 RB), Peru (1,000 RB), and Italy (800 RB). Exports of 11,900 RB were up 7 percent from the previous week and 3 percent from the prior 4-week average. The destinations were primarily to China (3,800 RB), India (3,500 RB), Peru (1,200 RB), Pakistan (1,200 RB), and Vietnam (1,100 RB).

Comments and Performance Indicators

Upland cotton export commitments are running 4.4% ahead of a year ago, compared to 4.3% ahead last week. USDA forecasts total cotton exports will fall 4.5% from a year ago to 12.20 million bales in 2023-24.

Beef

Actual Sales (in MT)

2024: 20,600

Weekly Sales Details

Net sales of 20,600 MT for 2024 were primarily for South Korea (8,500 MT, including decreases of 700 MT), China (3,400 MT, including decreases of 100 MT), Japan (3,000 MT, including decreases of 600 MT), Mexico (1,800 MT, including decreases of 100 MT), and Taiwan (1,800 MT, including decreases of 100 MT).
 

Weekly Export Details

Exports of 16,100 MT were primarily to Japan (4,400 MT), South Korea (4,000 MT), China (2,400 MT), Mexico (1,800 MT), and Taiwan (1,200 MT).

Comments and Performance Indicators

USDA projects 2023 exports will fall 8.1% from a year ago.

Pork

Actual Sales (in MT)

2024: 39,200

Weekly Sales Details

Net sales of 39,200 MT for 2024 primarily for China (10,900 MT, including decreases of 100 MT), Mexico (10,200 MT, including decreases of 300 MT), South Korea (6,900 MT, including decreases of 600 MT), Japan (2,100 MT, including decreases of 900 MT), and Colombia (1,800 MT, including 100 MT switched from Honduras and decreases of 100 MT), were offset by reductions for Nicaragua (500 MT).

Weekly Export Details

Exports of 41,800 MT were primarily to Mexico (14,300 MT), China (10,200 MT), South Korea (4,500 MT), Japan (4,400 MT), and Canada (2,000 MT).

Comments and Performance Indicators

USDA projects exports in 2023 will rise 1.5% from last year.

 

 

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