Another week of notable soybean sales

USDA Weekly Export Sales Report

Week Ended Oct. 12, 2023

Corn

Actual Sales (in MT)

2023-24: 881,300

Expectations (in MT)

2023-24: 500,000-1,100,000

Weekly Sales Details

Net sales of 881,300 MT for 2023/2024 were down 3 percent from the previous week and 15 percent from the prior 4-week average. Increases primarily for Mexico (260,300 MT, including decreases of 2,600 MT), Guatemala (147,000 MT), Colombia (139,200 MT, including 50,000 MT switched from unknown destinations and decreases of 2,000 MT), unknown destinations (121,300 MT), and Japan (102,500 MT, including 42,500 MT switched from unknown destinations), were offset by reductions for Costa Rica (7,000 MT) and Canada (1,200 MT). Total net sales of 10,100 MT for 2024/2025 were for Mexico.

Weekly Export Details

Exports of 516,300 MT--a marketing-low--were down 37 percent from the previous week and 25 percent from the prior 4-week average. The destinations were primarily to Mexico (280,300 MT), Colombia (170,400 MT), Japan (42,500 MT), El Salvador (11,200 MT), and Taiwan (11,000 MT).

Comments and Performance Indicators

Export commitments are 17.0% ahead a year-ago, compared to 14.0% ahead last week. USDA projects exports in 2023-24 at 2.025 billion bu., 21.9% above the previous marketing year.

Wheat

Actual Sales (in MT)

2023-24: 632,800

Expectations (in MT)

2023-24: 350,000-800,000

Weekly Sales Details

Net sales of 632,800 metric tons (MT) for 2023/2024 were down 3 percent from the previous week, but up 42 percent from the prior 4-week average. Increases primarily for China (181,500 MT), the Philippines (125,000 MT), unknown destinations (85,000 MT), Mexico (70,700 MT), and Nigeria (56,100 MT, including 55,200 MT switched from unknown destinations), were offset by reductions for South Korea (17,000 MT) and Guatemala (7,800 MT). Total net sales of 30,000 MT for 2024/2025 were for unknown destinations.

Weekly Export Details

Exports of 385,100 MT were up 12 percent from the previous week, but down 4 percent from the prior 4-week average. The destinations were primarily to Japan (175,100 MT), Nigeria (56,100 MT), South Korea (38,600 MT), Mexico (27,800 MT), and Algeria (20,500 MT).

Comments and Performance Indicators

Export commitments are running 5.0% behind a year-ago, compared to 9.3% behind last week. USDA projects exports in 2023-24 at 700 million bu., down 7.8% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2023-24: 1,371,900

Expectations (in MT)

2023-24: 950,000-1,625,000

Weekly Sales Details

Net sales of 1,371,900 MT for 2023/2024 were up 30 percent from the previous week and 92 percent from the prior 4-week average. Increases primarily for China (946,700 MT, including 622,100 MT switched from unknown destinations and decreases of 16,500 MT), Spain (192,100 MT, including 178,000 MT switched from unknown destinations), Mexico (152,700 MT, including 47,500 MT switched from unknown destinations and decreases of 1,200 MT), Japan (84,100 MT, including 53,300 MT switched from unknown destinations and decreases of 2,000 MT), and Tunisia (30,000 MT), were offset by reductions for unknown destinations (85,500 MT) and Malaysia (1,500 MT).

Weekly Export Details

Exports of 1,990,500 MT were up 39 percent from the previous week and up noticeably from the prior 4-week average. The destinations were primarily to China (1,349,500 MT), Mexico (295,600 MT), Spain (192,100 MT), Japan (106,200 MT), and Indonesia (15,000 MT).

Comments and Performance Indicators

Export commitments are running 31.4% behind a year-ago, compared to 30.8% behind last week. USDA projects exports in 2023-24 at 1.755 billion bu., down 11.9% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2023-24: 434,700

Expectations

2023-24: 150,000-550,000

Weekly Sales Details

Net sales of 434,700 MT for 2023/2024 primarily for Canada (166,100 MT, including decreases of 600 MT), unknown destinations (90,000 MT), El Salvador (57,200 MT, including 17,900 MT switched from Guatemala, 200 MT switched from Nicaragua, and decreases of 1,200 MT), Vietnam (53,900 MT, including 45,000 MT switched from Indonesia and decreases of 6,000 MT), and Colombia (31,500 MT, including decreases of 1,100 MT), were offset by reductions primarily for Indonesia (40,300 MT), Guatemala (15,500 MT), Nicaragua (4,100 MT), Malaysia (4,000 MT), and Bangladesh (4,000 MT). Total net sales of 2,700 MT for 2024/2025 were for Canada.

Weekly Export Details fade lackluster

Exports of 193,700 MT were primarily to Colombia (72,800 MT), Mexico (24,700 MT), El Salvador (21,200 MT), Canada (15,800 MT), and the Dominican Republic (14,700 MT).

Comments and Performance Indicators

Export commitments are 38.1% ahead of a year-ago, compared to 48.3% ahead last week. USDA projects exports in 2022-23 will increase 5.2% from the previous marketing year in 2023-24.

Soyoil

Actual Sales (in MT)

2023-24: 3,800

Expectations

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

Weekly Sales Details

Net sales of 3,800 MT for 2023/2024 were primarily for Canada (3,500 MT, including decreases of 1,500 MT). Total net sales of 600 MT for 2024/2025 were for Canada.

Weekly Export Details

Exports of 700 MT were to Canada (600 MT) and Mexico (100 MT).

Comments and Performance Indicators

Export commitments are running 28.6% behind a year-ago, compared to 14.5% behind last week. USDA projects exports will decrease 5.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 71,300 RB

Weekly Sales Details

Net sales of 71,300 RB for 2023/2024 were up 64 percent from the previous week, but down 36 percent from the prior 4-week average. Increases primarily for Guatemala (21,100 RB), China (20,700 RB, including decreases of 100 RB), Bangladesh (19,300 RB), Peru (8,400 RB), and Vietnam (6,500 RB, including 2,500 RB switched from South Korea and decreases of 1,800 RB), were offset by reductions for Thailand (5,100 RB), South Korea (2,500 RB), Pakistan (2,300 RB), Turkey (2,200 RB), and Nicaragua (1,400 RB). Net sales of 7,500 MT for 2024/2025 were reported for Thailand (5,300 RB) and Turkey (2,200 RB).

Weekly Export Details

Exports of 109,900 RB were up 6 percent from the previous week, but down 22 percent from the prior 4-week average. The destinations were primarily to China (43,900 RB), Bangladesh (11,700 RB), Pakistan (9,800 RB), Mexico (9,200 RB), and Vietnam (6,300 RB). Net sales of Pima totaling 7,200 RB for 2023/2024 were up noticeably from the previous week and up 22 percent from the prior 4-week average. Increases were primarily for Mexico (5,000 RB), Thailand (1,100 RB), China (400 RB), and Turkey (400 RB). Exports of 1,000 RB were down 72 percent from the previous week and 70 percent from the prior 4-week average. The destinations were to India (900 RB) and Malaysia (100 RB).

Comments and Performance Indicators

Export commitments are running 29.6% behind a year-ago, compared to 29.7% behind last week. USDA forecasts total cotton exports will fall 4.5% from a year ago to 14.35 million bales in 2023-24.

Beef

Actual Sales (in MT)

2023: 400

Weekly Sales Details

Net sales of 400 MT for 2023--a marketing-year low--were down 95 percent from the previous week and 97 percent from the prior 4-week average. Increases were primarily for South Korea (2,800 MT, including decreases of 400 MT), Japan (1,500 MT, including decreases of 500 MT), Hong Kong (100 MT, including decreases of 100 MT), the Netherlands (100 MT), and Peru (100 MT). Net sales of 200 MT for 2024 were reported for South Korea (100 MT) and Canada (100 MT).

Weekly Export Details

Exports of 13,700 MT were down 12 percent from the previous week and 11 percent from the prior 4-week average. The destinations were primarily to Japan (3,600 MT), South Korea (3,100 MT), China (2,300 MT), Mexico (1,200 MT), and Canada (1,100 MT).

Comments and Performance Indicators

USDA projects 2023 exports will fall 6.2% from a year ago.

Pork

Actual Sales (in MT)

2023: 30,700

Weekly Sales Details

Net sales of 30,700 MT for 2023 up 46 percent from the previous week and 10 percent from the prior 4-week average. Increases were primarily for Mexico (9,100 MT, including decreases of 200 MT), Japan (6,200 MT, including decreases of 300 MT), South Korea (4,000 MT, including decreases of 400 MT), China (2,000 MT, including decreases of 100 MT), and Colombia (1,900 MT, including decreases of 100 MT). Total net sales of 900 MT for 2024 were for South Korea.

Weekly Export Details

Exports of 25,800 MT were down 8 percent from the previous week and from the prior 4-week average. The destinations were primarily to Mexico (8,700 MT), Japan (3,800 MT), China (2,800 MT), South Korea (2,200 MT), and Canada (2,100 MT).

Comments and Performance Indicators

USDA projects exports in 2023 will rise 2.8% from last year.