Weekly export sales reveal corn shy of low-end expectations

USDA Weekly Export Sales Report

Week Ended Nov. 3, 2022

Corn

Actual Sales (in MT)

2022-23: 265,300

Expectations (in MT)

2022-23: 300,000-650,000

Weekly Sales Details

Net sales of 265,300 MT for 2022/2023 primarily for Mexico (157,500 MT, including decreases of 60,700 MT), Canada (48,800 MT, including decreases of 2,600 MT), Guatemala (29,500 MT), El Salvador (18,500 MT, including decreases of 14,000 MT), and unknown destinations (11,100 MT), were offset by reductions for Honduras (24,200 MT) and Japan (1,500 MT).

Weekly Export Details

Exports of 259,400 MT were primarily to Mexico (214,500 MT), Canada (15,600 MT), Nicaragua (7,800 MT), El Salvador (7,000 MT), and Honduras (5,500 MT).

Comments and Performance Indicators

Export commitments are 54.1% behind a year-ago compared to 53.3% behind last week. USDA projects exports in 2022-23 at 2.150 billion bu., 13% below the previous marketing year.

Wheat

Actual Sales (in MT)

2022-23: 322,500

Expectations (in MT)

2022-23: 250,000-600,000

Weekly Sales Details

Net sales of 322,500 metric tons (MT) for 2022/2023 primarily for unknown destinations (77,500 MT), South Korea (63,000 MT), Japan (60,600 MT), Thailand (55,800 MT), and Spain (20,000 MT - late), were offset by reductions for Colombia (500 MT) and Ecuador (100 MT).

Weekly Export Details

Exports of 151,500 MT were primarily to the Philippines (65,000 MT), Japan (38,000 MT), Mexico (18,100 MT), Ecuador (10,000 MT), and Colombia (9,500 MT).

Comments and Performance Indicators

Export commitments are running 5.9% behind a year-ago, compared to 6.4% behind last week. USDA projects exports in 2022-23 at 775 million bu., down 3.1% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2022-23: 794,800

Expectations (in MT)

2022-23: 600,000-1,200,000

Weekly Sales Details

Net sales of 794,800 MT for 2022/2023 primarily for China (927,100 MT, including 594,000 MT switched from unknown destinations and decreases of 13,000 MT), Japan (164,700 MT, including 102,000 MT switched from unknown destinations and decreases of 600 MT), Mexico (124,600 MT, including decreases of 2,500 MT), the Netherlands (90,400 MT, including 84,500 MT switched from unknown destinations and decreases of 400 MT), and Turkey (80,700 MT, including 65,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (767,000 MT).

Weekly Export Details

Exports of 2,752,300 MT were primarily to China (1,968,200 MT), Mexico (254,900 MT), Japan (107,400 MT), the Netherlands (90,400 MT), and Spain (70,800 MT).

Comments and Performance Indicators

Export commitments are running 0.4% behind a year-ago, versus 0.1% ahead last week. USDA projects exports in 2022-23 at 2.045 billion bu., down 5.2% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2022-23: 170,200

Expectations

2022-23: 100,000-300,000

Weekly Sales Details

Net sales of 170,200 MT for 2022/2023 primarily for Morocco (54,000 MT), Japan (50,400 MT), Ecuador (27,300 MT, including 2,500 MT switched from Colombia and decreases of 300 MT), Canada (22,500 MT, including decreases of 200 MT), and Mexico (14,500 MT, including decreases of 100 MT), were offset by reductions primarily for unknown destinations (60,000 MT). Total net sales reductions of 200 MT for 2023/2024 were for Canada.

Weekly Export Details

Exports of 165,900 MT were primarily to the Philippines (48,000 MT), Mexico (33,900 MT), Honduras (19,700 MT), Canada (17,300 MT), and Nicaragua (14,200 MT).

Comments and Performance Indicators

Export commitments are 16.5% behind year-ago, compared to 15.2% behind a week ago. USDA projects exports in 2022-23 will increase 0.7% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2022-23: 2,700

Expectations

2022-23: 0-20,000

Weekly Sales Details

Total net sales of 2,700 MT for 2022/2023 were for Canada.

Weekly Export Details

Exports of 1,400 MT were to Canada.

Comments and Performance Indicators

Export commitments are running 77.6% behind a year-ago, compared to 78% behind last week. USDA projects exports will decrease 21.1% this season.

Cotton

Actual Upland Sales (in RB)

2022-23: 145,800

Weekly Sales Details

Net sales of 145,800 RB for 2022/2023 primarily for China (57,300 RB), Pakistan (40,500 RB), Vietnam (23,400 RB, including 2,200 RB switched from Taiwan), Indonesia (8,100 RB), and Bangladesh (7,500 RB), were offset by reductions for Taiwan (1,100 RB). Net sales of 11,400 RB for 2023/2024 were reported for Turkey (6,600 RB) and Pakistan (4,800 RB). Exports of 108,100 RB were primarily to China (36,800 RB), Bangladesh (16,200 RB), Mexico (15,300 RB), Pakistan (13,500 RB), and Turkey (8,700 RB). Net sales of Pima totaling 600 RB were reported for Djibouti (400 RB), China (100 RB), and Indonesia (100 RB).

Weekly Export Details

Exports of 3,400 RB were to Peru (2,000 RB), Greece (900 RB), India (400 RB), and China (100 RB).

Comments and Performance Indicators

Export commitments are running 1.6% ahead of year-ago, versus 1.4% ahead of last week. USDA forecasts total cotton exports will fall 14.5% from a year ago to 12.5 million bales in 2022-23.

Beef

Actual Sales (in MT)

2022: Exports of 3,400 RB were to Peru (2,000 RB), Greece (900 RB), India (400 RB), and China (100 RB).

Weekly Sales Details

Net sales of 13,700 MT for 2022 primarily for South Korea (7,100 MT, including decreases of 600 MT), Japan (4,700 MT, including decreases of 300 MT), Taiwan (1,800 MT, including decreases of 100 MT), Mexico (800 MT), and Canada (700 MT, including decreases of 100 MT), were offset by reductions for China (2,600 MT) and Vietnam (100 MT). Net sales of 700 MT for 2023 were reported for South Korea (300 MT), Japan (300 MT), and Canada (100 MT).

Weekly Export Details

Exports of 18,100 MT were primarily to Japan (5,300 MT), South Korea (5,100 MT), China (2,600 MT), Mexico (1,200 MT), and Canada (1,000 MT).

Comments and Performance Indicators

USDA projects 2022 exports will rise 3.8% from a year ago.

Pork

Actual Sales (in MT)

2022: 10,800

Weekly Sales Details

Net sales of 10,800 MT for 2022 primarily for Mexico (9,100 MT, including decreases of 400 MT), South Korea (3,500 MT, including decreases of 500 MT), China (2,400 MT, including decreases of 100 MT), the Dominican Republic (900 MT, including decreases of 100 MT), and Colombia (600 MT, including decreases of 100 MT), were offset by reductions primarily for Australia (3,500 MT), Japan (2,300 MT), and Canada (900 MT). Net sales of 700 MT for 2023 were reported for South Korea (600 MT) and Australia (100 MT).

Weekly Export Details

Exports of 28,400 MT were primarily to Mexico (13,500 MT), China (3,900 MT), Japan (3,000 MT), South Korea (2,000 MT), and the Dominican Republic (1,500 MT).

Comments and Performance Indicators

USDA projects exports in 2022 will increase 9.1% from last year.