FI Evening Grain Comments 01/07/23

PDF Attached

 

Merry
Christmas for those celebrating in Eastern European and Scandinavian countries!

 

 

USDA
reported private exporters sales activity:

-112,000
metric tons of corn for delivery to Mexico. Of the total, 89,600 metric tons is for delivery during the 2022/2023 marketing year and 22,400 metric tons is for delivery during the 2023/2024 marketing year; and

-132,000
metric tons of soybeans for delivery to unknown destinations during the 2022/2023 marketing year.

 

Soybean
meal closed at its highest level since March on Argentina production concerns, slowdown in US crush during the cold weather stretch last half December and good export demand driving interior and Gulf basis higher. CFTC Commitment of Traders showed a
record net long position by money managers for soybean meal. Funds were more long than estimated for corn. Soybean oil and soybeans closed higher. Friday was a higher trade for soybeans, oil, corn
(most contracts) and lower trade for wheat (two-sided).

 

Weather

Argentina’s
weather forecast was mostly unchanged on Friday. Dry weather is seen through Monday before light rain should fall across La Pampa Tuesday. Brazil’s Mato Grosso, Goias, Bahia, Minas, northeast MGDS, and Sao Paulo will see rain through Monday. Parts of center-south
Brazil will see too much rain though mid next week. Rio Grande do Sul will dry down through the middle of next week. The Midwest will be dry through Tuesday with exception of the southwestern areas Saturday and southeastern areas Sunday. The Great Plains and
WCB will trend drier through Monday. Eastern and central TX will see rain this weekend.

 

 

 

World
Weather, INC.

MOST
IMPORTANT WEATHER FOR THE COMING WEEK

• Argentina
  is still not seeing much potential for drought relief
• Today’s
  ECMWF model removed precipitation for next week
• Today’s
  GFS model increased rain for Argentina during mid-week next week, but the resulting rainfall would still not be enough to seriously change the dryness problem
• World
  Weather, Inc. believes some showers will accompany a cool front passing through Argentina next week but resulting rainfall will not be sufficient to seriously impact future crop development or production potential. Much more rain will have to evolve before
  a serious change can take place. Temperatures will trend cooler and that will be helpful in reducing stress, but without greater rain the situation remains a big concern.
  
• Argentina
  will be hot this weekend with extreme highs in the middle 90s to 106 degrees Fahrenheit and a few extremes of 106 to 110 in the northwest. – especially in Santiago del Estero
• Cooling
  is expected during mid-week next week with highs returning to a more seasonable range
• La
  Nina is still showing the potential for accelerated weakening with subsurface ocean temperatures moderating more aggressively now
• It
  is just a matter of time (a few weeks at the most) before ocean surface temperatures begin to warm and the weakening in La Nina becomes more obvious
• That
  raises the potential for some sudden changes in weather for parts of the world in the next few weeks and all patterns should be closely monitored
• Usually
  when La Nina breaks after a prolonged presence like that of the past few years it takes a little while for the atmosphere to find its way back to “normal”, but in the transition period some significant anomalies can develop in the short term
  
• Brazil’s
  weather outlook changed very little overnight
• Concern
  remains over low soil moisture in the far southern most parts of the nation’s lost production potential has not been very great thus far
• The
  nation is still poised for a great production year
• Routinely
  occurring rainfall is expected in most of the center west, center south and northeastern production areas during the next two weeks resulting in support for ongoing good crop development
• There
  is potential for some flooding in a few areas in Sao Paulo, Minas Gerais, southern Goias and southeastern Mato Grosso do Sul in the coming ten days, but the impact should be low
  
• Drier
  weather will be needed in some of the early maturing soybean areas to promote harvesting as well as the planting of Safrinha crops
• California
  and some western portions of Washington and Oregon will experience frequent rain and mountain snowfall during the next ten days
• Substantial
  precipitation is still expected in California’s central and north resulting in some rising flood potentials near the coast and in much of the Sacramento Valley
• Heavy
  mountain snowfall will raise the snowpack further above normal raising the spring and summer runoff potential
• The
  state will need this wet biased pattern to last into spring to make a huge difference in long term drought
• U.S.
  Midwest is not likely to see high volumes of precipitation in the next ten days
• Seasonably
  cool conditions will conserve soil moisture even though daily temperatures will be above normal
• Some
  net drying will occur, but soil moisture should stay relatively good
• U.S.
  Delta and Tennessee River Basin will be plenty moist for a while with waves of precipitation expected through the next ten days to two weeks
• U.S.
  hard red winter wheat areas in the central and southwestern Plains are unlikely to see much precipitation over the next ten days to two weeks
• Some
  moisture will impact northern and eastern most parts of the region, but resulting amounts should be light
• West
  Texas crop areas will not likely see much precipitation over the next ten days to two weeks
• Texas
  Blacklands and Coastal Bend will get some rainfall periodically in the next ten days to two weeks
• South
  Texas precipitation will be quite limited for a while
• Northern
  U.S. Plains, Canada’s Prairies precipitation potentials will be low for the next ten days and then there may be some increase after mid-month
• Very
  warm temperatures will continue in North America over the next week to ten days
• Some
  cooling is expected in late January and February
• Other
  U.S. Great Basin, Pacific Northwest and northern Rocky Mountain areas will also experience above normal precipitation in the coming ten days raising mountain snowpack for better runoff in the spring
• Drought
  remains, but should be eased
• Cooling
  occurred in western parts of the CIS Thursday, and it will be cold in many areas this weekend
  
• Bitter
  cold temperatures are expected, but most of the impacted area will be covered in snow to protect wheat and rye from subzero degree Fahrenheit low temperatures
  
• Northern
  parts of Russia’s Southern Region that were not covered in snow Thursday should get snow today before the coldest occurs tonight and during the weekend
• Europe’s
  weather is expected to become wetter in the heart of the continent over the next ten days
• Rain
  and mountain snow should occur in many areas, but it is still questionable how much drought relief will occur in the lower Danube River Basin or eastern Spain
• North
  Africa weather remains drier than usual with little prospect for significant rain through the next ten days
• Showers
  that occur briefly next week will not likely have a big impact on crop conditions, but any moisture will be welcome
  
• Much
  of North Africa still has need for significant rain
• Improved
  rain potentials should come near and beyond mid-month
• China
  precipitation will continue restricted through the weekend
• Precipitation
  will increase across eastern China during the middle to latter part of next week and it may continue into the following weekend
• East-central
  parts of the nation may be wettest, and some significant snow and rain expected
  
• India
  is expected to continue mostly dry over the next ten days with the exception of a few far northern and extreme southern parts of the nation where some periodic showers are possible
• The
  bulk of India’s winter crop region needs precipitation to support the best yield potentials
  
• Winter
  crops will begin reproducing in the last days of January and February.
• Precipitation
  is not expected to be as abundant as it has been in recent past winters
• Turkey
  will be drier than usual into the weekend, but rain will resume in the west next week
• Most
  of the wheat and other winter crops are rated favorably due to good autumn precipitation
• East-central
  Africa precipitation is expected to be abundant in Tanzania over the next ten days to two weeks while that which occurs in Uganda, southwestern Kenya and Ethiopia is more sporadic and lighter.
  
• Coffee
  and cocoa conditions should remain favorable in all production areas, despite the anomalies
• South
  Africa weather will continue to be favorably mixed over the next two weeks supporting normal summer crop development
• Less
  frequent and less significant rainfall is expected for a while outside of the southeast where it will occur more routinely
• West-central
  Africa dryness will continue through the next ten days to two weeks
• Dry
  conditions are normal at this time of year
• No
  excessive heat is expected in this coming week, although warmer than usual conditions may begin to evolve a week from now and continue into January 10.
  
• Indonesia,
  Malaysia and the Philippines rainfall has been and will continue to be erratic with pockets of excessive rain and local flooding expected to continue for a while
• A
  trend change is expected next week that will continue beyond mid-month
• Vietnam
  central and lower coastal areas may receive bouts of heavy rainfall in the coming be week possibly resulting in some local flooding
• The
  weekend will not be quite as wet as next week may be
• Australia
  winter and summer crop areas are unlikely to get much precipitation during the weekend or early next week
• The
  environment will be good for fieldwork, including late season harvest progress in southern winter crop areas
• Rain
  is needed in interior east-central portions of the nation, although the situation is not a crisis
• Unirrigated
  sorghum, cotton and other crops need rain soon especially with temperatures trending hotter
• Some
  increase in precipitation is expected in the east during mid-week next week and again in the following weekend
  
• Middle
  East rainfall is expected to be favorably mixed over the next ten days although the resulting precipitation should be mostly light to locally moderate
• Some
  rain will return to western Turkey next week ending a ten day period of dry weather
• Today’s
  Southern Oscillation Index was +20.29 and it will likely begin weakening this weekend and could fall more significantly for a while next week.
  

Source:
World Weather INC

 

Bloomberg
Ag Calendar

Friday,
Jan. 6:

• FAO
  Food Price Index
• Net-export
  sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• ICE
  Futures Europe weekly commitments of traders report
• CFTC
  commitments of traders weekly report on positions for various US futures and options

Monday,
Jan. 9:

• USDA
  Export Inspections
• HOLIDAY:
  Japan

Tuesday,
Jan. 10:

• Malaysian
  Palm Oil Board’s Dec. data on stockpiles, production and exports
• Malaysia’s
  Jan. 1-10 palm oil exports
• EU
  weekly grain, oilseed import and export data

Wednesday,
Jan. 11:

• EIA
  weekly US ethanol inventories, production
• New
  Zealand Commodity Price

Thursday,
Jan. 12:

• USDA’s
  World Agricultural Supply & Demand Estimates (WASDE), 12pm
• China’s
  agriculture ministry (CASDE) releases monthly supply and demand report
• International
  Grains Council report
• Brazil’s
  Conab releases data on area, yield and output of corn and soybeans
• Net-export
  sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• Port
  of Rouen data on French grain exports

Friday,
Jan. 13:

• ICE
  Futures Europe weekly commitments of traders report
• CFTC
  commitments of traders weekly report on positions for various US futures and options

Source:
Bloomberg and FI

 

 

 

 

 

 

 

 

USDA
export sales

USDA
export sales numbers were poor. Soybean complex came in near the low end of expectations and grains below a range of trade estimates. Soybean sales included China for 421,800 tons but included 71,400 switched from unknown. The Philippines bought less than
expected soybean meal. Corn sales didn’t factor in the 170k 24-hour sale for Japan (it was counted in the previous week). Wheat sales were a marketing year low.

 

 

 

CFTC
Commitment of Traders

Corn
was a surprise with a much longer than estimated net long position for the week ending January 3. This explains some of the heavy selling on Wednesday and Thursday when grains sold off. Soybeans and soybean oil were a little more long than estimated while
wheat and meal were near expectations.

 

Money
managers recorded a record net long position for soybean meal. 

 

 

 

 

 

 

 

 

Reuters
Table

 

SUPPLEMENTAL     
Non-Comm               Indexes                  Comm

                       
Net        Chg        Net        Chg        Net        Chg

Corn              
113,808     27,767    361,070     12,589   -424,918    -32,396

Soybeans          
100,192      8,957    124,712      3,447   -184,245     -7,834

Soyoil             
36,040        454    100,340        431   -147,018      1,978

CBOT
wheat         -62,799      2,493    101,025      2,628    -34,146     -3,966

KCBT
wheat         -16,145       -273     46,978      1,284    -28,899       -502

 

FUTURES
+ OPTS     Managed                 Swaps              Producer

                       
Net        Chg        Net        Chg        Net        Chg

Corn              
196,457     37,141    223,526      2,801   -419,212    -31,167

Soybeans          
142,994     14,379     67,761      1,321   -173,847    -10,717

Soymeal           
141,877     11,888     77,162     -1,375   -250,583     -7,837

Soyoil             
63,762     -1,826     87,250      1,465   -166,397      1,872

CBOT
wheat         -52,715      3,498     66,638      1,279    -29,092     -3,979

KCBT
wheat           1,757        -94     35,171        735    -29,791       -300

MGEX
wheat          -2,831        468      1,412         82       -494        -51

                
———- ———- ———- ———- ———- ———-

Total
wheat        -53,789      3,872    103,221      2,096    -59,377     -4,330

 

Live
cattle         82,762      3,012     51,806       -403   -132,780       -512

Feeder
cattle          344        630      2,526       -109      3,339       -291

Lean
hogs           50,359     -1,889     46,816        212    -79,582      4,721

 

                     
Other             NonReport                  Open

                       
Net        Chg        Net        Chg   Interest        Chg

Corn     
          49,188       -816    -49,959     -7,959  1,469,933     46,694

Soybeans            
3,750       -413    -40,658     -4,570    703,996     21,750

Soymeal            
11,972     -3,768     19,571      1,092    445,612     10,500

Soyoil          
    4,746      1,350     10,639     -2,862    406,954      3,848

CBOT
wheat          19,250        357     -4,080     -1,155    388,172        497

KCBT
wheat          -5,203        168     -1,934       -510    164,954      2,658

MGEX
wheat           2,480       -380       -568       -118     55,071       -529

                
———- ———- ———- ———- ———- ———-

Total
wheat         16,527        145     -6,582     -1,783    608,197      2,626

Live
cattle         10,379        181    -12,168     -2,278    399,393     13,211

Feeder
cattle       -2,035        -32     -4,174       -199     54,384        585

Lean
hogs           -4,369     -3,203    -13,223        158    247,874      4,082

 

Macros

(Early)
Fed Swaps Show 36Bps Of Hikes Priced For February, Sees Cycle Peak 5.05%

US
Change In Non-Farm Payrolls Dec: 223K (exp 202K, R prev 256K)

–         
Unemployment Rate Dec: 3.5% (exp 3.7%, R prev 3.6%)

–         
Average Hourly Earnings (M/M) Dec: 0.3% (exp 0.4%, R prev 0.4%)

–         
Average Hourly Earnings (Y/Y) Dec: 4.6% (exp 5.0%, R prev 4.8%)

US
Change In Private Payrolls Dec: 220K (exp 183K, R prev 202K)

–         
Change In Manufacturing Payrolls Dec: 8K (exp 8K, R prev 8K)

US
ISM Services Index Dec: 49.6 (est 55.0; prev 56.5)

–
Employment: 49.8 (prev 51.5)

–
Prices Paid: 67.6 (prev 70.0)

–
New Orders: 45.2 (prev 56.0)

US
Factory Orders Nov: -1.8% (est -1.0%; prev R 0.4%)

–
Factory Orders Ex-Trans: -0.8% (prev R 0.1%)

US
Durable Goods Orders Nov F: -2.1% (est -2.1%; prev -2.1%)

–
Durables Ex-Trans: 0.1% (prev 0.2%)

–
Cap Goods Orders Nondef Ex-Air: 0.1% (prev 0.2%)

–
Cap Goods Ship Nondef Ex-Air: -0.1% (prev -0.1%)

Canadian
Money Markets Raise Bets On 25Bps Hike By BoC This Month

Canada
Net Change In Employment Dec: 104.0K (exp 5.0K, prev 10.1K)

–         
Unemployment Rate Dec: 5.0% (exp 5.2%, prev 5.1%)

–         
Participation Rate Dec: 65.0% (prev 64.8%)

Canadian
Ivey PMI SA Dec: 33.4 (prev 51.4)

 

Corn

·        
CBOT corn futures
ended
mostly higher on technical buying after plunging throughout the week. Lower trade in wheat limited gains.

·        
Funds bought an estimated net 1,000 corn contracts.

·        
USDA reported 112,000 tons of corn sold to Mexico. Mexico is buying a good amount of corn from the US ahead of President Biden’s visit to Mexico.

·        
AgriCensus noted Brazil trade data showed December exports about 1.2 million tons of corn was shipped from Brazil to China. November China total corn imports alone were 741,000 tons.

·        
Look for positioning to increase Monday ahead of the USDA reports due out January 12.

·        
The Buenos Aires Grain Exchange reported 13% of Argentina’s corn crop was rated good to excellent, down 2 points from last week. 70% of the corn was planted, compared to the 5-year average of 84%.

·        
Ukraine harvesting progress reached 93 percent as of January 6, or 49.5 million tons (10.7 million hectares). That includes 22.1 million tons of corn and 32.2 million tons of wheat.

 

Export
developments.

·        
USDA reported 24-hour sales of 112,000 tons of corn were sold to Mexico for 2022-23 delivery. Of that 89,600 tons for 2022-23 delivery and 22,400 tons for 2023-24.  

 

 

 

 

Updated
01/03/23

March
corn $6.35-$7.10 range. May
$6.25-$7.25

 

 

Soybeans

·        
CBOT soybean complex was higher led by soybean meal on Argentina crop concerns, strong US interior basis levels, good US meal export demand, and technical buying as some traders shore up shorts ahead of the weekend. CFTC COT reported
a record net long position for money managers as of last Thursday. Argentina will see hot temperatures this weekend.

·        
March CBOT crush settled just above $2.53. Expiring January is over $3.00. 

·        
Funds bought an estimated net 6,000 soybeans, 5,000 meal and 3,000 soybean oil.

·        
US interior and Gulf soybean meal basis is rocketing higher bias the US eastern Corn Belt. Gulf export demand is very strong on Argentina soybean production uncertainty.

·        
IL soybean meal basis was up $17 to $25 over the March and CIF Gulf February was up $5-410 to $45 to $60 over the March. Barge freight rates firmed this week and rail car availability is tight. Like what the trade saw with the
large slowdown in US ethanol production reported by EIA on Thursday, the cold snap that engulfed the US around Christmas also impacted US crush processors.

·        
Net drying in southern Brazil and Argentina is seen, over the next four days.

·        
The Buenos Aires Grain Exchange reported 8% of Argentina’s soybean crop is rated good to excellent, down from 50% a year ago. 82 percent of Argentina’s soybean crop had been planted, down from 93% for the 5-year average.

·        
Bloomberg: Twenty vessels left Brazilian ports for the China since the start of December, according to Anec.

·        
China looks to increase its oilseed area by 667,000 hectares or 10 million mu, allowing for the total soybean area to increase to more than 350 million mu. 20.3 million tons of soybeans were produced last year, above USDA’s 18.40
million tons.

·        
SA soybean oil cash prices were down about 7% this week.

 

Export
Developments

·        
USDA reported 24-hour sales of 132,000 tons of soybeans were sold to unknown for 2022-23 delivery. 

 

Malaysian
palm oil inventories
at the end of December are seen at their lowest level since August.

 

 

Updated
01/07/23

Soybeans
– March $14.60-$15.50

Soybean
meal – March $465-$525

Soybean
oil – March
59.00-70.00

 

Wheat

·        
US wheat futures attempted to rebound but closed lower after fund buying dried. High supply estimates for Russia and Australia are decimating US export potential. USDA reported a marketing year low in weekly export sales.  Egypt
and Turkey are in for wheat and will likely pick up the majority, if not all, from Russia.

·        
Funds sold an estimated net 2,000 Chicago wheat contracts.

·        
There is talk Australia could produce 40-42 million tons of wheat this season, well above government projections of 36-37 MMT. Look for a good amount of this to be of poor quality after several rain events flooded local areas
across the eastern crop areas.

·        
The FAO Food Price index averaged 132.4 points in December 2022, down 2.6 points (1.9%) from November, its ninth consecutive monthly decline and 1% below a year ago. Vegetable oils led the decline. Cereal and meat prices decreased
but sugar and dairy increased. For 2022, the FFPI averaged 143.7 points, up from 2021 by as much as 18 points, or 14.3 percent.

·        
China will auction off 140,000 tons of wheat from reserves on January 11. The sale includes 100,000 tons bought in 2015, 2016 and 2017 under its minimum purchase price policy, and another 40,000 tons of 2014 and 2015 wheat from
its temporary reserve. (Reuters)

·        
Paris March wheat was 0.75 euro lower earlier at 301.00 euros a ton.

·        
Our 2023 US winter wheat area is projected to increase to 34.250 million acres from 33.271 million year ago. We are actually below the average trade guess when earlier we thought our all-winter wheat planted area would end up
at the high end of expectations.

 

 

Export
Developments.

·        
Egypt seeks wheat via World Food Bank, on January 10, for February 10-25 shipment. Late December GASC bought Russian wheat (200k).

·        
Turkey seeks 565,000 tons of milling, including red, wheat on January 12 for February through March  shipment.

·        
Taiwan is in for 45,200 tons of US wheat on January 13 for March shipment. Wheat types sought include dark northern spring, hard red winter and white wheat.

·        
The Philippines passed on 110,000 tons of wheat for Feb-Mar shipment. They also passed on barley.

 

 

Rice/Other

·        
Results awaited: South Korea’s state-backed Agro-Fisheries & Food Trade Corp. seeks 113,460 tons of rice on December 29 from the United States for arrival in South Korea in 2023 between Feb. 1 and June 30.

 

 

 

Updated
01/04/23

Chicago
– March $7.00 to $8.25

KC
– March 8.00-$9.40

MN
– March $8.50 to $9.75

 

 

 

USDA export sales

 

U.S. EXPORT SALES FOR WEEK ENDING  12/29/2022

	CURRENT MARKETING YEAR						NEXT MARKETING YEAR
COMMODITY	NET SALES	OUTSTANDING SALES		WEEKLY EXPORTS	ACCUMULATED EXPORTS		NET SALES	OUTSTANDING SALES
		CURRENT YEAR	YEAR AGO		CURRENT YEAR	YEAR AGO
	THOUSAND METRIC TONS
WHEAT
HRW	-13.6	941.8	2,095.3	46.2	3,174.3	4,225.9	30.0	69.3
SRW	-3.5	632.1	689.8	13.0	1,748.2	1,622.2	28.0	41.6
HRS	12.7	1,349.9	1,221.0	20.7	3,173.2	3,019.0	39.0	49.8
WHITE	51.5	1,267.3	807.3	1.5	2,416.8	2,068.8	0.0	0.3
DURUM	0.0	116.7	21.2	0.0	149.5	112.7	0.0	0.0
TOTAL	47.1	4,307.8	4,834.5	81.5	10,662.1	11,048.6	97.0	161.0
BARLEY	0.0	5.2	19.0	0.0	6.5	11.5	0.0	0.0
CORN	319.2	11,743.6	26,344.1	761.8	9,996.9	14,652.8	0.0	1,139.0
SORGHUM	0.0	141.1	3,695.0	1.1	219.8	1,613.1	0.0	0.0
SOYBEANS	721.0	15,644.7	11,088.3	1,478.3	28,184.0	30,613.6	151.0	331.0
SOY MEAL	79.3	3,502.3	2,984.0	219.3	2,697.5	3,142.4	0.0	18.3
SOY OIL	0.4	18.2	248.1	0.5	18.9	192.6	0.0	0.6
RICE
L G RGH	-0.8	122.5	177.0	45.3	191.5	582.3	0.0	0.0
M S RGH	0.0	13.7	10.8	0.0	13.2	2.9	0.0	0.0
L G BRN	0.1	8.3	3.8	0.3	7.5	27.1	0.0	0.0
M&S BR	0.0	7.7	68.3	0.4	7.0	15.4	0.0	0.0
L G MLD	19.1	152.0	57.9	1.6	280.7	392.9	0.0	0.0
M S MLD	5.3	135.9	100.8	2.8	99.5	179.2	0.0	0.0
TOTAL	23.6	440.1	418.7	50.4	599.4	1,199.8	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	39.6	4,918.9	7,556.5	93.6	3,867.5	3,036.8	0.0	1,203.1
PIMA	-0.9	65.1	232.1	3.4	54.8	144.8	0.0	1.1

 

 

Export Sales Highlights

This
summary is based on reports from exporters for the period December 23-29, 2022.

 

Wheat: 
Net sales of 47,100 metric tons (MT) for 2022/2023 primarily for China (65,000 MT switched from unknown destinations), Thailand (53,000 MT), and Vietnam (43,000 MT switched from the Philippines), were offset by reductions primarily for the Philippines (43,000
MT), unknown destinations (39,000 MT), Nigeria (24,000 MT), and Trinidad and Tobago (10,000 MT). Net sales of 97,000 MT for 2023/2024 were reported for Mexico (33,000 MT), unknown destinations (30,000 MT), Nigeria (24,000 MT), and Trinidad and Tobago (10,000
MT). Exports of 81,500 MT were to Mexico (81,200 MT), Canada (200 MT), and the United Arab Emirates (100 MT).

 

Corn: 
Net sales of 319,200 MT for 2022/2023 primarily for Mexico (145,100 MT, including decreases of 500 MT), Honduras (83,200 MT), Japan (49,500 MT, including 69,500 MT switched from unknown destinations and decreases of 20,000 MT), Nicaragua (48,300 MT, including
8,300 MT switched from El Salvador), and Costa Rica (25,100 MT, including decreases of 400 MT), were offset by reductions for unknown destinations (53,400 MT), El Salvador (8,200 MT), and the Philippines (800 MT). Exports of 761,800 MT were primarily to China
(348,400 MT), Mexico (226,800 MT), Japan (69,600 MT), Honduras (53,700 MT), and Panama (25,400 MT).

 

Barley: 
No net sales or exports were reported for the week.

 

Sorghum: 
No net sales were reported for the week. Exports of 1,100 MT were to Mexico.

 

Rice:
 Net
sales of 23,600 MT for 2022/2023 primarily for Haiti (15,000 MT), South Korea (5,000 MT), Canada (3,200 MT), Saudi Arabia (800 MT), and Nicaragua (600 MT), were offset by reductions for Guatemala (900 MT) and El Salvador (600 MT). Exports of 50,400 MT were
primarily to Nicaragua (25,600 MT), Guatemala (11,900 MT), El Salvador (6,500 MT), Canada (2,100 MT), and South Korea (1,600 MT). 

 

Soybeans: 
Net sales of 721,000 MT for 2022/2023 primarily for China (421,800 MT, including 71,400 MT switched from unknown destinations and decreases of 67,000 MT), Turkey (97,900 MT, including 50,800 MT switched from Egypt and 43,600 MT switched from unknown destinations),
Mexico (87,600 MT, including decreases of 900 MT), the United Kingdom (65,300 MT, including 60,000 MT switched from unknown destinations), and Taiwan (62,900 MT, including 50,000 MT switched from unknown destinations and decreases of 200 MT), were offset by
reductions primarily for unknown destinations (129,000 MT). Net sales of 151,000 MT for 2023/2024 were reported for China (66,000 MT), unknown destinations (66,000 MT), and Japan (19,000 MT). Exports of 1,478,300 MT were primarily to China (899,500 MT), Mexico
(155,000 MT), Turkey (97,900 MT), the United Kingdom (65,300 MT), and Taiwan (60,900 MT).

 

Optional
Origin Sales: 
For 2022/2023, the current outstanding balance of 300 MT, all South Korea.

 

Export
for Own Account:  For
2022/2023, the current exports for own account outstanding balance is 1,500 MT, all Canada.

 

Soybean
Cake and Meal: 
Net sales of 79,300 MT for 2022/2023 primarily for the Philippines (26,400 MT, including decreases of 500 MT), the Dominican Republic (18,000 MT), Canada (14,500 MT), Colombia (9,100 MT, including decreases of 18,200 MT), and Nicaragua (8,100 MT, including
3,100 MT switched from El Salvador and decreases of 4,600 MT), were offset by reductions primarily for Morocco (6,000 MT) and El Salvador (3,200 MT). Exports of 219,300 MT were primarily to Colombia (67,400 MT), the Philippines (50,000 MT), Canada (19,000
MT), Panama (18,600 MT), and Guatemala (18,400 MT).  

 

Soybean
Oil: 
Net sales of 400 MT for 2022/2023 were reported for Mexico (300 MT) and Canada (100 MT). Exports of 500 MT were to Canada (300 MT) and Mexico (200 MT). 

 

Cotton: 
Net
sales of 39,600 RB for 2022/2023 primarily for Vietnam (15,500 RB, including 13,000 RB switched from China), Turkey (10,900 RB, including decreases of 2,800 RB), Japan (6,200 RB), Indonesia (5,500 RB, including 900 RB switched from China and 600 RB switched
from Vietnam), and Pakistan (4,300 RB), were offset by reductions for China (7,700 RB) and Peru (2,600 RB). Exports of 93,600 RB were primarily to China (33,600 RB), Pakistan (24,400 RB), Turkey (11,600 RB), Taiwan (4,400 RB), and Malaysia (3,400 RB). Net
sales reductions of Pima totaling 900 RB resulting in increases for Honduras (500 RB) and Colombia (100 RB), were more than offset by reductions for India (1,500 RB). Exports of 3,400 RB were primarily to India (1,300 RB), China (1,200 RB), and Indonesia (500
RB). 

 

Optional
Origin Sales:  For
2022/2023, the current outstanding balance of 9,300 RB, all Malaysia.

 

Export
for Own Account:  For
2022/2023, new exports for own account totaling 1,000 RB were to China. Exports for own account totaling 1,100 RB primarily to Pakistan (1,000 RB) were applied to new or outstanding sales. The current exports for own account outstanding balance of 119,300
RB are for China (88,200 RB), Vietnam (22,700 RB), Pakistan (6,500 RB), India (1,500 RB), and Indonesia (400 RB).

 

Hides
and Skins: 
Net sales of 104,100 pieces for 2022 primarily for China (66,100 whole cattle hides, including decreases of 43,400 pieces), Brazil (25,200 whole cattle hides, including decreases of 100 pieces), South Korea (15,500 whole cattle hides, including decreases of
4,200 pieces), and Mexico (5,700 whole cattle hides, including decreases of 2,900 pieces), were offset by reductions for Thailand (9,100 pieces). Net sales of 320,900 pieces for 2023 primarily for China (206,200 whole cattle hides), Brazil (38,300 whole cattle
hides), South Korea (25,800 whole cattle hides), Mexico (20,400 whole cattle hides), and Italy (15,000 whole cattle hides), were offset by reductions for Japan (1,100 pieces). Exports of 317,700 whole cattle hides exports were primarily to China (229,000 pieces),
South Korea (38,800 pieces), Brazil (13,600 pieces), Mexico (13,000 pieces), and Indonesia (11,200 pieces).

 

Net
sales of 109,800 wet blues for 2022 reported for China (58,000 unsplit), Vietnam (29,700 unsplit), Italy (23,200 unsplit, including decreases of 1,600 unsplit), and Thailand (2,000 unsplit), were offset by reductions for the Dominican Republic (2,400 unsplit)
and India (700 unsplit). Net sales of 20,400 wet blues for 2023 primarily for Taiwan (8,500 unsplit), China (5,300 unsplit), the Dominican Republic (4,800 unsplit), and Italy (3,200 unsplit), were offset by reductions for Thailand (2,000
unsplit). Exports of 108,900 wet blues were primarily to Italy (64,700 unsplit), China (17,600 unsplit), Vietnam (11,900 unsplit), Thailand (11,200 unsplit), and Brazil (2,200 grain splits). Total net sales of 25,300 splits, including decreases of 51,900
splits were for Vietnam. Net sales of 583,000 splits for 2023 for Taiwan (615,000 pounds) and Hong Kong (3,400 pounds), were offset by reductions for Vietnam (35,400 pounds). Exports of 354,100 splits were to Vietnam. 

 

Beef: 
Net sales reductions of 6,900 MT for 2022 were primarily for Japan (2,200 MT), South Korea (1,900 MT), China (1,000 MT), Taiwan (900 MT), and Hong Kong (500 MT).
Net sales of 12,500 MT for 2023 were primarily for Japan (4,400 MT), South Korea (2,100 MT), Taiwan (2,100 MT), China (1,500 MT), and Hong Kong (900 MT).
Exports of 11,700 MT were primarily to Japan (4,500 MT), South Korea (3,100 MT), China (1,100 MT), Mexico (900 MT), and Canada (800 MT). 

 

Pork: 
Net sales reduction of 51,900 MT for 2022 were primarily for Mexico (21,800 MT), Japan (9,200 MT), South Korea (5,800 MT), Canada (4,400 MT), and Australia (4,200 MT).
Net sales of 73,600 MT for 2023 were primarily for Mexico (31,000 MT), Japan (15,700 MT), South Korea (7,000 MT), Canada (5,400 MT), and Australia (5,300 MT).
Exports of 19,400 MT were primarily to Mexico (8,700 MT), China (3,000 MT), Japan (2,600 MT), South Korea (1,300 MT), and Colombia (1,000 MT).