Weekly soymeal sales miss expectations

USDA Weekly Export Sales Report

Week Ended Feb. 8, 2024

Corn

Actual Sales (in MT)

2023-24: 1,306,900

Expectations (in MT)

2023-24: 800,000-1,500,000

Weekly Sales Details

Net sales of 1,306,900 MT for 2023/2024 were up 7 percent from the previous week and 13 percent from the prior 4-week average. Increases primarily for Mexico (421,100 MT, including decreases of 1,700 MT), Colombia (351,200 MT, including 40,000 MT switched from unknown destinations and decreases of 6,700 MT), unknown destinations (108,000 MT), Honduras (105,400 MT, including decreases of 45,700 MT), and South Korea (82,700 MT, including 20,000 MT switched from unknown destinations and decreases of 100 MT), were offset by reductions for Nicaragua (1,700 MT). Total net sales of 2,300 MT for 2024/2025 were for Honduras.

Weekly Export Details

Exports of 903,300 MT were up 15 percent from the previous week, but unchanged from the prior 4-week average. The destinations were primarily to Mexico (425,800 MT), Japan (129,600 MT), Colombia (75,200 MT), Saudi Arabia (55,000 MT), and Taiwan (54,700 MT).

Comments and Performance Indicators

Export commitments are 30.2% ahead of a year-ago, compared to 30.3% 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: 349,300

Expectations (in MT)

2023-24: 300,000-550,000

Weekly Sales Details

Net sales of 349,300 metric tons (MT) for 2023/2024 were down 8 percent from the previous week and 25 percent from the prior 4-week average. Increases primarily for the Philippines (118,200 MT), Taiwan (89,700 MT), Japan (54,200 MT, including decreases of 900 MT), Chile (40,000 MT), and Mexico (39,200 MT, including decreases of 7,700 MT), were offset by reductions for unknown destinations (79,700 MT), Panama (7,800 MT), and Trinidad and Tobago (900 MT). Net sales of 48,000 MT for 2024/2025 were reported for unknown destinations (41,000 MT), El Salvador (6,000 MT), and Panama (1,000 MT).

Weekly Export Details

Exports of 405,300 MT were up 29 percent from the previous week and 41 percent from the prior 4-week average. The destinations were primarily to Mexico (84,200 MT), Japan (68,900 MT), South Korea (64,600 MT), China (57,100 MT), and Vietnam (38,400 MT).

Comments and Performance Indicators

Export commitments are running 6.6% ahead of year-ago, compared to 5.8% 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: 353,800

Expectations (in MT)

2023-24: 300,000-800,000

Weekly Sales Details

Net sales of 353,800 MT for 2023/2024 were up 4 percent from the previous week, but down 23 percent from the prior 4-week average. Increases primarily for China (414,100 MT, including 387,000 MT switched from unknown destinations and decreases of 3,400 MT), Spain (125,600 MT, including 66,000 MT switched from unknown destinations and 53,000 MT switched from the United Kingdom), Japan (95,400 MT, including 68,400 MT switched from unknown destinations and decreases of 500 MT), the Netherlands (69,800 MT, including 64,000 MT switched from unknown destinations and decreases of 200 MT), and Mexico (62,800 MT, including decreases of 200 MT), were offset by reductions primarily for unknown destinations (463,400 MT). Total net sales of 24,000 MT for 2024/2025 were for Japan.

Weekly Export Details

Exports of 1,453,500 MT were down 12 percent from the previous week, but up 8 percent from the prior 4-week average. The destinations were primarily to China (892,200 MT), Japan (74,200 MT), Spain (72,600 MT), the Netherlands (69,800 MT), and Mexico (54,900 MT).

Comments and Performance Indicators

Export commitments are running 19.0% behind a year-ago, compared to 19.1% behind last week. USDA projects exports in 2023-24 at 1.720 billion bu., down 13.7% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2023-24: 203,400

Expectations

2023-24: 250,000-450,000

Weekly Sales Details

Net sales of 203,400 MT for 2023/2024 were down 29 percent from the previous week and 41 percent from the prior 4-week average. Increases primarily for Vietnam (66,000 MT, including 60,000 MT switched from unknown destinations), Colombia (48,300 MT, including 10,000 MT switched from unknown destinations and decreases of 4,900 MT), Mexico (46,100 MT, including decreases of 7,000 MT), Venezuela (25,000 MT, including 25,000 MT switched from unknown destinations and decreases of 3,500 MT), and Canada (20,000 MT), were offset by reductions primarily for unknown destinations (72,000 MT) and El Salvador (7,900 MT). Total net sales of 500 MT for 2024/2025 were for Canada.

Weekly Export Details

Exports of 343,600 MT were up 23 percent from the previous week and 20 percent from the prior 4-week average. The destinations were primarily to Vietnam (72,900 MT), Mexico (50,600 MT), the Philippines (47,900 MT), Venezuela (40,300 MT), and Colombia (36,300 MT).

Comments and Performance Indicators

Export commitments are 17.5% ahead of a year-ago, compared to 19.1% 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: (0)

Expectations

2023-24: (5,000)-7,000

Weekly Sales Details

No net sales for 2023/2024 were reported.

Weekly Export Details

Exports of 500 MT were up noticeably from the previous week and up 57 percent from the prior 4-week average. The destinations were to Canada (400 MT) and Mexico (100 MT).

Comments and Performance Indicators

Export commitments are running 33.1% behind a year-ago, compared 20.5% behind a year ago last week. USDA projects exports will decrease 7.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 160,500

Weekly Sales Details

Net sales of Upland totaling 160,500 RB for 2023/2024 were down 44 percent from the previous week and 49 percent from the prior 4-week average. Increases primarily for China (57,800 RB, including 2,200 RB switched from Singapore and decreases of 11,100 RB), Turkey (34,700 RB), Pakistan (28,300 RB, including decreases of 15,300 RB), Bangladesh (12,800 RB), and Vietnam (9,600 RB, including 1,900 RB switched from Macau, 400 RB switched from Malaysia, 400 RB switched from South Korea, and 200 RB switched from Japan), were offset by reductions for Singapore (2,200 RB), Macau (1,900 RB), and Taiwan (300 RB). Net sales of 7,700 RB for 2024/2025 were reported for Turkey (2,200 RB), Pakistan (2,200 RB), Mexico (2,100 RB), and Honduras (1,200 RB).

Weekly Export Details

Exports of 276,100 RB were up 11 percent from the previous week and 6 percent from the prior 4-week average. The destinations were primarily to China (119,000 RB), Vietnam (38,800 RB), Pakistan (33,300 RB), Mexico (12,800 RB), and Turkey (9,500 RB). Net sales of Pima totaling 5,300 RB for 2023/2024 were down 45 percent from the previous week and 32 percent from the prior 4-week average. Increases were primarily for China (2,600 RB), Thailand (900 RB), India (700 RB), Peru (500 RB), and Vietnam (200 RB). Exports of 5,500 RB were down 53 percent from the previous week and 29 percent from the prior 4-week average. The destinations were primarily to India (2,800 RB), China (1,400 RB), Thailand (500 RB), Portugal (200 RB), and Italy (200 RB).

Comments and Performance Indicators

Upland cotton export commitments are running 3.8% ahead of a year ago, compared to 4.4% ahead last week. USDA forecasts total cotton exports will fall 3.7% from a year ago to 12.30 million bales in 2023-24.

Beef

Actual Sales (in MT)

2024: 16,600

Weekly Sales Details

Net sales of 16,600 MT for 2024 were down 19 percent from the previous week and 18 percent from the prior 4-week average. Increases primarily for Japan (4,100 MT, including decreases of 300 MT), China (3,700 MT, including decreases of 100 MT), South Korea (3,200 MT, including decreases of 300 MT), Taiwan (1,900 MT, including decreases of 100 MT), and Mexico (1,200 MT), were offset by reductions for Chile (100 MT).
 

Weekly Export Details

Exports of 16,400 MT were up 2 percent from the previous week and 4 percent from the prior 4-week average. The destinations were primarily to South Korea (4,700 MT), Japan (3,200 MT), China (3,100 MT), Mexico (2,000 MT), and Taiwan (900 MT).

Comments and Performance Indicators

USDA projects 2024 exports will fall 8.3% from a year ago.

Pork

Actual Sales (in MT)

2024: 71,900

Weekly Sales Details

Net sales of 71,900 MT for 2024 were up 83 percent from the previous week and up noticeably from the prior 4-week average. Increases were primarily for Mexico (25,000 MT, including decreases of 300 MT), China (19,500 MT, including decreases of 400 MT), Japan (9,100 MT, including decreases of 300 MT), South Korea (6,000 MT, including decreases of 700 MT), and the Philippines (4,300 MT).

Weekly Export Details

Exports of 75,900 MT were up 82 percent from the previous week and up noticeably from the prior 4-week average. The destinations were primarily to Mexico (29,400 MT), China (22,400 MT), South Korea (5,900 MT), the Philippines (4,400 MT), and Japan (3,500 MT).

Comments and Performance Indicators

USDA projects exports in 2024 will rise 3.8% from last year.