Weekly corn export sales fade further; soybeans steady

USDA Weekly Export Sales Report

Week Ended June 15, 2023

Corn

Actual Sales (in MT)

2022-23: 36,000

Expectations (in MT)

2022-23: 0-600,000

Weekly Sales Details

Net sales of 36,000 MT for 2022/2023 were down 87 percent from the previous week and 74 percent from the prior 4-week average. Increases primarily for China (69,100 MT, including 68,000 MT switched from unknown destinations and decreases of 1,600 MT), Mexico (63,300 MT, including 31,000 MT switched from unknown destinations and decreases of 500 MT), Japan (36,500 MT, including 33,300 MT switched from unknown destinations), El Salvador (10,000 MT, including decreases of 800 MT), and Israel (9,000 MT), were offset by reductions for unknown destinations (132,300 MT), Honduras (17,500 MT), Canada (8,500 MT), and Guyana (7.300 MT). Net sales of 47,100 MT for 2023/2024 were reported for Honduras (33,200 MT), Canada (8,200 MT), and Mexico (5,700 MT).

Weekly Export Details

Exports of 668,300 MT were down 44 percent from the previous week and 50 percent from the prior 4-week average. The destinations were primarily to Mexico (283,500 MT), China (179,100 MT), Japan (150,900 MT), Panama (29,900 MT), and the Dominican Republic (10,000 MT).

Comments and Performance Indicators

Export commitments are 35.9% behind a year-ago compared to 35.3% behind last week. USDA projects exports in 2022-23 at 1.725billion bu., 30.2% below the previous marketing year.

Wheat

Actual Sales (in MT)

2023-24: 109,700

Expectations (in MT)

2023-24: 100,000-400,000

Weekly Sales Details

Net sales of 109,700 metric tons (MT) for 2023/2024 primarily for Taiwan (56,900 MT), Peru (33,000 MT), Mexico (26,900 MT), Venezuela (11,900 MT, including 13,000 MT switched from unknown destinations and decreases of 1,100 MT), and China (10,000 MT - late), were offset by reductions for the Philippines (20,700 MT), unknown destinations (13,000 MT), and Honduras (8,300 MT). Net sales of 14,200 MT for 2024/2025 were reported for Peru (11,000 MT), Ecuador (3,000 MT), and South Korea (200 MT).

Weekly Export Details

Exports of 155,900 MT were primarily to Ecuador (33,000 MT), South Korea (28,900 MT), Panama (26,300 MT), Mexico (21,100 MT), and Taiwan (19,300 MT).

Late Reporting: For 2023/2024, net sales totaling 11,958 MT of soft red winter wheat were reported late for China (9,958 MT) and Malaysia (2,000 MT). Exports of 1,030 MT soft red winter wheat were late to Malaysia.

Comments and Performance Indicators

Export commitments are running 23.0% behind a year-ago, compared to 17.6% behind 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)

2022-23: 457,500

Expectations (in MT)

2022-23: 100,000-600,000

Weekly Sales Details

Net sales of 457,500 MT for 2022/2023 were down 4 percent from the previous week, but up 98 percent from the prior 4-week average. Increases primarily for Taiwan (117,900 MT, including 20,000 MT switched from Japan, decreases of 1,500 MT, and 89,200 MT - late), Mexico (61,700 MT), China (49,600 MT, including decreases of 500 MT and 50,000 MT - late), unknown destinations (43,600 MT), and Egypt (35,800 MT), were offset by reductions for Colombia (4,300 MT), Bangladesh (500 MT), and Senegal (200 MT). Net sales of 168,800 MT for 2023/2024 were reported for Mexico (126,900 MT), Taiwan (28,500 MT), China (8,000 MT), and Malaysia (5,400 MT).

Weekly Export Details

Exports of 387,800 MT were up noticeably from the previous week and up 71 percent from the prior 4-week average. The destinations were primarily to Taiwan (90,500 MT, including 79,400 MT - late), Egypt (67,800 MT), China (53,500 MT, including 49,300 MT - late), Nepal (35,300 MT - late), and Indonesia (29,200 MT, including 9,100 MT - late)..

Comments and Performance Indicators

Export commitments are running 13.4% behind a year-ago, versus behind 14.1% last week. USDA projects exports in 2022-23 at 2.000 billion bu., down 8.3% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2022-23: 135,300

Expectations

2022-23: 150,000-300,000

Weekly Sales Details

Net sales of 135,300 MT for 2022/2023 were down 35 percent from the previous week and 52 percent from the prior 4-week average. Increases primarily for the United Kingdom (27,500 MT, including decreases of 2,500 MT), Venezuela (21,500 MT, including 25,000 MT switched from unknown destinations and decreases of 3,500 MT), Canada (20,100 MT, including decreases of 1,000 MT), Mexico (17,700 MT), and Indonesia (17,000 MT), were offset by reductions primarily for unknown destinations (19,000 MT), Panama (7,100 MT), Guyana (3,400 MT), Belgium (2,400 MT), and Japan (1,100 MT). Net sales of 11,100 MT for 2023/2024 were primarily for Panama (8,000 MT), Canada (1,100 MT), Japan (900 MT), and Guatemala (500 MT).

Weekly Export Details fade lackluster

Exports of 324,000 MT were up 18 percent from the previous week and 36 percent from the prior 4-week average. The destinations were primarily to the Philippines (90,100 MT), Romania (43,600 MT), Algeria (34,000 MT), the United Kingdom (30,500 MT), and the Dominican Republic (28,400 MT).

Comments and Performance Indicators

Export commitments are 3.6% ahead of a year-ago, compared to 2.3% ahead a week ago. USDA projects exports in 2022-23 will increase 3.5% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2022-23: 200

Expectations

2022-23: 0-10,000

Weekly Sales Details

Net sales of 200 MT for 2022/2023 were down 90 percent from the previous week and 91 percent from the prior 4-week average. Increases were primarily for Canada (100 MT).

Weekly Export Details

Exports of 600 MT were down 94 percent from the previous week and 90 percent from the prior 4-week average. The destinations were to Canada (400 MT) and the Dominican Republic (200 MT).

Comments and Performance Indicators

Export commitments are running 81.2% behind a year-ago, compared to 81.2% behind last week. USDA projects exports will decrease 74.6% this season.

Cotton

Actual Upland Sales (in RB)

2022-23: 42,700

Weekly Sales Details

Net sales of 42,700 RB for 2022/2023 were down 57 percent from the previous week and 83 percent from the prior 4-week average. Increases primarily for Bangladesh (35,400 RB), China (33,600 RB), Taiwan (6,900 RB), Egypt (2,200 RB), and Malaysia (1,900 RB), were offset by reductions primarily for Turkey (20,300 RB), Pakistan (15,500 RB), and Vietnam (4,300 RB). Net sales of 187,600 RB for 2023/2024 were primarily for China (137,300 RB), Turkey (24,400 RB), Honduras (10,900 RB), Singapore (4,400 RB), and Nicaragua (4,200 RB).

Weekly Export Details

Exports of 236,800 RB were down 3 percent from the previous week and 15 percent from the prior 4-week average. The destinations were primarily to China (53,500 RB), Vietnam (43,300 RB), Pakistan (43,100 RB), Turkey (28,100 RB), and Mexico (11,600 RB). Net sales of Pima totaling 2,000 RB for 2022/2023 were up 2 percent from the previous week, but down 26 percent from the prior 4-week average. Increases reported for Egypt (1,100 RB), Thailand (900 RB), and Vietnam (200 RB switched from Hong Kong), were offset by reductions for Hong Kong (200 RB). Exports of 4,100 RB were up noticeably from the previous week, but down 68 percent from the prior 4-week average. The destinations were to India (2,600 RB), Peru (900 RB), and Vietnam (600 RB).

Comments and Performance Indicators

Export commitments are running 12.2% behind a year-ago, versus 12.4% behind last week. USDA forecasts total cotton exports will fall 11.1% from a year ago to 13.00 million bales in 2022-23.

Beef

Actual Sales (in MT)

2023: 13,300

Weekly Sales Details

Net sales of 13,300 MT for 2023 were up 4 percent from the previous week, but down 14 percent from the prior 4-week average. Increases were primarily for China (4,700 MT, including decreases of 200 MT), Japan (2,900 MT, including decreases of 300 MT), South Korea (1,900 MT, including decreases of 400 MT), Canada (1,200 MT, including decreases of 200 MT), and Mexico (500 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 17,800 MT were up 11 percent from the previous week and 12 percent from the prior 4-week average. The destinations were primarily to South Korea (4,200 MT), Japan (4,000 MT), China (3,300 MT), Taiwan (1,500 MT), and Mexico (1,500 MT).

Comments and Performance Indicators

USDA projects 2022 exports will fall 11.3% from a year ago.

Pork

Actual Sales (in MT)

2023: 28,700

Weekly Sales Details

Net sales of 28,700 MT for 2023 were up 7 percent from the previous week and 10 percent from the prior 4-week average. Increases were primarily for Mexico (12,100 MT, including decreases of 200 MT), Canada (5,000 MT, including decreases of 500 MT), South Korea (3,100 MT, including decreases of 1,200 MT), Japan (3,100 MT, including decreases of 300 MT), and China (1,600 MT, including decreases of 600 MT).

Weekly Export Details

Exports of 30,300 MT were down 16 percent from the previous week and 9 percent from the prior 4- week average. The destinations were primarily to Mexico (9,800 MT), China (4,900 MT), Japan (3,200 MT), South Korea (2,600 MT), and Canada (2,100 MT).

Comments and Performance Indicators

USDA projects exports in 2023 will rise 0.7% from last year.