Weekly corn sales prove solid at 1.18 MMT

Weekly corn sales during the week ended May 30, rose 46% from the previous week and 41% from the four-week average. Meanwhile, new-crop wheat sales topped pre-report expectations by 117,000 MT.

grain ship.jpg
grain ship.jpg
(Chip Flory)

USDA Weekly Export Sales Report

Week Ended May 30, 2024

Corn

Actual Sales (in MT)

2023-24: 1,180,900

Expectations (in MT)

2023-24: 600,000-1,200,000

Weekly Sales Details

Net sales of 1,180,900 MT for 2023/2024 were up 46 percent from the previous week and 41 percent from the prior 4-week average. Increases primarily for Mexico (380,200 MT, including 50,000 MT switched from unknown destinations and decreases of 21,400 MT), Japan (307,300 MT, including 49,700 MT switched from unknown destinations and decreases of 4,500 MT), Spain (271,800 MT), China (136,200 MT, including 130,000 MT switched from unknown destinations), and Colombia (75,700 MT, including 9,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (90,400 MT), Nicaragua (10,800 MT), the Philippines (7,100 MT), and South Korea (500 MT). Net sales of 113,300 MT for 2024/2025 primarily for Mexico (90,600 MT) and unknown destinations (20,000 MT), were offset by reductions for Costa Rica (9,900 MT).

Weekly Export Details

Exports of 1,488,600 MT were up 43 percent from the previous week and 27 percent from the prior 4-week average. The destinations were primarily to Mexico (538,600 MT), Japan (383,200 MT), Saudi Arabia (148,500 MT), China (136,200 MT), and Colombia (99,900 MT).

Comments and Performance Indicators

Export commitments are 33.7% ahead of a year-ago, compared to 31.2% ahead last week. USDA projects exports in 2023-24 at 2.150 billion bu., 29.4% above the previous marketing year.

Wheat

Actual Sales (in MT)

2023-24: (229,000)

Expectations (in MT)

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

Actual Sales (in MT)

2024-25: 616,900

Expectations (in MT)

2024-25: 200,000-550,000

Weekly Sales Details

Net sales reductions of 229,000 metric tons (MT) for 2023/2024 primarily for Colombia (21,800 MT, including 19,000 MT switched from unknown destinations and decreases of 300 MT), Ecuador (11,000 MT switched from unknown destinations), Indonesia (1,700 MT), Costa Rica (800 MT), and Belize (700 MT, including decreases of 100 MT), were more than offset by reductions primarily for Mexico (72,200 MT), unknown destinations (64,600 MT), the Philippines (54,400 MT), South Korea (33,100 MT), and Taiwan (25,800 MT). Net sales of 616,900 MT for 2024/2025 primarily for unknown destinations (136,600 MT), Taiwan (123,900 MT), the Philippines (115,000 MT), Mexico (101,000 MT), and China (60,500 MT), were offset by reductions for Panama (4,900 MT), Vietnam (3,000 MT), Canada (1,700 MT), and Thailand (1,000 MT).

Weekly Export Details

Exports of 449,800 MT were primarily to Mexico (107,600 MT), the Philippines (98,600 MT), South Korea (55,800 MT), Japan (37,500 MT), and Taiwan (37,500 MT).

Comments and Performance Indicators

USDA projects exports in 2023-24 at 720 million bu., down 5.1% from the previous marketing year, while 2024-25 exports are projected at 775 million bu.

Soybeans

Actual Sales (in MT)

2023-24: 189,600

Expectations (in MT)

2023-24: 175,000-650,000

Weekly Sales Details

Net sales of 189,600 MT for 2023/2024 were down 43 percent from the previous week and 42 percent from the prior 4-week average. Increases primarily for the Netherlands (56,700 MT, including 62,000 MT switched from unknown destinations and decreases of 5,300 MT), Egypt (54,400 MT, including decreases of 4,600 MT), Mexico (51,000 MT, including decreases of 5,100 MT), Indonesia (29,600 MT, including decreases of 7,600 MT), and Colombia (25,800 MT, including 1,700 MT switched from Venezuela and decreases of 300 MT), were offset by reductions primarily for unknown destinations (51,500 MT), South Korea (1,900 MT), and Venezuela (1,900 MT). Net sales of 73,800 MT for 2024/2025 were reported for unknown destinations (60,000 MT), Indonesia (7,500 MT), Taiwan (3,000 MT), Malaysia (2,000 MT), and South Korea (1,300 MT).

Weekly Export Details

Exports of 387,900 MT were up 86 percent from the previous week and 28 percent from the prior 4-week average. The destinations were primarily to China (86,900 MT), Mexico (78,900 MT), Turkey (59,500 MT), the Netherlands (56,700 MT), and Egypt (44,000 MT).

Comments and Performance Indicators

Export commitments are running 15.2% behind a year-ago, compared to 15.2% 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: 250,200

Expectations

2023-24: 100,000-350,000

Weekly Sales Details

Net sales of 250,200 MT for 2023/2024 were down 6 percent from the previous week, but up 9 percent from the prior 4-week average. Increases primarily for Colombia (66,200 MT, including 10,000 MT switched from unknown destinations, 1,300 MT switched from Venezuela, and decreases of 4,400 MT), the Philippines (47,300 MT), Panama (34,100 MT, including 20,000 MT switched from Venezuela), the Dominican Republic (28,300 MT), and Honduras (28,000 MT, including decreases of 6,600 MT), were offset by reductions primarily for Venezuela (20,700 MT), Mexico (13,400 MT), Bangladesh (2,800 MT), El Salvador (1,600 MT), and Thailand (1,300 MT). Net sales of 4,100 MT for 2024/2025 reported for Canada (4,800 MT), Mexico (1,900 MT), and the Philippines (1,400 MT), were offset by reductions for Venezuela (4,000 MT).

Weekly Export Details

Exports of 231,100 MT were down 8 percent from the previous week, but up 6 percent from the prior 4-week average. The destinations were primarily to Mexico (59,400 MT), the Philippines (52,200 MT), Algeria (31,200 MT), Colombia (25,800 MT), and Canada (13,900 MT).

Comments and Performance Indicators

Export commitments are 10.6% ahead of a year-ago, compared to 10.1% ahead last week. USDA projects exports in 2023-24 will increase 7.7% from the previous marketing year in 2022-23.

Soyoil

Actual Sales (in MT)

2023-24: 6,000

Expectations

2023-24: (5,000)-12,000

Weekly Sales Details

Net sales of 6,000 MT for 2023/2024 were down 42 percent from the previous week and 20 percent from the prior 4-week average. Increases were primarily for Jamaica (3,500 MT), Canada (1,700 MT, including decreases of 100 MT), and Mexico (700 MT, including decreases of 10,200 MT). Total net sales of 3,500 MT for 2024/2025 were for Mexico.

Weekly Export Details

Exports of 1,400 MT were down 89 percent from the previous week and 85 percent from the prior 4-week average. The destination was primarily Mexico (900 MT).

Comments and Performance Indicators

Export commitments are running 16.6% ahead of a year-ago, compared 11.7% ahead last week. USDA projects exports will decrease 7.6% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 138,700

Weekly Sales Details

Net sales of Upland totaling 138,700 RB for 2023/2024 were down 38 percent from the previous week and 34 percent from the prior 4-week average. Increases primarily for China (71,700 RB, including 1,100 RB switched from Hong Kong and 100 RB switched from Singapore), Pakistan (28,200 RB), Vietnam (25,100 RB, including 400 RB switched from South Korea), El Salvador (3,700 RB), and Bangladesh (3,400 RB), were offset by reductions for Hong Kong (1,100 RB), Taiwan (1,100 RB), South Korea (400 RB), and Singapore (100 RB). Net sales of 54,100 RB for 2024/2025 primarily for Mexico (28,700 RB), Vietnam (21,100 RB), South Korea (3,300 RB), Pakistan (2,200 RB), and China (2,200 RB), were offset by reductions for Turkey (4,400 RB) and Honduras (200 RB).

Weekly Export Details

Exports of 157,000 RB were down 9 percent from the previous week and 27 percent from the prior 4-week average. The destinations were primarily to China (56,200 RB), Mexico (15,400 RB), Turkey (14,600 RB), Pakistan (14,400 RB), and Vietnam (10,500 RB). Net sales of Pima totaling 2,000 RB for 2023/2024 were down 63 percent from the previous week and 68 percent from the prior 4-week average. Increases were reported for Pakistan (900 RB), Bangladesh (400 RB), Peru (400 RB), India (200 RB, including decreases of 1,200 RB), and Vietnam (100 RB). Exports of 8,100 RB were up 29 percent from the previous week, but down 2 percent from the prior 4-week average. The destinations were primarily to India (2,700 RB), Ethiopia (1,700 RB), Pakistan (1,000 RB), Vietnam (900 RB), and Brazil (400 RB).

Comments and Performance Indicators

Upland cotton export commitments are running % behind a year ago, compared to 6.2% 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: 14,500

Weekly Sales Details

Net sales of 14,500 MT for 2024 were down 8 percent from the previous week and 11 percent from the prior 4-week average. Increases were primarily for South Korea (6,000 MT, including decreases of 400 MT), Japan (3,400 MT, including decreases of 500 MT), Mexico (1,400 MT, including decreases of 100 MT), Canada (1,000 MT, including decreases of 100 MT), and Taiwan (900 MT, including decreases of 200 MT).

Weekly Export Details

Exports of 15,300 MT were down 5 percent from the previous week and 6 percent from the prior 4- week average. The destinations were primarily to Japan (4,300 MT), South Korea (3,200 MT), China (2,300 MT), Taiwan (1,500 MT), and Canada (1,300 MT).

Comments and Performance Indicators

USDA projects 2024 exports will fall 7.2% from a year ago.

Pork

Actual Sales (in MT)

2024: 29,900

Weekly Sales Details

Net sales of 29,900 MT for 2024 were down 33 percent from the previous week, but up 3 percent from the prior 4-week average. Increases primarily for China (8,900 MT, including decreases of 100 MT), Mexico (8,300 MT, including decreases of 300 MT), Japan (3,400 MT, including decreases of 300 MT), South Korea (2,800 MT, including decreases of 500 MT), and Canada (1,800 MT, including decreases of 600 MT), were offset by reductions for Taiwan (200 MT).

Weekly Export Details

Exports of 34,400 MT were down 1 percent from the previous week, but unchanged from the prior 4-week average. The destinations were primarily to Mexico (16,100 MT), Japan (5,100 MT), South Korea (3,600 MT), China (3,000 MT), and Canada (1,400 MT).

Comments and Performance Indicators

USDA projects exports in 2024 will rise 6.5% from last year.