Weekly Export Sales Remain Very Weak

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On Friday, USDA released the Weekly Export Sales numbers for the week ended October 6th and they continue to be dismal. In fact, we saw the lowest corn volume for the week since 2012 and wheat saw the worst week since 2017. Soybeans sales were ok, but still not great. All of this at a time when China is typically buying a lot of grains from the U.S., especially soybeans. Pork sales were solid again and beef was about in line with last week’s numbers.

Below are some of the highlights:

Wheat: Net sales of 211,800 metric tons (MT) for 2022/2023 primarily for Japan (65,200 MT), Thailand (55,000 MT), Mexico (38,500 MT, including decreases of 300 MT), the Philippines (35,100 MT), and Venezuela (29,000 MT, including 30,000 MT switched from unknown destinations and decreases of 1,000 MT), were offset by reductions for Nigeria (24,300 MT) and unknown destinations (5,000 MT). Exports of 560,500 MT were primarily to China (135,600 MT), Iraq (105,000 MT), the Philippines (63,600 MT), South Korea (55,000 MT), and Taiwan (39,100 MT).

Corn: Net sales of 200,200 MT for 2022/2023 primarily for Japan (142,300 MT, including 85,400 MT switched from unknown destinations), Guatemala (22,800 MT, including decreases of 5,100 MT), Colombia (22,500 MT, including decreases of 1,000 MT), Mexico (19,100 MT, including decreases of 181,000 MT), and Panama (17,500 MT), were offset by reductions for unknown destinations (45,000 MT) and Hong Kong (100 MT). Total net sales of 60,500 MT for 2023/2024 were for Mexico. Exports of 422,600 MT were primarily to Mexico (189,700 MT), Japan (137,000 MT), China (76,700 MT), Colombia (9,000 MT), and Canada (3,700 MT).

Soybeans: Net sales of 724,400 MT for 2022/2023 primarily for China (622,300 MT, including 251,000 MT switched from unknown destinations and decreases of 67,500 MT), South Korea (51,600 MT, including 53,000 MT switched from unknown destinations and decreases of 1,600 MT), Portugal (28,200 MT, including 21,500 MT switched from unknown destinations and decreases of 800 MT), Japan (14,900 MT, including 9,600 MT switched from unknown destinations and decreases of 100 MT), and Thailand (12,300 MT), were offset by reductions for unknown destinations (63,400 MT) and Colombia (2,500 MT). Exports of 888,000 MT were primarily to China (607,100 MT), Mexico (92,400 MT), Egypt (60,500 MT), South Korea (51,400 MT), and Portugal (20,700 MT).

Beef: Net sales of 13,200 MT for 2022 primarily for Japan (5,300 MT, including decreases of 300 MT), South Korea (2,900 MT, including decreases of 700 MT), Mexico (2,300 MT), Canada (800 MT), and Taiwan (800 MT, including decreases of 100 MT), were offset by reductions for China (300 MT), the Netherlands (100 MT), and Vietnam (100 MT). Net sales of 1,600 MT for 2023 were primarily for Indonesia (700 MT) and Japan (700 MT). Exports of 16,500 MT were primarily to Japan (5,400 MT), South Korea (3,700 MT), China (2,300 MT), Mexico (1,200 MT), and Canada (1,000 MT).

Pork: Net sales of 29,900 MT for 2022 were primarily for Mexico (8,100 MT, including decreases of 200 MT), China (5,900 MT, including decreases of 100 MT), Japan (5,300 MT), South Korea (4,000 MT, including decreases of 200 MT), and the Dominican Republic (1,500 MT). Exports of 28,500 MT were primarily to Mexico (12,100 MT), China (5,800 MT), Japan (3,500 MT), South Korea (1,800 MT), and Canada (1,500 MT).

Read the full report here: https://apps.fas.usda.gov/export-sales/highlite.htm

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