FI Evening Grain Comments 01/20/23

PDF Attached

 

CFTC Commitment of Traders will be sent in a separate email.

 

USDA
24-hour: Private exporters reported sales of 220,000 metric tons of soybeans for delivery to unknown destinations during the 2022/2023 marketing year.  The soybean complex trended lower led by selling in the products. Corn finished moderately lower, and wheat
rallied from bottom picking. News was light. USDA export sales were good overall, exception soybean oil.
There were no major export developments other than the USDA 24-hour soybean sale. For the week the soybean complex was lower, and grain near unchanged.

 

 

Weather

As
expected, rains fell across Argentina’s northern Santa Fe and central La Pampa Thursday into Friday. Argentina’s weather forecast was unchanged with rains favoring south Cordoba, La Pampa, Buenos Aires today; and Santa Fe, Entre Rios, eastern Buenos Aires
over the weekend. The southwest areas will benefit the most. Week 2 of Argentina’s weather forecast calls for additional rain bias central areas. Brazil will see rain across most of the growing areas through early next week. RGDS will remain on the drier side.
Some disruptions to harvest progress is expected. The US weather forecast is unchanged. The central and southern Great Plains will see a wintery mix through Saturday and again Tuesday.

 

 

 

World
Weather, INC.

MOST
IMPORTANT WEATHER FOR THE COMING WEEK

• Southwestern
  Argentina began receiving significant rain overnight
• La
  Pampa, western Buenos Aires and southern Cordoba reported 0.60 to 2.25 inches of rain with local totals approaching 3.00 inches
• The
  rain will shift to the east across Buenos Aires today and then diminish tonight while shifting northeast into east-central parts of nation where only light rainfall is expected
• Other
  areas in Argentina will not be getting much significant rain for a while
• The
  next round of most significant rain will evolve late next week and continue through the following weekend
  
• The
  entire nation will have received significant rain by the end of the month and the moisture will improve field and crop conditions nationwide by that time
• However,
  the improvement outside of the south today and early Saturday will likely be limited until late next week and into the following weekend
• Far
  southern Brazil, Uruguay and Paraguay are not likely to see large amounts of rain for a while and moisture stress will continue for some crop areas
• The
  greatest potential for generalized rain in these areas will come near the end of this month and the moisture will be good for improved crop conditions at that time
• Until
  then sufficient shower activity is expected to slow declining crop conditions in central and southern Rio Grande do Sul while northern crops will stay in fair to good shape while needing greater rain
• Center
  south Brazil crop areas continue wet, although lighter rain in the past three days has improved the excessive moisture situation; however, the rain frequency and intensity is expected to increase once again
• Harvest
  and crop maturation delays are likely in Minas Gerais, northeastern Sao Paulo, Goias and a few neighboring areas because of frequent rain and wet field conditions
• Mato
  Grosso, however, is expected to see the least significant and lowest frequency of rain supporting early soybean maturation and harvest progress
• Safrinha
  corn and cotton planting progress should improve in Mato Grosso as well
• Most
  crop areas outside of Minas Gerais, northeastern Sao Paulo and a few Goias locations will experience a mostly good environment for crop development
• U.S.
  crop weather expectations have not changed greatly today relative to that of Thursday
• Snow
  will fall in western Kansas and eastern Colorado tonight and Saturday with sufficient accumulations to slow travel and stress livestock briefly, but the moisture will be good for improving topsoil moisture when the snow melts
• Rain
  and snow will also impact neighboring areas
• Another
  opportunity for snow and rain will develop in the central Plains early to mid-week next week before turning into a larger storm system of significance across the Midwest
• Heavy
  snow will fall from Missouri to the Great Lakes region during the middle part of next week while significant rain falls to the south
• Rain
  will fall abundantly in the Delta, Tennessee River Basin and areas northeast to the middle and upper Atlantic Coast
• Some
  amounts will range from 1.00 to 3.00 inches and that follows lighter rain that occurs in the southeastern states this weekend
• U.S.
  week-two weather will bring colder air to the north-central states and producing some additional snow and rain in the eastern states
  
• Some
  upslope conditions will occur as the cold air pushes into the central and eastern states resulting in light snow along the front range of the Rocky Mountains
• U.S.
  Temperatures will be trending much colder late next week and into the following weekend
• Until
  then the cold will build up in Canada’s Prairies and may impact a part of the northern U.S. Plains in time
• Despite
  talk about the polar vortex becoming displaced, the coldest air will not likely evolve into the United States until early February and any cold that occurs prior to then is expected to be brief and not very intense
• Southwestern
  U.S. Plains; including most of West Texas will not get much precipitation over the next two weeks
• South
  Texas will receive “some” rain over the next two weeks, but most amounts will be less than 0.50 inch for the entire period leaving need for more rain prior to planting in late February and early March
• California’s
  active weather pattern has ended for a while
• Ten
  days of drier weather may occur, although complete dryness is not expected in the north
• The
  break in the precipitation will help end flooding concerns and give recent moisture a chance to soak into the ground, but more rain and snow will be needed to seriously raise water supply over that of recent past years and to curb this multi-year drought
• U.S.
  Northern Plains and Canada’s Prairies will experience light amounts of precipitation during the next ten days to two weeks
• Snow
  cover remains significant in central and eastern North Dakota, Minnesota and in random locations across central and especially far eastern South Dakota
  
• Snow-free
  conditions are present in portions of the southwestern Canada Prairies and in portions of both Montana and western South Dakota
• Snow
  cover in Canada is greatest near the U.S. border in Manitoba and across the northern most portions of crop country
• Concern
  will rise over some of the drier areas in southwestern Canada where drought has lasted six years in some areas
• A
  band of significant snow will occur from northern Saskatchewan into Manitoba this weekend and early next week
  
• India
  rain potentials are improving for a few north-central and many eastern winter crop areas next week
  
• The
  moisture will favor wheat, winter rice and some pulse production areas, but may not impact rapeseed production areas
• Rainfall
  will be light and the need for follow up rain will be high except from parts of Uttarakhand into Jammu and Kashmir where frequent precipitation of significance is expected
• Eastern
  Australia summer crop areas will begin experiencing periodic showers and thunderstorms during the weekend and especially next week
• The
  rain will help improve dryland sorghum, cotton and other crops
• Eastern
  China’s precipitation will resume in the Yangtze River Basin this weekend and especially next week
• The
  moisture will help maintain a very good outlook for future rapeseed and minor wheat production areas
  
• Some
  rain and snow will also impact the rest of the nation, but resulting moisture will not be great enough for serious changes to soil moisture
• North
  Africa will begin receiving routine bouts of rain in northern Algeria and coastal Tunisia the remainder of this week and next week
  
• The
  moisture boost will be ideal for improving wheat and barley establishment and raising the potential for better crop performance in the spring
• Some
  rain will also fall in northern Morocco, but southwestern Morocco and interior parts of Tunisia are expected to miss most of the significant rain resulting in ongoing dryness
• Europe
  precipitation will be greatest from southern Italy into Hungary and Romania during the next week
• Some
  flooding is expected in southern Italy and in the eastern Adriatic Sea region due to rainfall varying from 2.00 to 6.00 inches by this time next week
  
• Precipitation
  elsewhere across Europe is expected to be relatively brief and light
• Temperatures
  will be cool in the west and warm in the east through the weekend and then near to above normal next week
  
• Far
  western Russia, Belarus, western Ukraine and the Baltic States are expecting frequent snow and rain events over the next ten days to two weeks
• Most
  other areas in Russia and Ukraine will only receive a light amount of moisture
• South
  Africa will be mostly dry in the northeast (mostly Limpopo) through the coming week while showers and thunderstorms slowly increase in other areas
• Heavy
  rain is expected in parts of Eastern Cape and Natal during the coming week causing some local flooding and disrupting some farm activity
• Southeastern
  parts of the nation will continue wettest next week
• Southeast
  Asia (Indonesia and Malaysia in particular) will experience slowly increasing rain frequency and intensity in the next week to ten days
  
• Recent
  precipitation was erratic and sometimes very light
• Philippines
  rainfall has been heavy at times in eastern production areas of the nation this winter due to a strong northeast monsoon flow
• Rain
  this week has been lighter and less threatening, but flooding has occurred recently from northeastern Mindanao through Samar to southeastern Luzon Island
• The
  unsettled weather will resume over the next two weeks with more frequent rain and eventually some additional heavy rainfall and flooding are expected in the east again
• Some
  forecast models suggest a tropical cyclone may evolve and threaten Mindanao late this weekend into early next week, but confidence is low
• Lower
  coastal areas of Vietnam may receive some rain periodically during the next ten days, but no heavy rain is expected
• Western
  Turkey will continue to receive frequent rain over the next ten days with some mountain snow
• Central
  and eastern Turkey will be drier biased for the next ten days
• Middle
  East rainfall is expected to be erratic over the next couple of weeks with only pockets of significant moisture
• 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 light.
  
• Coffee
  and cocoa conditions should remain favorable in all production areas, despite the anomalies
• West-central
  Africa dryness will continue through the next ten days to two weeks except near the coast where periodic precipitation is likely
  
• Dry
  conditions are normal at this time of year
• No
  excessive heat is expected in this coming week, although warmer than usual conditions are expected into the first days of February
  
• Today’s
  Southern Oscillation Index was +17.62 today and it is likely to drift lower as time moves along

Source:
World Weather and FI

 

Bloomberg
Ag calendar

Friday,
Jan. 20:

• Global
  Forum for Food and Agriculture, Berlin, Jan. 18-21

• Malaysia’s
  Jan. 1-20 palm oil exports
• ICE
  Futures Europe weekly commitments of traders report
• CFTC
  commitments of traders weekly report on positions for various US futures and options
• US
  net- export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• US
  cotton ginnings
• US
  cattle on feed

Monday,
Jan. 23:

• MARS
  monthly report on EU crop conditions
• Brazil’s
  Unica to release sugar output, cane crush data during the week (tentative)
• HOLIDAY:
  China, Hong Kong, Malaysia, Indonesia, Korea, New Zealand, Singapore, Vietnam

Tuesday,
Jan. 24:

• EU
  weekly grain, oilseed import and export data
• HOLIDAY:
  China, Singapore, Hong Kong, Malaysia, Korea, Vietnam

Wednesday,
Jan. 25:

• EIA
  weekly US ethanol inventories, production, 10:30am
• Malaysia’s
  Jan. 1-25 palm oil exports
• US
  cold storage data for pork, beef and poultry, 3pm
• National
  Coffee Association’s webinar on 2023 US coffee outlook
• USDA
  total milk production, 3pm
• US
  poultry slaughter, 3pm
• HOLIDAY:
  China, Hong Kong, Vietnam

Thursday,
Jan. 26:

• Paris
  Grain Conference, day 1
• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• USDA
  to release its outlook for world orange and orange-juice production
• Port
  of Rouen data on French grain exports
• HOLIDAY:
  China, India, Australia, Vietnam

Friday,
Jan. 27:

• Paris
  Grain Conference, day 2
• ICE
  Futures Europe weekly commitments of traders report
• CFTC
  commitments of traders weekly report on positions for various US futures and options
• US
  cattle inventory, 3pm
• HOLIDAY:
  China

Source:
Bloomberg and FI

 

 

USDA
Export Sales

Good
sales were posted for corn, sorghum, soybean meal and all-wheat. Soybean and soybean oil sales were within expectations.

 

Diving
into the soybean export sales, it appears were there several switches. Of the 986,200 tons for 2022-23, it included China (507,000 MT, including 313,000 MT switched from unknown destinations and decreases of 80,000 MT), Mexico (262,300 MT, including decreases
of 3,100 MT), Spain (244,300 MT, including 249,800 MT switched from unknown destinations and decreases of 12,000 MT), Vietnam (67,200 MT, including 55,000 MT switched from unknown destinations and decreases of 200 MT), and Pakistan (66,000 MT), were offset
by reductions for unknown destinations (382,300 MT). Soybean meal sales included the Philippines, Spain, Ireland, and Chile.  Soybean exports were 299,200 tons. Soybean oil sales were again poor at 700 tons and shipments at 500 tons.

 

Corn
export sales of 1.132 million tons were up from 255,700 tons previous week and included Japan, Mexico and South Korea as primary buyers. China was in there for 71,400 tons but 68,000 tons were switched from unknown. Sorghum sales were a strong 189,000 tons,
a marketing year high, and appears all for China. All wheat sales of 473,100 tons were up from 90,800 tons previous week and included Mexico and various Asian countries.

 

 

 

CFTC
Commitment of Traders

 

 

 

 

Reuters
table

SUPPLEMENTAL     
Non-Comm               Indexes                  Comm

                       
Net        Chg        Net        Chg        Net        Chg

Corn              
113,865     36,410    352,318     -3,500   -408,523    -29,741

Soybeans          
130,766     34,403    123,044      1,264   -212,212    -33,943

Soyoil             
27,564       -677     93,667     -1,895   -133,398        253

CBOT
wheat         -74,270       -811     96,721     -1,512    -20,691      2,056

KCBT
wheat         -20,394      3,557     45,880       -639    -22,944       -898

 

FUTURES
+ OPTS     Managed                 Swaps              Producer

                       
Net        Chg        Net        Chg        Net        Chg

Corn              
192,137     42,533    213,633     -5,325   -400,976    -28,109

Soybeans          
168,298     36,594     67,204       -617   -198,857    -32,395

Soymeal           
150,939      8,229     70,008     -2,057   -254,868     -4,749

Soyoil             
54,008       -607     89,356        630   -157,440       -836

CBOT
wheat         -65,089     -1,955     65,017        -54    -17,544      1,654

KCBT
wheat          -7,291        732     35,021     -1,324    -23,665       -112

MGEX
wheat          -2,776        -72      1,574          0       -199       -993

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

Total
wheat        -75,156     -1,295    101,612     -1,378    -41,408        549

 

Live
cattle         84,672     -6,818     46,285     -1,724   -128,278      8,822

Feeder
cattle       -5,951     -5,992      3,392        861      5,963      2,958

Lean
hogs           10,663    -12,072     47,610        526    -51,504      9,904

 

                     
Other             NonReport                  Open

                       
Net        Chg        Net        Chg   Interest        Chg

Corn               
52,864     -5,928    -57,659     -3,170  1,552,011     70,078

Soybeans      
      4,952     -1,858    -41,597     -1,723    771,901     44,133

Soymeal            
14,074      1,527     19,847     -2,949    463,876      9,405

Soyoil              
1,909     -1,506     12,167      2,319    412,731      4,066

CBOT
wheat          19,377         89     -1,762        267    405,665     10,818

KCBT
wheat          -1,524      2,723     -2,541     -2,019    184,108      7,177

MGEX
wheat           2,283        536       -882        530     58,230        792

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

Total
wheat         20,136      3,348     -5,185     -1,222    648,003     18,787

 

Live
cattle          8,397     -1,187    -11,076        906    377,719     -7,996

Feeder
cattle       -1,620       -596     -1,784      2,767     62,196      5,959

Lean
hogs           -3,447       -741     -3,321      2,384    269,776     14,135

 

 

Macros

US
Crude Oil Futures Settle At $81.31/Bbl, Up $0.98 Or 1.22%

Brent
Crude Futures Settle At $87.63/Bbl, Up $1.47 Or 1.71%

98
Counterparties Take $2.091 Tln At Fed Reverse Repo Op (prev $2.110 Tln, 100 Bids)

Canadian
Retail Sales (M/M) Nov: -0.1% (est -0.5%; prevR 1.3%)

Canadian
Retail Sales Ex Auto (M/M) Nov: -0.6% (est -0.6%; prevR 1.6%)

US
Existing Home Sales Change Dec: 4.02M (est 3.95M; prev R 4.08M)    

–
Existing Home Sales (M/M): -1.5% (est -3.4%; prev R -7.9%)

–
Median Home Price (Y/Y) (USD): 366.9K or +2.3% (prev 370.7K or +3.5%)

 

Corn

·        
CBOT corn
trimmed
some losses post USDA export sales report (good for corn and sorghum). During the day session prices saw a two-sided trade, ending moderately lower for most contracts. Lower soybeans and higher wheat left corn futures in limbo. A rally in WTI crude oil (as
of 1:15 pm CT) limited losses for the corn market.

·        
News was light as traders will be watching the rain events for Argentina this weekend. The USD was near unchanged at the time CBOT ags closed.

·        
There were no major export developments announced overnight.

·        
Yesterday The Buenos Aires Grains Exchange cut its estimate for Argentina’s 2022-23 corn harvest to 44.5 million tons, down from 50 million tons previously and 52 million tons last year. Corn plantings are running 89 percent.

·        
Some US farm groups are asking the Federal Trade Commission (FTC) to examine the high eggs prices for price manipulation, especially after one egg company posted 4^th quarter profits well above the comparable quarter
year ago.  But that company noted demand was high across the US and their farms had no cases of bird flu disease.

·        
The US is not the only country seeing a shortage of egg supplies. Malaysia is seeing an egg shortage from a decline in production due to higher feed prices are driving India to export a record 50 million eggs per month.

·        
The US Cattle on Feed report showed a slightly less than expected contraction for the January 1 cattle on feed at 97.1%. Marketing were a touch below trade expectations at 1.741 million head, 93.9 percent of a year ago. Placements
were 1.804 million, 1 percent above expectations at 92.0%.

 

 

 

 

Export
developments.

·        
None reported.

 

Updated
01/19/23

March
corn $6.50-$7.25 range. May
$6.25-$7.20

 

Soybeans

·        
CBOT’s soybean complex traded two-sided and were lower (near contract lows) headed into the close. Bull spreading was a feature for soybeans while bear spreading was seen for soybean meal and soybean oil. There were 42 soybean
registrations cancelled Thursday evening (1,140 open). March CBOT crush was down 21.50 cents and May off 12.75 cents.

·        
The weather outlook improved again for Argentina and the US outlook looks good for a boost in soil moisture for the dry areas of the western Corn Belt over the next week. Traders will be closely monitoring the rains for Argentina
over the next two weeks.

·        
USDA reported 220,000 tons of soybeans sold to unknown.

·        
Oil World lowered their estimate for Argentina soybean production to 34 million tons from 42.5 million last year (their estimate). USDA is at 45.5MMT for the Argentina 2022-23 crop. Yesterday
Argentina’s
BA Grains Exchange reported the combined good and excellent soybean rating at 3 percent and poor condition at 60 percent. Last week they were 4 and 56 percent, respectively. Soybean plantings are running at 96 percent.

·        
2022 China soybean imports were 91.08 million tons. Of that, 54.4 million tons were from Brazil, 29 million tons from the US, 3.65 from Argentina and 1.79 million tons from Uruguay.

·        
Cargo survey SGS reported Malaysian 1-20 January palm oil shipments at 654,888 tons, 29.1 percent below the 923,642 tons shipped during the December 1-20 period. ITS reported a 41 percent decrease to 589,308 tons and AmSpec a
38.5 percent decline to 566,561 tons.

·        
Palm oil closed little higher on Friday, ending the week up 1.6%.

·        
This morning offshore values were leading SBO higher by about 73 points this morning (55 lower for the week to date) and meal $1.40 short ton
higher
($6.40 lower for the week).

 

 

Agriculture
and Agri-Food Canada (AAFC) – Canada: Outlook for Principal Field Crops

 

Export
Developments

·        
USDA reported private exporters reported sales of 220,000 tons of soybeans for delivery to unknown destinations during the 2022-23 marketing year.

·        
Results are awaited for the Philippines seeking up to 45,000 tons of soybean meal. The soybean meal was sought for April 18 and May 25 shipment.

 

 

Updated
01/19/23

Soybeans
– March $14.75-$15.75, May $14.75-$16.00

Soybean
meal – March $450-$520, May $425-$550

Soybean
oil – March
60.00-68.00, May 58-70

 

Wheat

·        
US wheat futures stated lower on follow through selling but rallied during the morning day session on bottom picking. USDA export sales were good for wheat.

·        
Chicago wheat had been under pressure since Wednesday prior to today on Black Sea export competition and expectations for Russia to not curb exports during the remainder of the current crop season, a reversal from what the trade
read into earlier this week after President Putin said the country must control grain sales to ensure reserves. Pricing in US wheat was led by the KC contracts on Friday.

·        
There were no wheat export developments.

·        
Paris March wheat was down 0.50 euros at 284.75 per ton, or 0.2% ($308.78/ton).

 

 

Agriculture
and Agri-Food Canada (AAFC) – Canada: Outlook for Principal Field Crops

 

Export
Developments.

·        
Japan seeks 70,000 tons of feed wheat and 40,000 tons of barley on January 25 for arrival in Japan by March 16.

·        
China plans to auction off 140,000 tons of wheat on February 1, that includes stocks from the 2014-2017 crop years.

 

Rice/Other

·        
None reported

 

Updated
01/19/23

Chicago
– March $7.00 to $8.00, May $7.00-$8.25

KC
– March $7.75-$9.00, $7.50-$9.25

MN
– March $8.75 to $10.00,
$8.00-$10.00

 

USDA Export Sales

U.S. EXPORT SALES FOR WEEK ENDING  1/12/2023 

	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	106.8	984.6	2,016.8	75.9	3,270.4	4,483.9	21.0	90.3
SRW	34.0	643.7	702.2	17.0	1,780.7	1,786.6	0.0	41.6
HRS	181.0	1,389.7	1,273.1	86.9	3,314.3	3,154.5	0.0	49.8
WHITE	152.9	1,231.5	783.2	129.0	2,630.7	2,160.7	14.0	14.3
DURUM	-1.5	119.7	54.6	0.0	168.4	112.7	0.0	1.5
TOTAL	473.1	4,369.2	4,829.8	308.9	11,164.6	11,698.3	35.0	197.5
BARLEY	0.0	4.9	18.0	0.0	6.7	12.5	0.0	0.0
CORN	1,132.1	12,028.6	25,583.6	715.7	11,099.7	16,962.2	87.0	1,248.4
SORGHUM	189.0	328.9	3,917.4	1.1	221.1	1,888.9	0.0	0.0
SOYBEANS	986.2	13,661.4	9,670.1	2,066.2	31,728.3	33,438.3	0.0	397.0
SOY MEAL	362.5	3,254.4	2,935.4	299.2	3,311.2	3,609.9	0.0	18.3
SOY OIL	0.7	18.3	213.9	0.5	20.0	254.6	0.0	0.6
RICE
L G RGH	2.0	123.3	178.1	5.8	197.8	600.6	0.0	0.0
M S RGH	0.0	13.4	10.4	0.0	13.5	3.3	0.0	0.0
L G BRN	0.1	8.1	5.6	0.1	7.9	27.6	0.0	0.0
M&S BR	0.0	36.1	67.6	0.7	7.8	16.8	0.0	0.0
L G MLD	0.6	141.3	78.8	8.2	306.1	407.3	0.0	0.0
M S MLD	-8.4	124.8	102.4	15.0	116.6	184.1	0.0	0.0
TOTAL	-5.6	446.9	442.8	29.8	649.8	1,239.7	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	209.4	4,867.3	7,864.2	183.1	4,201.1	3,403.1	26.9	1,230.1
PIMA	2.5	58.4	221.5	6.3	67.3	161.5	0.0	1.1

 

Export Sales Highlights   

This
summary is based on reports from exporters for the period January 6-12, 2023.

Wheat: 
Net sales of 473,100 metric tons (MT) for 2022/2023 were up noticeably from the previous week and up 99 percent from the prior 4-week average. Increases primarily for Mexico (124,100 MT, including decreases of 11,100 MT), South Korea (112,000 MT), the Philippines
(70,200 MT, including decreases of 900 MT), Japan (47,500 MT), and Honduras (40,000 MT), were offset by reductions for Panama (1,500 MT) and Guatemala (1,200 MT). Net sales of 35,000 MT for 2023/2024 were reported for Mexico (21,000 MT) and Japan (14,000 MT).
Exports of 308,900 MT were up 60 percent from the previous week and 46 percent from the prior 4-week average. The destinations were primarily to the Philippines (81,700 MT), China (68,100 MT), Japan (35,400 MT), Taiwan (33,400 MT), and Nigeria (29,200 MT).

Corn: 
Net sales of 1,132,100 MT for 2022/2023 were up noticeably from the previous week and from the prior 4-week average. Increases were primarily for Japan (340,000 MT, including 56,800 MT switched from unknown destinations and decreases of 1,300 MT), Mexico (271,000
MT, including decreases of 1,000 MT), South Korea (134,500 MT), China (71,400 MT, including 68,000 MT switched from unknown destinations and decreases of 2,300 MT), and Taiwan (70,200 MT, including decreases of 100 MT). Total net sales of 87,000 MT for 2023/2024
were for Japan. Exports of 715,700 MT were up 85 percent from the previous week, but down 8 percent from the prior 4-week average. The destinations were primarily to Mexico (290,500 MT), China (275,400 MT), Japan (55,500 MT), Costa Rica (32,300 MT), and Canada
(24,300 MT).

 

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

Sorghum: 
Total net sales of 189,000 MT for 2022/2023–a marketing-year high–were unchanged from the previous week, but up noticeably from the prior 4-week average. The destination was China. Exports of 1,100 MT were up noticeably from the previous week, but down 91
percent from the prior 4-week average. The destination was to Mexico.

Rice: 
Net sales reductions of 5,600 MT for 2022/2023–a marketing-year low–were down noticeably from the previous week and from the prior 4-week average. Increases primarily for El Salvador (1,500 MT), Canada (1,200 MT, including decreases of 200 MT), Guatemala
(500 MT), Mexico (200 MT), and Belgium (200 MT), were more than offset by reductions primarily for Jordan (9,400 MT). Exports of 29,800 MT were up 46 percent from the previous week, but down 21 percent from the prior 4-week average. The destinations were primarily
to Japan (13,000 MT), Haiti (6,100 MT), Guatemala (5,700 MT), Canada (3,200 MT), and Taiwan (700 MT). 

Soybeans: 
Net sales of 986,200 MT for 2022/2023 were up 38 percent from the previous week and 48 percent from the prior 4-week average. Increases primarily for China (507,000 MT, including 313,000 MT switched from unknown destinations and decreases of 80,000 MT), Mexico
(262,300 MT, including decreases of 3,100 MT), Spain (244,300 MT, including 249,800 MT switched from unknown destinations and decreases of 12,000 MT), Vietnam (67,200 MT, including 55,000 MT switched from unknown destinations and decreases of 200 MT), and
Pakistan (66,000 MT), were offset by reductions for unknown destinations (382,300 MT). Exports of 2,066,200 MT were up 28 percent from the previous week and 23 percent from the prior 4-week average. The destinations were primarily to China (1,366,900 MT),
Spain (244,300 MT), Mexico (161,500 MT), Vietnam (68,200 MT), and the Netherlands (58,600 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 362,500 MT for 2022/2023 were up noticeably from the previous week and from the prior 4-week average. Increases primarily for the Philippines (54,400 MT, including decreases of 1,700 MT), Spain (50,000 MT), Ireland (48,900 MT, including 24,000
MT switched from the Philippines), Chile (45,000 MT), and Colombia (35,700 MT), were offset by reductions primarily for Israel (6,000 MT). Exports of 299,200 MT were down 5 percent from the previous week, but up 11 percent from the prior 4-week average. The
destinations were primarily to the Philippines (95,900 MT), Ecuador (38,400 MT), Mexico (35,300 MT), Ireland (26,400 MT), and Japan (25,900 MT).

Soybean
Oil: 
Net sales of 700 MT for 2022/2023 were up 8 percent from the previous week, but down 63 percent from the prior 4-week average. Increases were reported for Canada (500 MT) and Mexico (200 MT). Exports of 500 MT were down 8 percent from the previous week and
70 percent from the prior 4-week average. The destinations were to Canada (400 MT) and Mexico (100 MT).

Cotton: 
Net sales of 209,400 RB for 2022/2023 were up noticeably from the previous week and from the prior 4-week average. Increases primarily for China (55,100 RB), Pakistan (43,600 RB, including decreases of 200 RB), Vietnam (42,500 RB, including 100 RB switched
from China), Turkey (25,600 RB, including decreases of 17,200 RB), and South Korea (18,700 RB), were offset by reductions for Mexico (2,500 RB). Net sales of 26,900 RB for 2023/2024 were primarily for Turkey (21,600 RB). Exports of 183,100 RB were up 22 percent
from the previous week and 48 percent from the prior 4-week average. The destinations were primarily to China (60,200 RB), Pakistan (46,100 RB), Mexico (13,500 RB), Vietnam (12,600 RB), and Indonesia (7,000 RB). Net sales of Pima totaling 2,500 RB for 2022/2023
were down 24 percent from the previous week, but up 6 percent from the prior 4-week average. Increases were primarily for Vietnam (1,300 RB), Taiwan (400 RB), South Korea (300 RB), Bangladesh (200 RB), and Bahrain (100 RB). Exports of 6,300 RB were unchanged
from the previous week, but up 14 percent from the prior 4-week average. The destinations were primarily to India (4,100 RB), Vietnam (900 RB), Turkey (400 RB), Japan (300 RB), and Peru (200 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 1,900 RB were to China. The current exports for own account outstanding balance of 122,300 RB are for China (92,000 RB), Vietnam (21,900 RB), Pakistan (6,500 RB), India (1,500 RB), and Indonesia (400 RB).

Hides
and Skins: 
Net sales of 564,200 pieces for 2023 were primarily for China (355,200 whole cattle hides, including decreases of 15,200 pieces), South Korea (65,700 whole cattle hides, including decreases of 1,700 pieces), Mexico (60,100 whole cattle hides, including decreases
of 5,000 pieces), Thailand (35,300 whole cattle hides, including decreases of 1,200 pieces), and Brazil (13,300 whole cattle hides, including decreases of 1,000 pieces). In addition, total net sales of 14,300 calf skins were for Italy. Exports of 439,500 whole
cattle hides exports were primarily to China (306,200 pieces), Mexico (48,200 pieces), South Korea (35,900 pieces), Thailand (20,200 pieces), and Brazil (16,300 pieces). 

 

Net
sales of 63,400 wet blues for 2023 were primarily for Italy (28,900 unsplit, including decreases of 300 unsplit), Thailand (18,200 unsplit, including decreases of 100 unsplit), China (6,700 unsplit), Mexico (5,400 unsplit), and Brazil (2,500 unsplit). Exports
of 119,300 wet blues were primarily to Italy (48,200 unsplit and 1,600 grain splits), China (24,000 unsplit), Vietnam (16,000 unsplit), Thailand (12,100 unsplit), and Taiwan (4,400 unsplit). Net sales reductions of 11,200 splits for 2023 were reported for
Hong Kong (9,300 pounds) and Vietnam (1,900 pounds). Exports of 43,600 splits were to China.

 

Beef: 
Net sales of 17,300 MT for 2023 were primarily for China (4,800 MT, including decreases of 100 MT), South Korea (4,100 MT, including decreases of 400 MT), Japan (3,900 MT, including decreases of 500 MT), Mexico (1,700 MT, including decreases of 100 MT), and
Taiwan (1,200 MT, including decreases of 100 MT). Exports of 15,700 MT were primarily to Japan (5,200 MT), South Korea (3,400 MT), China (1,700 MT), Taiwan (1,600 MT), and Mexico (1,500 MT).

Pork: 
Net sales of 34,100 MT for 2023 were primarily for Mexico (11,800 MT, including decreases of 200 MT), Canada (4,800 MT, including decreases of 300 MT), China (4,100 MT, including decreases of 600 MT), South Korea (3,700 MT, including decreases of 500 MT),
and Japan (3,500 MT, including decreases of 300 MT). Exports of 31,100 MT were primarily to Mexico (14,800 MT), China (4,100 MT), Japan (3,600 MT), South Korea (2,600 MT), and Canada (2,400 MT).