Weekly corn, soybean sales rise on the week

USDA Weekly Export Sales Report

Week Ended April 11, 2024

Corn

Actual Sales (in MT)

2023-24: 501,200

Expectations (in MT)

2023-24: 300,000-900,000

Weekly Sales Details

Net sales of 501,200 MT for 2023/2024 were up 54 percent from the previous week, but down 45 percent from the prior 4-week average. Increases primarily for Colombia (273,700 MT, including 177,500 MT switched from unknown destinations, decreases of 38,600 MT, and 23,000 MT - late), Mexico (87,700 MT, including decreases of 1,000 MT), China (71,500 MT including 65,000 MT switched from unknown destinations), Saudi Arabia (55,000 MT), and Japan (53,500 MT, including 115,000 MT switched from unknown destinations, 63,000 MT switched from South Korea, and decreases of 18,100 MT), were offset by reductions primarily for unknown destinations (78,300 MT) and South Korea (53,200 MT). Total net sales of 65,000 MT for 2024/2025 were for unknown destinations.

Weekly Export Details

Exports of 1,546,200 MT were down 7 percent from the previous week, but up 4 percent from the prior 4-week average. The destinations were primarily to Mexico (515,400 MT), Colombia (313,100 MT, including 107,500 MT - late), Japan (293,500 MT), South Korea (192,800 MT), and China (71,500 MT).

Comments and Performance Indicators

Export commitments are 17.4% ahead of a year-ago, compared to 17.1% 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: (93,600)

Expectations (in MT)

2023-24: (100,000)-200,000

Actual Sales (in MT)

2024-25: 222,000

Expectations (in MT)

2024-25: 150,000-400,000

Weekly Sales Details

Net sales reductions of 93,600 metric tons (MT) for 2023/2024 were down noticeably from the previous week and from the prior 4-week average. Increases primarily for Indonesia (27,000 MT), Honduras (11,200 MT, including decreases of 1,100 MT), the Philippines (9,900 MT, including decreases of 1,500 MT), the Leeward-Windward Islands (9,500 MT), and Mexico (8,900 MT, including decreases of 900 MT), were more than offset by reductions for China (123,700 MT), unknown destinations (48,000 MT), Nicaragua (16,000 MT), Jamaica (700 MT), and Colombia (700 MT). Net sales of 222,000 MT for 2024/2025 were primarily for Mexico (74,200 MT), unknown destinations (65,000 MT), Japan (27,500 MT), Italy (20,000 MT), and the Dominican Republic (17,800 MT).

Weekly Export Details

Exports of 487,800 MT were down 22 percent from the previous week, but unchanged from the prior 4-week average. The destinations were primarily to the Philippines (161,900 MT), China (128,300 MT), Mexico (58,900 MT), South Korea (40,600 MT), and Taiwan (38,700 MT).

Comments and Performance Indicators

Export commitments are running 1.1% ahead of year-ago, compared to 3.0% 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: 485,800

Expectations (in MT)

2023-24: 300,000-650,000

Weekly Sales Details

Net sales of 485,800 MT for 2023/2024 were up 59 percent from the previous week and 62 percent from the prior 4-week average. Increases primarily for China (131,000 MT, including 121,000 MT switched from unknown destinations and decreases of 600 MT), Mexico (84,500 MT, including decreases of 3,700 MT), Indonesia (77,500 MT, including 68,000 MT switched from unknown destinations and decreases of 2,000 MT), unknown destinations (59,500 MT), and Germany (57,500 MT), were offset by reductions for Venezuela (27,300 MT). Net sales of 263,200 MT for 2024/2025 were reported for unknown destinations (254,000 MT), Taiwan (9,000 MT), and Japan (200 MT).

Weekly Export Details

Exports of 481,000 MT were down 5 percent from the previous week and 25 percent from the prior 4- week average. The destinations were primarily to China (196,000 MT), Indonesia (97,100 MT), Germany (57,500 MT), Egypt (55,000 MT), and Mexico (21,400 MT).

Comments and Performance Indicators

Export commitments are running 17.6% behind a year-ago, compared to 18.5% behind last week. USDA projects exports in 2023-24 at 1.700 billion bu., down 14.7% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2023-24: 129,800

Expectations

2023-24: 100,000-300,000

Weekly Sales Details

Net sales of 129,800 MT for 2023/2024 were down 31 percent from the previous week and 32 percent from the prior 4-week average. Increases primarily for Mexico (64,600 MT, including decreases of 15,600 MT), Ireland (19,500 MT, including 18,000 MT switched from unknown destinations), the Dominican Republic (17,000 MT), Ecuador (10,900 MT), and Canada (10,500 MT), were offset by reductions primarily for unknown destinations (21,900 MT), Colombia (10,500 MT), Nicaragua (4,200 MT), Morocco (2,400 MT), and Belgium (2,000 MT). Total net sales of 1,000 MT for 2024/2025 were for Canada.

Weekly Export Details

Exports of 349,800 MT were up 25 percent from the previous week and 20 percent from the prior 4-week average. The destinations were primarily to the Philippines (113,400 MT), Colombia (53,000 MT, including 5,700 MT - late), Mexico (38,500 MT), Canada (35,700 MT), and Ecuador (32,900 MT).

Comments and Performance Indicators

Export commitments are 13.9% ahead of a year-ago, compared to 14.3% 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: 100

Expectations

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

Weekly Sales Details

Net sales of 100 MT for 2023/2024 were down 97 percent from the previous week and 96 percent from the prior 4-week average. Increases reported for Mexico (400 MT) were offset by reductions for Canada (200 MT).

Weekly Export Details

Exports of 1,700 MT were up 58 percent from the previous week, but down 81 percent from the prior 4-week average. The destinations were primarily to Mexico (1,100 MT), Canada (400 MT), and the United Arab Emirates (100 MT).

Comments and Performance Indicators

Export commitments are running 14.8% behind a year-ago, compared to 14.8% behind last week. USDA projects exports will decrease 7.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 146,100

Weekly Sales Details

Net sales of Upland totaling 146,100 RB for 2023/2024 were up 79 percent from the previous week and 64 percent from the prior 4-week average. Increases primarily for China (92,600 RB, including decreases of 3,500 RB), Pakistan (9,600 RB), Vietnam (9,000 RB, including 1,800 RB switched from China and 100 RB switched from South Korea), Bangladesh (5,500 RB), and El Salvador (3,900 RB), were offset by reductions for Costa Rica (600 RB). Net sales of 80,100 RB for 2024/2025 were primarily for Honduras (45,100 RB), Peru (10,500 RB), Pakistan (6,600 RB), Bangladesh (6,600 RB), and Mexico (6,500 RB).

Weekly Export Details

Exports of 266,700 RB were down 3 percent from the previous week and 24 percent from the prior 4-week average. The destinations were primarily to China (112,700 RB), Pakistan (46,700 RB), Vietnam (36,400 RB), Turkey (27,100 RB), and Mexico (7,600 RB). Net sales of Pima totaling 2,700 RB for 2023/2024 were down 66 percent from the previous week and 57 percent from the prior 4-week average. Increases reported for India (2,500 RB, including 500 RB switched from Italy), Brazil (400 RB), Bangladesh (200 RB), Thailand (100 RB), and Vietnam (100 RB), were offset by reductions for Italy (500 RB) and Japan (100 RB). Exports of 5,900 RB were down 63 percent from the previous week and 12 percent from the prior 4-week average. The destinations were primarily to India (3,100 RB), China (700 RB), Brazil (700 RB), Egypt (400 RB), and Italy (300 RB).

Comments and Performance Indicators

Upland cotton export commitments are running 6.0% behind a year ago, compared to 6.7% behind last week. USDA forecasts total cotton exports will fall 7.7% from a year ago to 12.30 million bales in 2023-24.

Beef

Actual Sales (in MT)

2024:  17,700

Weekly Sales Details

Net sales of 17,700 MT for 2024 were up 30 percent from the previous week and 27 percent from the prior 4-week average. Increases were primarily for South Korea (5,400 MT, including decreases of 400 MT), China (3,600 MT, including decreases of 100 MT), Japan (2,800 MT, including decreases of 300 MT), Taiwan (2,100 MT, including decreases of 100 MT), and Mexico (1,800 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 16,700 MT--a marketing-year high--were up 21 percent from the previous week and 20 percent from the prior 4-week average. The destinations were primarily to Japan (4,700 MT), South Korea (4,600 MT), China (2,800 MT), Mexico (1,400 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: 21,800

Weekly Sales Details

Net sales of 21,800 MT for 2024--a marketing-year low--were down 54 percent from the previous week and 47 percent from the prior 4-week average. Increases were primarily for Mexico (8,500 MT, including decreases of 300 MT), China (3,000 MT, including decreases of 100 MT), Japan (2,900 MT, including decreases of 200 MT), Colombia (1,400 MT, including decreases of 100 MT), and South Korea (1,200 MT, including decreases of 400 MT).

Weekly Export Details

Exports of 41,700 MT were up 18 percent from the previous week and 22 percent from the prior 4-week average. The destinations were primarily to Mexico (16,200 MT), Japan (6,500 MT), South Korea (5,600 MT), China (3,600 MT), and Canada (1,900 MT).

Comments and Performance Indicators

USDA projects exports in 2024 will rise 7.7% from last year.