Weekly export sales meet trade expectations

USDA Weekly Export Sales Report

Week Ended July 14, 2022

Corn

Actual Sales (in MT)

2021-22: 33,900
2022-23: 570,200

Expectations (in MT)

2021-22: (100,00)-200,000
2022-23: 100,000-500,000

Weekly Sales Details

Net sales of 33,900 MT for 2021/2022 were down 43 percent from the previous week and 82 percent from the prior 4-week average. Increases primarily for Japan (87,300 MT, including 87,700 MT switched from unknown destinations and decreases of 2,600 MT), Mexico (38,800 MT, including decreases of 1,900 MT), Venezuela (10,200 MT switched from unknown destinations), El Salvador (2,000 MT), and South Korea (1,400 MT, including decreases of 1,000 MT), were offset by reductions primarily for unknown destinations (94,600 MT). Net sales of 570,200 MT for 2022/2023 primarily for unknown destinations (162,700 MT), Mexico (158,700 MT), Japan (85,100 MT), China (66,500 MT), and Honduras (49,900 MT), were offset by reductions for Canada (2,500 MT).

Weekly Export Details

Exports of 1,109,100 MT were up 21 percent from the previous week and 2 percent from the prior 4- week average. The destinations were primarily to China (455,700 MT), Mexico (307,100 MT), Japan (228,200 MT), Canada (44,800 MT), and Costa Rica (30,600 MT).

Comments and Performance Indicators

Export commitments are 13.4% behind year-ago, compared with 13.4% behind last week. USDA projects exports in 2021-22 at 2.450 billion bu., 11.0% below the previous marketing year.

Wheat

Actual Sales (in MT)

2022-23: 511,100

Expectations (in MT)

2022-23: 300,000-850,000

Weekly Sales Details

Net sales of 511,100 metric tons (MT) for 2022/2023 were down 50 percent from the previous week and 10 percent from the prior 4-week average. Increases primarily for the Philippines (110,100 MT, including decreases of 1,400 MT), unknown destination (107,000 MT), Nigeria (89,800 MT, including decreases of 2,200 MT), Mexico (50,700 MT, including decreases of 100 MT), and Taiwan (44,700 MT), were offset by reductions for Egypt (32,000 MT), South Korea (19,200 MT), and Honduras (700 MT).

Weekly Export Details

Exports of 141,800 MT were down 48 percent from the previous week and 50 percent from the prior 4-week average. The destinations were primarily to Nigeria (27,800 MT), Brazil (26,000 MT), the Philippines (22,600 MT), Venezuela (21,300 MT), and Honduras (18,300 MT).

Comments and Performance Indicators

Export commitments are running 0.1% behind year-ago, compared with 0.6% behind last week. USDA projects exports in 2022-23 at 775 million bu., down 3.7% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2021-22: 203,500
2022-23: 254,700

Expectations (in MT)

2021-22: (200,000)-200,000
2022-23: 0-500,000

Weekly Sales Details

Net sales of 203,500 MT for 2021/2022 were primarily for China (146,900 MT, including 125,000 MT switched from unknow destinations), Indonesia (72,200 MT, including 68,000 MT switched from unknown destinations and decreases of 100 MT), Germany (68,800 MT), Japan (55,100 MT, including 50,200 MT switched from unknown destinations and decreases of 2,900 MT), and Mexico (13,200 MT, including decreases of 300 MT), were offset by reductions for unknown destinations (172,900 MT). Net sales of 254,700 MT for 2022/2023 were primarily for China (136,000 MT), Egypt (52,000 MT), Mexico (27,000 MT), unknown destinations (19,000 MT), and Japan (13,500 MT).

Weekly Export Details

Exports of 499,900 MT were up 13 percent from the previous week and 10 percent from the prior 4-week average. The destinations were primarily to China (140,000 MT), Japan (117,800 MT), Indonesia (80,900 MT), Germany (68,800 MT), and Mexico (56,800 MT).

Comments and Performance Indicators

Export commitments are running 3.9% behind year-ago versus 2.2% behind last week. USDA projects exports in 2021-22 at 2.170 billion bu., down 4.0% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2021-22: 109,300
2022-23: 27,600

Expectations

2021-22: 0-300,000
2022-23: 0-150,000

Weekly Sales Details

Net sales of 109,300 MT for 2021/2022 were up noticeably from the previous week and from the prior 4-week average. Increases primarily for the Philippines (96,500 MT), Panama (11,800 MT, including 10,800 MT switched from Colombia), Canada (11,200 MT, including decreases of 200 MT), Costa Rica (6,000 MT), and Mexico (5,000 MT), were offset by reductions primarily for the Dominican Republic (22,300 MT), unknown destinations (1,400 MT), and Belgium (1,200 MT). Net sales of 27,600 MT for 2022/2023 were primarily for Honduras (16,800 MT) and the Dominican Republic (6,200 MT).

Weekly Export Details

Exports of 150,000 MT were unchanged from the previous week, but down 33 percent from the prior 4-week average. The destinations were primarily to the Philippines (49,900 MT), Mexico (24,400 MT), Colombia (22,200 MT), Canada (21,400 MT), and Panama (10,800 MT).

Comments and Performance Indicators

Export commitments are 1.8% behind year-ago versus 5% ahead last week. USDA projects exports in 2021-22 will increase 1.7% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2021-22: 600
2022-23: 0

Expectations

2021-22: 0-25,000
2022-23: 0-10,000

Weekly Sales Details

Net sales of 600 MT for 2021/2022 were down 38 percent from the previous week and 29 percent from the prior 4-week average. Increases were reported for Canada (300 MT) and Guatemala (300 MT).

Weekly Export Details

Exports of 300 MT were down 98 percent from the previous week and 95 percent from the prior 4-week average. The destination was to Canada.

Comments and Performance Indicators

Export commitments are running 1% ahead of year-ago, compared with 1.5% ahead last week. USDA projects exports will increase 4.5% this season.

Cotton

Actual Upland Sales (in RB)

2021-22: 54,100
2022-23: 400

Weekly Sales Details

Net sales of 54,100 RB for 2021/2022 were up noticeably from the previous week and up 93 percent from the prior 4-week average. Increases primarily for Vietnam (64,200 RB, including decreases of 100 RB), China (3,100 RB, including decreases of 9,000 RB), Indonesia (2,100 RB, including 700 RB switched from Pakistan, 400 RB switched from Japan, and decreases of 100 RB), Honduras (800 RB), and Thailand (700 RB, including 300 RB switched from Japan), were offset by reductions primarily for Pakistan (13,500 RB), South Korea (2,200 RB), and Japan (1,100 RB). Net sales of 113,200 RB for 2022/2023 primarily for Vietnam (37,400 RB), Turkey (29,000 RB), Malaysia (9,200 RB), Ecuador (7,600 RB), and Honduras (6,600 RB), were offset by reductions for El Salvador (100 RB). Exports of 330,800 RB were up 6 percent from the previous week, but down 7 percent from the prior 4-week average. The destinations were primarily to China (116,500 RB), Vietnam (53,900 RB), Turkey (42,800 RB), Pakistan (22,200 RB), and Mexico (21,900 RB). Net sales reductions of 2,600 RB of Pima--a marketing-year low--were down noticeably from the previous week and from the prior 4-week average. Increases reported for Thailand (900 RB), were more than offset by reductions for India (3,500 MT). Total net sales of 400 RB for 2022/2023 were reported for India.

Weekly Export Details

Exports of 5,300 RB were up 23 percent from the previous week, but down 21 percent from the prior 4-week average. The destinations were to China (2,300 RB), India (1,200 RB), Egypt (600 RB), Vietnam (400 RB), and Taiwan (400 RB).

Comments and Performance Indicators

Export commitments are 3% behind year-ago, compared with 3.1% behind last week. USDA forecasts total cotton exports will fall 9.9% from a year ago to 14.75 million bales in 2021-22.

Beef

Actual Sales (in MT)

2022: 23,800

Weekly Sales Details

Net sales of 23,800 MT for 2022 were up noticeably from the previous week and up 97 percent from the prior 4-week average. Increases primarily for South Korea (7,700 MT, including decreases of 500 MT), Japan (5,800 MT, including decreases of 500 MT), China (3,100 MT, including decreases of 100 MT), Mexico (1,900 MT, including decreases of 100 MT), and Hong Kong (1,600 MT, including decreases of 100 MT), were offset by reductions for the United Arab Emirates (200 MT) and Chile (100 MT).

Weekly Export Details

Exports of 19,600 MT were up 14 percent from the previous week and 3 percent from the prior 4-week average. The destinations were primarily to Japan (5,800 MT), South Korea (5,500 MT), China (3,300 MT), Mexico (1,200 MT), and Taiwan (1,100 MT).

Comments and Performance Indicators

USDA projects 2022 exports will decline 0.8% from a year ago.

Pork

Actual Sales (in MT)

2022: 20,600

Weekly Sales Details

Net sales of 20,600 MT for 2022 were up 13 percent from the previous week, but down 23 percent from the prior 4-week average. Increases were primarily for Mexico (10,500 MT, including decreases of 400 MT), Japan (2,600 MT, including decreases of 200 MT), China (2,500 MT, including decreases of 300 MT), Canada (1,600 MT, including decreases of 400 MT), and Colombia (1,600 MT, including decreases of 100 MT).

Weekly Export Details

Net sales of 20,600 MT for 2022 were up 13 percent from the previous week, but down 23 percent from the prior 4-week average. Increases were primarily for Mexico (10,500 MT, including decreases of 400 MT), Japan (2,600 MT, including decreases of 200 MT), China (2,500 MT, including decreases of 300 MT), Canada (1,600 MT, including decreases of 400 MT), and Colombia (1,600 MT, including decreases of 100 MT).

Comments and Performance Indicators

USDA projects exports in 2022 will drop 5.8% from last year.