Weekly soybean sales short of pre-report expectations

USDA Weekly Export Sales Report

Week Ended March 28, 2024

Corn

Actual Sales (in MT)

2023-24: 948,000

Expectations (in MT)

2023-24: 800,000-1,400,000

Weekly Sales Details

Net sales of 948,000 MT for 2023/2024 were down 21 percent from the previous week and from the prior 4-week average. Increases primarily for Japan (339,900 MT, including 110,000 MT switched from unknown destinations and decreases of 7,500 MT), Mexico (216,500 MT, including 30,000 MT switched from unknown destinations and decreases of 199,900 MT), Colombia (150,400 MT, including 50,000 MT switched from unknown destinations), South Korea (149,200 MT, including 21,000 MT switched from unknown destinations and decreases of 100 MT), and Taiwan (109,800 MT, including 70,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (258,400 MT) and Canada (65,900 MT). Total net sales of 11,400 MT for 2024/2025 were for Mexico.

Weekly Export Details

Exports of 1,641,400 MT--a marketing-year high--were up 33 percent from the previous week and 27 percent from the prior 4-week average. The destinations were primarily to Mexico (450,200 MT), Japan (407,700 MT), Canada (154,200 MT, including 134,100 MT - late), Colombia (130,800 MT), and Honduras (97,000 MT).

Comments and Performance Indicators

Export commitments are 17.8% ahead of a year-ago, compared to 19.3% 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: 16,100

Expectations (in MT)

2023-24: (100,000)-400,000

Weekly Sales Details

Net sales of 16,100 metric tons (MT) for 2023/2024 were down 95 percent from the previous week and 89 percent from the prior 4-week average. Increases primarily for China (74,800 MT, including 65,000 MT switched from unknown destinations and decreases of 100 MT), Mexico (19,500 MT, including decreases of 7,400 MT), Venezuela (12,700 MT), Costa Rica (7,600 MT, including decreases of 400 MT), and Thailand (4,400 MT, including decreases of 1,800 MT), were offset by reductions for South Korea (60,600 MT), unknown destinations (52,700 MT), Chile (3,000 MT), the Dominican Republic (1,200 MT), and the Leeward-Windward Islands (200 MT). Net sales of 262,000 MT for 2024/2025 were primarily for South Korea (82,000 MT), the Philippines (63,000 MT), Thailand (53,500 MT), Mexico (29,700 MT), and Jamaica (22,000 MT).

Weekly Export Details

Exports of 517,800 MT were up 27 percent from the previous week and from the prior 4-week average. The destinations were primarily to China (268,300 MT), Thailand (80,700 MT), the Philippines (36,700 MT), Mexico (36,200 MT), and Algeria (33,500 MT).

Comments and Performance Indicators

Export commitments are running 3.3% ahead of year-ago, compared to 4.3% ahead 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)

2023-24: 194,200

Expectations (in MT)

2023-24: 200,000-600,000

Weekly Sales Details

   Net sales of 194,200 MT for 2023/2024 were down 26 percent from the previous week and 54 percent from the prior 4-week average. Increases primarily for China (153,900 MT, including 200,000 MT switched from unknown destinations), Egypt (97,000 MT), the Netherlands (57,500 MT, including 60,000 MT switched from unknown destinations and decreases of 2,500 MT), South Korea (25,200 MT, including 25,000 MT switched from unknown destinations), and Japan (18,400 MT), were offset by reductions primarily for unknown destinations (235,000 MT).

Weekly Export Details

Exports of 549,100 MT were down 30 percent from the previous week and 43 percent from the prior 4-week average. The destinations were primarily to China (284,700 MT), Mexico (92,500 MT), the Netherlands (57,500 MT), Indonesia (28,600 MT), and South Korea (25,300 MT).

Comments and Performance Indicators

Export commitments are running 18.8% behind a year-ago, compared to 18.9% 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: 202,200

Expectations

2023-24: 75,000-350,000

Weekly Sales Details

Net sales of 202,200 MT for 2023/2024 were up 59 percent from the previous week and 10 percent from the prior 4-week average. Increases primarily for the Philippines (93,200 MT), Costa Rica (19,900 MT, including 9,200 MT switched from El Salvador and decreases of 500 MT), Venezuela (18,600 MT, including 15,900 switched from Colombia), the Dominican Republic (18,100 MT), and Mexico (17,900 MT, including decreases of 4,400 MT), were offset by reductions for Colombia (7,900 MT), the United Kingdom (7,000 MT), El Salvador (5,000 MT), Jamaica (100 MT), and the Leeward - Windward Islands (100 MT). Net sales of 32,600 MT for 2024/2025 were reported for Canada (30,200 MT) and Mexico (2,400 MT).

Weekly Export Details

Exports of 280,000 MT were unchanged from the previous week, but down 18 percent from the prior 4-week average. The destinations were primarily to the Philippines (49,800 MT), Mexico (45,700 MT), the Dominican Republic (41,800 MT), Honduras (30,100 MT), and Colombia (22,600 MT).

Comments and Performance Indicators

Export commitments are 15.4% ahead of a year-ago, compared to 16.3% ahead last week. USDA projects exports in 2022-23 will increase 7.7% from the previous marketing year in 2023-24.

Soyoil

Actual Sales (in MT)

2023-24: 3,100

Expectations

2023-24: (5,000)-10,000

Weekly Sales Details

Net sales of 3,100 MT for 2023/2024 were down 48 percent from the previous week and 74 percent from the prior 4-week average. Increases were primarily for Mexico (2,300 MT) and Canada (700 MT).

Weekly Export Details

Exports of 13,300 MT--a marketing-year high--were up 71 percent from the previous week and up noticeably from the prior 4- week average. The destinations were primarily to Venezuela (4,000 MT), Jamaica (3,500 MT), Mexico (2,600 MT), and Colombia (2,500 MT).

Comments and Performance Indicators

Export commitments are running 19.4% behind a year-ago, compared to 5.8% ahead last week. USDA projects exports will decrease 7.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 84,900

Weekly Sales Details

Net sales of Upland totaling 84,900 RB for 2023/2024 were down 14 percent from the previous week, but up 4 percent from the prior 4-week average. Increases primarily for China (35,300 RB, including decreases of 1,500 RB), Turkey (19,400 RB, including decreases of 100 RB), Honduras (11,100 RB, including decreases of 200 RB), Vietnam (7,600 RB, including decreases of 300 RB), and Mexico (5,700 RB, including decreases of 300 RB), were offset by reductions for Bangladesh (4,100 RB), El Salvador (200 RB), Guatemala (100 RB), and Ecuador (100 RB). Net sales of 22,900 RB for 2024/2025 were reported for Honduras (16,900 RB), Bangladesh (5,800 RB), and Peru (200 RB).

Weekly Export Details

Exports of 367,600 RB were up 2 percent from the previous week and 7 percent from the prior 4-week average. The destinations were primarily to China (164,600 RB), Pakistan (51,700 RB), Vietnam (44,300 RB), Turkey (41,700 RB), and Bangladesh (12,200 RB). Net sales of Pima totaling 1,400 RB for 2023/2024 were down 89 percent from the previous week and 83 percent from the prior 4-week average. Increases were primarily for India (700 RB), Thailand (300 RB), and Turkey (300 RB). Exports of 5,200 RB were up 14 percent from the previous week and 11 percent from the prior 4-week average. The destinations were to China (3,000 RB), India (1,400 RB), Turkey (600 RB), Portugal (100 RB), and Thailand (100 RB).

Comments and Performance Indicators

Upland cotton export commitments are running 6.3% behind a year ago, compared to 5.7% behind 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: 18,700

Weekly Sales Details

Net sales of 18,700 MT for 2024 were up 48 percent from the previous week and 53 percent from the prior 4-week average. Increases were primarily for South Korea (6,100 MT, including decreases of 400 MT), Japan (5,000 MT, including decreases of 500 MT), Canada (1,700 MT), Taiwan (1,500 MT, including decreases of 100 MT), and Mexico (1,400 MT, including decreases of 200 MT).

Weekly Export Details

Exports of 13,300 MT were down 5 percent from the previous week and 12 percent from the prior 4-week average. The destinations were primarily to South Korea (3,800 MT), Japan (3,300 MT), China (2,500 MT), Mexico (1,100 MT), and Taiwan (1,000 MT).

Comments and Performance Indicators

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

Pork

Actual Sales (in MT)

2024: 28,700

Weekly Sales Details

Net sales of 28,700 MT for 2024 were down 48 percent from the previous week and 24 percent from the prior 4-week average. Increases primarily for Mexico (23,000 MT, including decreases of 500 MT), South Korea (3,000 MT, including decreases of 200 MT), Canada (1,200 MT, including decreases of 600 MT), Costa Rica (1,000 MT), and China (800 MT, including decreases of 100 MT), were offset by reductions for Australia (3,900 MT) and Japan (600 MT).

Weekly Export Details

Exports of 34,900 MT were up 2 percent from the previous week and 5 percent from the prior 4-week average. The destinations were primarily to Mexico (11,600 MT), South Korea (5,900 MT), Japan (4,600 MT), China (3,600 MT), and Canada (2,000 MT).

Comments and Performance Indicators

USDA projects exports in 2024 will rise 4.6% from last year.