USDA Weekly Export Sales
USDA weekly export sales of U.S. grains arrived on what was mostly the high-end of estimates by grain traders. For the week ended Jan. 19, export sales of corn totaled 925,900 metric tons across the 2022/23 and 2023/24 marketing years. Soybeans landed at 1.27 million tons, and wheat landed at 500,400 tons. Soybeans and wheat, this week’s sales landed at just above the high-end of expectations for traders. The high-end for wheat forecast was at 500,000 tons and the high-end for soybeans was at 1.26 million tons.
Corn fell in the lower-end of the forecast range, with traders predicting a range of 700,000 tons to 1.4 million tons.
China was the leading buyer of U.S. soybeans, with a total of 1.07 million tons sold there across both marketing years. Mexico was the leading buyer for corn, and Japan was the leading buyer for wheat.
Corn
Net sales of 910,400 MT for 2022/2023 were down 20 percent from the previous week, but up 46 percent from the prior 4-week average. Increases primarily for Mexico (407,000 MT, including decreases of 800 MT), Colombia (209,700 MT, including decreases of 8,000 MT), unknown destinations (84,300 MT), China (71,800 MT, including 68,000 MT switched from unknown destinations), and Canada (35,400 MT, including decreases of 200 MT), were offset by reductions primarily for Honduras (31,300 MT) and Nicaragua (5,000 MT). Total net sales of 15,500 MT for 2023/2024 were for Japan.
Soybeans
Net sales of 1,145,700 MT for 2022/2023 were up 16 percent from the previous week and 53 percent from the prior 4-week average. Increases primarily for China (940,300 MT, including 386,000 MT switched from unknown destinations and decreases of 75,600 MT), the Netherlands (67,100 MT, including 66,000 MT switched from unknown destinations), South Korea (58,200 MT, including 55,000 MT switched from unknown destinations and decreases of 200 MT), Bangladesh (57,700 MT, including 55,000 MT switched from unknown destinations), and Italy (46,600 MT, including 41,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (213,100 MT). Total net sales of 129,000 MT for 2023/2024 were for China.
Exports of 1,900,300 MT were down 8 percent from the previous week. Up 11 percent from the prior 4-week average. The destinations were primarily to China (1,172,200 MT), Mexico (228,600 MT), Germany (69,300 MT), the Netherlands (67,100 MT), and Taiwan (58,900 MT).
Export commitments are running 5.4% ahead of a year-ago, versus 5.3% ahead last week. USDA projects exports in 2022-23 at 1.990 billion bu., down 8.0% from the previous marketing year.
Wheat
Net sales of 500,400 metric tons (MT) for 2022/2023 were up 6 percent from the previous week and 84 percent from the prior 4-week average. Increases primarily for Japan (108,100 MT), Mexico (91,000 MT), unknown destinations (89,000 MT), South Korea (74,300 MT), and Taiwan (45,400 MT), were offset by reductions for Chile (2,300 MT). Total net sales of 61,000 MT for 2023/2024 were for Mexico.
Exports of 264,200 MT were down 15 percent from the previous week. Up 15 percent from the prior 4-week average. The destinations were primarily to South Korea (90,800 MT), Japan (56,000 MT), Chile (47,700 MT), Mexico (35,000 MT), and Colombia (10,700 MT).
