USDA Weekly Export Sales Report Week Ended Nov. 14, 2024 | |
| Corn | |
| Actual Sales (in MT) | 2024-25: 1,494,600 |
| Expectations (in MT) | 2024-25: 1,000,000-2,200,000 |
| Weekly Sales Details | Net sales of 1,494,600 MT for 2024/2025 were up 14 percent from the previous week, but down 40 percent from the prior 4-week average. Increases primarily for Mexico (787,400 MT, including 5,000 MT switched from Spain and decreases of 22,000 MT), unknown destinations (146,300 MT), Japan (132,100 MT, including 6,300 MT switched from unknown destinations and decreases of 1,600 MT), Colombia (80,800 MT, including 50,000 MT switched from unknown destinations), and Vietnam (68,200 MT, including 62,000 MT switched from unknown destinations), were offset by reductions for Spain (5,000 MT) and Ireland (1,400 MT). |
| Weekly Export Details | Exports of 957,000 MT were up 37 percent from the previous week and 13 percent from the prior 4-week average. The destinations were primarily to Mexico (435,400 MT), Colombia (157,700 MT), Japan (129,200 MT), Vietnam (68,200 MT), and Saudi Arabia (52,000 MT). |
| Comments and Performance Indicators | Export commitments are 39.3% ahead of a year-ago, compared to 41.7% ahead last week. USDA projects exports in 2024-25 at 2.325 billion bu., 1.4% above the previous marketing year. |
| Wheat | |
| Actual Sales (in MT) | 2024-25: 549,600 |
| Expectations (in MT) | 2024-25: 275,000-600,000 |
| Weekly Sales Details | Net sales of 549,600 metric tons (MT) for 2024/2025 were up 45 percent from the previous week and 29 percent from the prior 4-week average. Increases primarily for South Korea (200,100 MT), Mexico (91,000 MT), Indonesia (73,000 MT), Japan (64,700 MT), and unknown destinations (56,200 MT), were offset by reductions for the Leeward and Windward Islands (28,800 MT) and Thailand (13,000 MT). |
| Weekly Export Details | Exports of 133,900 MT--a marketing-year low--were down 56 percent from the previous week and 49 percent from the prior 4-week average. The destinations were primarily to South Korea (55,700 MT), Venezuela (33,700 MT), Mexico (22,100 MT), Taiwan (20,700 MT), and Vietnam (1,200 MT). |
| Comments and Performance Indicators | Export commitments are 22.7% ahead of year-ago, compared to 19.8% ahead last week. USDA projects exports in 2024-25 exports are projected at 825 million bu., up 16.7% from last year. |
| Soybeans | |
| Actual Sales (in MT) | 2024-25: 1,860,600 |
| Expectations (in MT) | 2024-25: 1,000,000-1,600,000 |
| Weekly Sales Details | Net sales of 1,860,600 MT for 2024/2025 were up 20 percent from the previous week, but down 7 percent from the prior 4-week average. Increases primarily for China (1,197,000 MT, including 611,000 MT switched from unknown destinations and decreases of 13,500 MT), Mexico (169,000 MT, including decreases of 70,000 MT), the Netherlands (143,400 MT, including 120,000 MT switched from unknown destinations), Germany (131,700 MT), and Indonesia (96,500 MT, including 68,000 MT switched from unknown destinations and decreases of 100 MT), were offset by reductions for unknown destinations (96,700 MT), Israel (55,000 MT), Italy (5,000 MT), and Bangladesh (100 MT). |
| Weekly Export Details | Exports of 2,447,800 MT--a marketing-year high--were up 5 percent from the previous week and 1 percent from the prior 4-week average. The destinations were primarily to China (1,507,700 MT), the Netherlands (143,400 MT), Germany (131,700 MT), Indonesia (100,600 MT), and Taiwan (100,400 MT). |
| Comments and Performance Indicators | Export commitments are running 9.0% ahead of a year-ago, compared to 6.3% behind last week. USDA projects exports in 2024-25 at 1.825 billion bu., up 7.7% from the previous marketing year. |
| Soymeal | |
| Actual Sales (in MT) | 2024-25: 274,900 |
| Expectations | 2024-25: 210,000-450,000 |
| Weekly Sales Details | Net sales of 274,900 MT for 2024/2025 were down 9 percent from the previous week, but up 3 percent from the prior 4-week average. Increases primarily for Mexico (167,800 MT), the Philippines (49,000 MT, including 45,000 MT switched from unknown destinations and decreases of 500 MT), Denmark (33,000 MT switched from unknown destinations), the Netherland (31,000 MT, including 20,000 MT switched from Vietnam and 11,000 MT switched from unknown destinations), and Panama (21,000 MT, including 20,000 MT switched from Colombia), were offset by reductions for unknown destinations (60,000 MT), Vietnam (17,500 MT), Belgium (1,300 MT), and Guatemala (600 MT). Total net sales of 700 MT for 2025/2026 were for Japan. |
| Weekly Export Details | Exports of 215,800 MT were down 34 percent from the previous week and 29 percent from the prior 4-week average. The destinations were primarily to the Philippines (50,400 MT), Denmark (33,000 MT), the Netherlands (31,000 MT), Mexico (25,600 MT), and the Dominican Republic (21,900 MT). |
| Comments and Performance Indicators | Export commitments are 6.0% ahead of a year-ago, compared to 5.0% ahead last week. USDA projects exports in 2023-24 will increase 8.0% from the previous marketing year in 2023-24. |
| Soyoil | |
| Actual Sales (in MT) | 2024-25: 21,900 |
| Expectations (in MT) | 2024-25: 5,000-25,000 |
| Weekly Sales Details | Net sales of 21,900 MT for 2024/2025 were up 33 percent from the previous week, but down 48 percent from the prior 4-week average. Increases primarily for South Korea (12,000 MT), Venezuela (5,000 MT, including 2,500 MT switched from unknown destinations), Guatemala (4,500 MT, including 1,400 MT switched from Honduras), Colombia (1,700 MT, including decreases of 400 MT), and Canada (800 MT), were offset by reductions for unknown destinations (2,500 MT) and Honduras (100 MT). |
| Weekly Export Details | Exports of 16,300 MT were up noticeably from the previous week and from the prior 4- week average. The destinations were primarily to Colombia (9,800 MT), Jamaica (3,500 MT), Mexico (1,100 MT), Barbados (1,000 MT), and Canada (700 MT). |
| Comments and Performance Indicators | Export commitments are well ahead of year-ago. USDA projects exports will jump 72.0% in 2023-24. |
| Cotton | |
| Actual Upland Sales (in RB) | 2024-25: 318,500 |
| Weekly Sales Details | Net sales of Upland totaling 318,500 RB for 2024/2025--a marketing-year high- -were up noticeably from the previous week and up 72 percent from the prior 4-week average. Increases primarily for Vietnam (141,600 RB, including 8,800 RB switched from China, 100 RB switched from Japan, and decreases of 100 RB), Pakistan (55,300 RB, including decreases of 100 RB), Turkey (23,200 RB), China (21,400 RB), and Bangladesh (20,200 RB), were offset by reductions for India (100 RB) and Guatemala (100 RB). Net sales of 16,000 RB for 2025/2026 were primarily for Turkey (9,700 RB) and El Salvador (5,300 RB). |
| Weekly Export Details | Exports of 148,200 RB were up 32 percent from the previous week and 21 percent from the prior 4-week average. The destinations were primarily to Vietnam (26,100 RB), Pakistan (25,700 RB), China (15,900 RB), Turkey (14,800 RB), and Mexico (12,000 RB). Net sales of Pima totaling 8,900 RB for 2024/2025 were up 83 percent from the previous week and 8 percent from the prior 4-week average. Increases primarily for Peru (4,300 RB), India (1,100 RB), China (1,100 RB), Vietnam (900 RB, including decreases of 1,300 RB), and Pakistan (800 RB), were offset by reductions for Japan (100 RB). Exports of 2,700 RB were down 72 percent from the previous week and 65 percent from the prior 4-week average. The destinations were primarily to Vietnam (2,200 RB), India (200 RB), Indonesia (200 RB), and Guatemala (100 RB). |
| Comments and Performance Indicators | Upland cotton export commitments are running 16.1% behind a year ago, compared to 16.7% behind last week. USDA forecasts total cotton exports will fall 2.0% from a year ago to 11.50 million bales in 2024-25. |
| Beef | |
| Actual Sales (in MT) | 2024: 14,300 |
| Weekly Sales Details | |
| Weekly Export Details | |
| Comments and Performance Indicators | USDA projects 2024 exports will fall 2.6% from a year ago. |
| Pork | |
| Actual Sales (in MT) | 2024: 18,100 |
| Weekly Sales Details | Net sales of 18,100 MT for 2024 were down 9 percent from the previous week, but unchanged from the prior 4-week average. Increases were primarily for Mexico (4,100 MT, including decreases of 300 MT), South Korea (3,300 MT, including decreases of 700 MT), Japan (2,000 MT, including decreases of 1,100 MT), Colombia (1,900 MT, including decreases of 800 MT), and Canada (1,500 MT, including decreases of 700 MT). Net sales of 2,500 MT for 2025 were primarily for Australia (900 MT), South Korea (600 MT), Colombia (400 MT), Costa Rica (200 MT), and Japan (100 MT). |
| Weekly Export Details | Exports of 32,000 MT were up 3 percent from the previous week, but down 2 percent from the prior 4-week average. The destinations were primarily to Mexico (12,600 MT), Japan (3,800 MT), South Korea (3,300 MT), China (2,900 MT), and Colombia (2,800 MT). |
| Comments and Performance Indicators | USDA projects exports in 2024 will rise 4.8% from last year. |
Weekly soybean sales stronger than expected at 1.86 MMT
Net soybean sales during the week ended Nov. 14 rose 20% from the previous week and topped analysts’ expectations by 260,000 MT. Meanwhile, cotton sales during the week rose solidly to a marketing-year high.
(Chip Flory)