FI Evening Grain Comments 02/09/23

PDF Attached

 

The
soybean meal market was the only major CBOT agriculture product that closed higher on Thursday. All other markets were under pressure from poor export sales, talk of improving weather, and lack of direction provided by USDA in their February S&D update.

 

 

Weather

The
US CPC sees a good chance for a neutral ENSO to develop during the March-May period.

 

The
trade will be watching Argentina rains expected to occur though Monday. The bulk of the rain will fall across La Pampa, BA, eastern Cordoba, Santa Fe, Entre Rios. It will remain on the drier side for northern and eastern Argentina.  Brazil will continue to
see rain and the central growing area slowing harvesting progress. The US weather forecast is mostly unchanged. Central and northern Great Plains will not see much precipitation over the next week. The US Midwest will see additional rain bias far southern
areas and northern areas.

 

 

 

 

 

World
Weather, INC.

MOST
IMPORTANT WEATHER FOR THE DAY

• No
  significant changes occurred around the world overnight
• Argentina
  is still expecting rain in all of its grain, oilseed, cotton and sugarcane production areas during the weekend and early next week
• Moisture
  totals will be greatest in the northeast half of the nation where 1.00 to 3.00 inches and locally more are expected
• Southwestern
  areas will not be as wet with 0.30 to 1.00 inch and local totals to 1.50 inches
  
• Argentina
  may trend drier again after Feb. 17 leaving a strong need for greater and more frequent rain
  
• Brazil
  rainfall in the far south along with Uruguay and Paraguay will be limited through the weekend, but rain is expected next week to bring some relief to recent heat and ongoing drying
• A
  few showers are expected in the far south today and Friday, but next week’s rain will be greater, and the impact should be longer lasting
• Resulting
  rainfall will be sufficient to improve crop conditions for a while, but more rain will still be needed
  
• Center
  west and a part of center south Brazil will continue to get rain frequently enough to keep harvest progress in some of the soybean areas a little slow along with the planting of Safrinha corn
• However,
  improved drying conditions have occurred in parts of Mato Grosso recently and that will continue, though there will be some showers and thunderstorms occurring periodically – which is normal at this time of year.
  
• Bahia,
  Brazil and immediate neighboring areas will be drier biased during much of the coming week to ten days favoring some crops, but there will eventually be need for greater rain
• U.S.
  hard red winter wheat areas will continue lacking precipitation of significance in the west through the weekend
• There
  is some potential for rain in the southwestern Plains early next week
• Confidence
  is low, though, and resulting amounts should not be great enough to end drought by any means
• Any
  moisture would be welcome, though
• Eastern
  portions of the region will experience the best precipitation maintaining favorable crop development potential in those areas
• U.S.
  central and eastern Midwest, Delta and southeastern states will be quite wet over the next ten days to two weeks inducing greater runoff in the Ohio River Valley and inducing a little flooding in the northern Delta, southeastern Missouri and Tennessee River
  Basin
• U.S.
  northern Plains and  northwestern Corn Belt as well as Canada Prairies will continue to receive below normal precipitation for a while, though a short term bout of increased precipitation is expected before temperatures turn colder late next week
• Evidence
  continues to rise over the prospects for a Sudden Stratospheric Warming Event (SSW) that should begin to evolve next week from  and become notable in the  last days of February and especially in March
• Cooler
  than usual temperatures will accompany the event from the central Canada Prairies into the heart of the Great Plains and a part of the Midwest during late February and especially March
• An
  increase in winter storminess is likely in the interior eastern U.S. through the New England states
• California
  and western Washington and western Oregon rainfall and heavy mountain snow will resume over the coming weekend and last through most of next week adding more moisture to the mountains for use in the spring
• Europe
  weather will be cool for a little while longer this week and then warmer than usual during the weekend and next week
• There
  is no risk of crop damaging cold during the next two weeks
• Europe
  precipitation will continue unusually limited for the next ten days
• Dry
  soil is already present in parts of eastern Spain and a part of the lower Danube River Basin
• North
  Africa weather
• Some
  scattered showers will occur during the next week to ten days, but resulting precipitation is not likely to be very great.
  
• Interior
  Tunisia, northwestern Algeria and Morocco precipitation will continue limited for the next ten days and possibly longer; although interior Tunisia did receive some much needed moisture Wednesday
• Dryness
  is already a concern in these areas, although winter crops  are dormant or semi-dormant and do not have much moisture requirement for now
• The
  need for moisture will be steadily rising this month as crop areas trend warmer and crops are stimulated to develop
• Western
  CIS crop areas will experience light and sporadic precipitation in this first week of the  outlook and then experience some boost in rain and snowfall next week
• Winter
  crops are dormant
• Temperatures
  will be warmer than usual and there is no risk of winterkill during the next two weeks
• India
  will be mostly dry over the next ten days in key crop areas
• Winter
  crop areas will need rain soon to ensure the best production potential
• Winter
  crops mostly reproduce in February and continue filling in March
• China
  will experience waves of rain this week and next week in the Yangtze River Basin and areas to the south coast
• The
  southern rapeseed areas will be wettest and should experience the best improvement in soil moisture supporting early spring crop needs
• Rice
  planting will begin in early March or as soon as soil temperatures permit, and rapeseed will be breaking dormancy soon if it has not already
• Wheat
  areas in the  North China Plain and Yellow River Basin may get some needed rain briefly late this week and into the weekend
  
• Australia
  rainfall is expected to occur erratically over the next ten days impacting central and  southeastern Queensland most often
• Greater
  rain would be welcome in key summer crop areas, especially those not irrigated
• South
  Africa rainfall will stay erratic and light for a while this week and then increase during the second half of this week into next week 
  
• Summer
  crop conditions will remain good, and some will improve with the greater rain forthcoming
• Middle
  East precipitation is expected to increase this week, although not all areas will benefit
• Turkey
  will be wettest along with northern Iraq, northern Syria and portions of western and northern Iran
• Greater
  precipitation will still be needed in some areas
• Southern
  Syria and much of Iraq away from the far north will be dry and moisture in parts of Iran will be lighter than usual  as well
• Eastern
  Africa precipitation will be greatest in Tanzania during the next ten days which is not unusual at this time of year
• West
  Africa rainfall is expected to be mostly confined to coastal areas during the next ten days, but a few showers will occasionally reach into a few coffee and cocoa production areas
• Seasonal
  rains should begin over the next few weeks.
• Today’s
  Southern Oscillation Index was +10.06 and it will move erratically higher over the coming week.
  

Source:
World Weather and FI

 

Bloomberg
Ag calendar

Thursday,
Feb. 9:

• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• Port
  of Rouen data on French grain exports

Friday,
Feb. 10:

• Suspended
  – CFTC commitments of traders weekly report on positions for various US futures and options

• ICE
  Futures Europe weekly commitments of traders report
• CFTC
  commitments of traders weekly report on positions for various US futures and options, 3:30pm
• Malaysian
  Palm Oil Board’s January data on stockpiles, production and exports
• Brazil’s
  Unica to release sugar output, cane crush data (tentative)
• Malaysia’s
  Feb. 1-10 palm oil export data

Source:
Bloomberg and FI

 

USDA
Export Sales

US
soybean export sales were at the low end of expectations for old crop and near the middle for new crop. There were a lot of sales switched from unknown. Increases  primarily for China (518,900 MT, including 332,000 MT switched from unknown destinations). Soybean
meal sales were again below 200,000 short tons. At 181,700, there were slightly above the previous week, but shipments were very good at 312,800 short tons. The soybean meal sales included 64,900 tons for Columbia. Soybean oil sales again were slow at 2,000
tons and shipments were only 1,900 tons. USDA corn export sales of 1.160 million tons were near the upper end of a range of expectations. The corn sales included  Japan (388,200 MT), unknown destinations (308,200 MT) and Mexico (107,000 MT, including decreases
of 28,900 MT). Sorghum sales were 53,000 tons, all for China. All-wheat export sales of 131,400 tons were poor for the second consecutive week. The wheat sales included Mexico and Columbia. Pork sales were 28,800 tons and included 12,700 tons for Mexico.

 

 

 

Macros

101
Counterparties Take $2.059 Tln At Fed Reverse Repo Op. (Prev $2.060 Tln, 103 Bids)

US
Initial Jobless Claims Feb 4: 196K (est 190K; prev 183K)

US
Continuing Claims Jan 28: 1688K (est 1660K; prevR 1650K)

US
EIA NatGas Storage Change (BCF) 03-Feb: -217 (est -201; prev -91)

–
Salt Dome Cavern NatGas Stocks (BCF): -26 (prev +3)

Brazilian
Retail Sales (M/M) Dec: -2.6% (est -0.8%; prev -0.6%)

Brazilian
Retail Sales (Y/Y) Dec: 0.4% (est 2.7%; prev 1.5%)

 

Corn

·        
CBOT corn traded
lower from a selloff in wheat and lower WTI crude oil. A sharply lower USD limited some losses. ENSO conditions are expected to move into a neutral phase for the Northern Hemisphere by US spring seeding season.

·        
Brazil producer corn hedging has slowed but soybean selling picked up after the USDA report. Brazil shipped 983,684 tons of corn to China during the January period, down from 1.16 million during December, but still an impressive
amount. 

·        
Argentina’s BA Grains left its estimate for the Argentina corn crop at 44.5 million tons, down from 52 million year earlier. Yesterday Argentina’s Rosario Grains exchange lowered its estimate for the Argentina corn crop to 42.5
million tons from the 45 million tons previously.

·        
Argentina corn crop conditions declined 2 points for the good category to 20 percent from the previous week, and poor category increased 2 points to 34 percent.

·        
The US Government Accountability Office (GOP Senators) said the EPA’s decision to deny 69 small refiner exemptions from federal requirements to add biofuel to diesel and gasoline is not considered a “rule” and therefore is immune
from being nullified from a vote under the Congressional Review Act. This is a blow for the small refineries appealing EPA’s biofuel requirements. Some companies had financial hardship to either blend biofuel or buy RINs to meet past mandates. Market impact
is seen as minimal .

·        
Vietnam might be tendering for corn soon.

·        
Today was the third day of the Goldman Roll.

 

 

Export
developments.

• South
  Korea’s MFG bought 67,000 tons of South American corn at $343.59/ton c&f and 198.50 cents over the May corn contract for arrival around May 30.
  
• South
  Korea’s FLC bought 65,000 tons of US corn at $337.95/ton c&f for arrival around April 25.
  

 

Updated
02/8/23

March
corn $6.45-$6.95 range. May
$6.25-$7.00

 

Soybeans

·        
CBOT soybeans traded
lower despite a rally in soybean meal (bias nearby), in part to positioning and lack of direction provided by USDA’s February supply and demand report. Nearby soybean meal finished $13.60 higher and May up $8.40. Soybean oil was lower but crush margins ripper
higher in the nearby March position by 13.25 to $2.20.

·        
We heard Brazil producers were busy today hedging soybeans.

·        
Argentina’s BA Grains Exchange lowered its soybean production estimate to 38 million tons from 41 MMT previous.  Yesterday Argentina’s Rosario Grains exchange lowered its soybean production estimate to 34.5 million tons from 37
MMT previous.

·        
The Argentina soybean crop condition for the good category increased one point to 13 percent and poor increased 2 points to 48 percent from the previous week.

 

 

 

U
of I: Biodiesel and Renewable Diesel: What’s the Difference?

Gerveni,
M., T. Hubbs and S. Irwin. “Biodiesel and Renewable Diesel: What’s the Difference?”
farmdoc daily (13):22, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, February 8, 2023.

https://farmdocdaily.illinois.edu/2023/02/biodiesel-and-renewable-diesel-whats-the-difference.html

 

Export
Developments

·        
None reported

 

Updated
02/07/23

Soybeans
– March $14.85-$15.50, May $14.75-$16.00

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

Soybean
oil – March
58.50-63.00, May 58-70

 

Wheat

·        
Chicago wheat traded
lower led by the KC wheat contract on talk of precipitation relief for drought stricken Kansas.

·        
Traders are watching the Black Sea grain corridor shipping extension talks. We think it will be extended.

·        
Paris March wheat was down 3.00 euros at 291.75 per ton. 

 

Export
Developments.

·        
Taiwan bought 48,100 tons of various class wheat from the US for March 29-April 12 shipment.

·        
Algeria ended up buying about 360,000 to 390,000 tons of wheat at $329 to $332/ton c&f for April shipment. Some put the amount up to 450,000 tons.

·        
Japan in a SBS import tender seeks 70,000 tons of feed wheat and 40,000 tons oof feed barley on Feb 15 for loading by May 31.

 

Rice/Other

·        
Results awaited: Egypt seeks at least 25,000 ton of rice from optional origin April-May shipment.

 

Updated
02/08/23

Chicago
– March $7.30 to $7.90, May $7.00-$8.25

KC
– March $8.55-$9.20, $7.50-$9.25

MN
– March $9.00 to $9.60,
$8.00-$10.00

 

 

 

USDA Export Sales

Export Sales
Highlights  

This
summary is based on reports from exporters for the period January 27 – February 2, 2023.

Wheat: 
Net sales of 131,400 metric tons (MT) for 2022/2023 were down 4 percent from the previous week and 56 percent from the prior 4-week average. Increases primarily for Mexico (76,000 MT, including decreases of 300 MT), Colombia (43,600 MT, including 31,600 MT
switched from unknown destinations and decreases of 800 MT), unknown destinations (39,000 MT), Ecuador (28,800 MT, including 19,400 MT switched from unknown destinations), and Japan (26,000 MT), were offset by reductions primarily for South Korea (60,000 MT)
and Iraq (47,900 MT). Net sales of 19,500 MT for 2023/2024 were reported for Colombia (12,500 MT), Mexico (6,500 MT), and Panama (500 MT). Exports of 538,100 MT were up 9 percent from the previous week and 70 percent from the prior 4-week average. The destinations
were primarily to the Philippines (121,100 MT), Mexico (81,300 MT), South Korea (55,200 MT), Iraq (52,100 MT), and Ecuador (45,800 MT).

Corn: 
Net sales of 1,160,300 MT for 2022/2023 were down 27 percent from the previous week, but up 19 percent from the prior 4-week average. Increases were primarily for Japan (388,200 MT), unknown destinations (308,200 MT), Mexico (107,000 MT, including decreases
of 28,900 MT), Guatemala (70,800 MT), and Panama (67,000 MT). Total net sales of 10,000 MT for 2023/2024 were for Japan. Exports of 394,900 MT were down 34 percent from the previous week and 40 percent from the prior 4-week average. The destinations were primarily
to Mexico (283,900 MT), Costa Rica (33,200 MT), Canada (26,300 MT), Hong Kong (15,300 MT), and Nicaragua (12,200 MT).

Optional
Origin Sales: 
For 2022/2023, new optional sales 100,000 MT were for South Korea. The current outstanding balance of 100,000 MT, all South Korea.

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

Sorghum: 
Total net sales of 53,000 MT for 2022/2023 were down 52 percent from the previous week and 43 percent from the prior 4-week average. The destination was for China. Exports of 200 MT were down 73 percent from the previous week and 99 percent from the prior
4-week average. The destination was to Mexico.

Rice: 
Net sales of 112,800 MT for 2022/2023–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average. Increases were primarily for Colombia (61,200 MT), Nicaragua (25,000 MT), Japan (13,000 MT), Saudi Arabia (8,500 MT),
and Mexico (1,500 MT). Exports of 33,800 MT were up 20 percent from the previous week, but down 7 percent from the prior 4-week average. The destinations were primarily to Japan (13,000 MT), Saudi Arabia (8,900 MT), Jordan (4,700 MT), Mexico (4,200 MT), and
Canada (2,200 MT).

Soybeans: 
Net sales of 459,400 MT for 2022/2023 were down 38 percent from the previous week and 49 percent from the prior 4-week average. Increases primarily for China (518,900 MT, including 332,000 MT switched from unknown destinations, 52,000 MT switched from Pakistan,
and decreases of 67,200 MT), Spain (139,600 MT, including 132,000 MT switched from unknown destinations), the Netherlands (85,600 MT, including 77,000 MT switched from unknown destinations), Indonesia (73,800 MT, including 55,000 MT switched from unknown destinations,
300 MT switched from Taiwan, and decreases of 200 MT), and Colombia (26,700 MT, including 12,000 MT switched from unknown destinations and decreases of 1,200 MT), were offset by reductions primarily for unknown destinations (387,000 MT). Net sales of 185,000
MT for 2023/2024 were reported for unknown destinations (132,000 MT) and China (53,000 MT). Exports of 1,828,600 MT were down 7 percent from the previous week and 3 percent from the prior 4-week average. The destinations were primarily to China (1,181,900
MT), Mexico (248,800 MT), Spain (139,600 MT), the Netherlands (85,600 MT), and Indonesia (78,800 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 181,700 MT for 2022/2023 were up 10 percent from the previous week, but down 13 percent from the prior 4-week average. Increases primarily for Colombia (64,900 MT, including decreases of 1,100 MT), South Korea (50,000 MT switched from unknown
destinations), Mexico (34,400 MT, including decreases of 12,700 MT), Canada (25,700 MT), and Honduras (20,800 MT, including decreases of 11,800 MT), were offset by reductions primarily for unknown destinations (42,000 MT), El Salvador (3,000 MT), and Ecuador
(1,500 MT). Total net sales of 900 MT for 2023/2024 were for Canada. Exports of 312,800 MT were up 9 percent from the previous week and 5 percent from the prior 4-week average. The destinations were primarily to Ecuador (53,100 MT), the Philippines (51,500
MT), Chile (49,500 MT), Colombia (33,600 MT), and Denmark (32,700 MT).

Soybean
Oil:  Net sales
of 1,900 MT for 2022/2023 were up noticeably from the previous week and up 79 percent from the prior 4-week average. Increases were primarily for the Dominican Republic (1,200 MT). Exports of 2,300 MT were up 51 percent from the previous week and up noticeably
from the prior 4-week average. The destinations were to the Dominican Republic (1,200 MT), Mexico (800 MT), and Canada (300 MT).

Cotton: 
Net sales of 262,800 RB for 2022/2023–a marketing-year high–were up 54 percent from the previous week and 58 percent from the prior 4-week average. Increases primarily for China (87,700 RB, including 200 RB switched from Vietnam), Turkey (72,600 RB, including
decreases of 300 RB), Vietnam (45,300 RB, including 800 RB switched from South Korea), Indonesia (16,600 RB), and Pakistan (14,000 RB, including decreases of 4,200 RB), were offset by reductions for El Salvador (400 RB) and Mexico (300 RB). Net sales of 4,800
RB for 2023/2024 were primarily for Thailand (3,300 RB). Exports of 210,100 RB were down 1 percent from the previous week, but up 17 percent from the prior 4-week average. The destinations were primarily to Pakistan (45,200 RB), Vietnam (42,800 RB), China
(40,300 RB), Turkey (18,900 RB), and Mexico (13,000 RB). Net sales of Pima totaling 1,300 RB for 2022/2023 were down noticeably from the previous week and down 50 percent from the prior 4-week average. Increases were primarily for Vietnam (700 RB) and Bangladesh
(300 RB). Exports of 5,800 RB were down 25 percent from the previous week, but up 4 percent from the prior 4-week average. The destinations were primarily to Vietnam (2,200 RB), India (1,300 RB), China (1,100 RB), South Korea (400 RB), and Turkey (300 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 15,400 RB were to China (8,300 RB), Turkey (3,800 RB), and Vietnam (3,300 RB). Exports for own account totaling 12,500 RB to China were applied to new or outstanding sales. The current exports for own account
outstanding balance of 117,600 RB are for China (83,900 RB), Vietnam (19,400 RB), Turkey (5,400 RB), Pakistan (5,000 RB), South Korea (2,400 RB), and India (1,500 RB).

Hides
and Skins: 
Net sales of 395,300 pieces for 2023 primarily for China (226,400 whole cattle hides, including decreases of 32,600 pieces), South Korea (109,100 whole cattle hides, including decreases of 3,800 pieces), Mexico (38,500 whole cattle hides, including decreases
of 1,000 pieces), Taiwan (12,400 whole cattle hides, including decreases of 100 pieces), and Turkey (6,100 whole cattle hides), were offset by reductions primarily for Brazil (1,400 pieces) and Vietnam (1,200 pieces). In addition, net sales of 2,200 kip skins
primarily for Belgium (1,400 kip skins), were offset by reductions for China (700 kip skins). Exports of 494,000 whole cattle hides exports were primarily to China (349,200 pieces), Mexico (57,600 pieces), South Korea (34,300 pieces), Thailand (16,300 pieces),
and Brazil (11,300 pieces). In addition, exports of 5,100 kip skins were to China.

 

Net
sales of 91,700 wet blues for 2023 were primarily for Thailand (44,200 unsplit), Vietnam (17,400 unsplit), Mexico (8,800 unsplit), Italy (7,900 unsplit, including decreases of 100 unsplit), and Hong Kong (6,800 unsplit, including decreases of 200 unsplit).
Exports of 124,800 wet blues were primarily to Italy (37,400 unsplit and 1,900 grain splits), Vietnam (22,800 unsplit), Thailand (17,100 unsplit), China (16,500 unsplit), and Hong Kong (13,000 unsplit). No net sales or exports of splits were reported for the
week.

 

Beef: 
Net sales of 16,400 MT for 2023 were primarily for South Korea (4,400 MT, including decreases of 400 MT), Japan (3,500 MT, including decreases of 400 MT), Mexico (2,700 MT), Canada (1,400 MT, including decreases of 100 MT), and China (1,400 MT, including decreases
of 200 MT). Exports of 15,600 MT were primarily to Japan (4,800 MT), South Korea (4,400 MT), China (1,900 MT), Mexico (1,200 MT), and Taiwan (900 MT). 

Pork: 
Net sales of 28,800 MT for 2023 were primarily for Mexico (12,700 MT, including decreases of 200 MT), South Korea (4,700 MT, including decreases of 1,200 MT), China (3,400 MT, including decreases of 200 MT), Colombia (1,600 MT, including decreases of 100 MT),
and Australia (1,500 MT). Exports of 30,400 MT were primarily to Mexico (14,000 MT), China (4,600 MT), Japan (3,000 MT), Canada (2,100 MT), and South Korea (2,100 MT).

 

U.S. EXPORT SALES FOR WEEK ENDING  2/2/2023 

 

	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	93.9	894.5	1,936.6	104.6	3,592.2	4,957.6	10.0	101.3
SRW	18.0	634.4	652.4	100.7	1,916.9	1,907.7	9.5	134.1
HRS	47.5	1,167.7	1,182.3	127.6	3,708.2	3,466.2	0.0	49.8
WHITE	-28.9	1,058.9	697.5	174.4	3,017.0	2,379.1	0.0	23.4
DURUM	0.8	83.2	54.6	30.8	228.8	113.1	0.0	1.9
TOTAL	131.4	3,838.8	4,523.4	538.1	12,463.2	12,823.7	19.5	310.5
BARLEY	0.0	4.4	13.8	0.0	7.2	14.7	0.0	0.0
CORN	1,160.3	13,786.7	24,997.3	394.9	13,005.5	20,715.1	10.0	1,437.1
SORGHUM	53.0	490.5	4,112.6	0.2	293.7	2,244.1	0.0	0.0
SOYBEANS	459.4	10,314.0	9,162.9	1,828.6	37,416.9	37,596.8	185.0	903.0
SOY MEAL	181.7	3,018.6	3,226.6	312.8	4,198.1	4,495.4	0.9	53.4
SOY OIL	1.9	18.2	169.4	2.3	25.1	318.2	0.0	0.6
RICE
L G RGH	87.3	172.4	306.7	3.9	249.6	708.4	0.0	0.0
M S RGH	-0.5	10.3	9.6	0.3	16.0	4.1	0.0	0.0
L G BRN	0.0	4.6	19.9	0.2	11.6	28.6	0.0	0.0
M&S BR	0.0	35.7	67.4	0.0	8.4	18.0	0.0	0.0
L G MLD	9.4	143.8	83.8	10.5	350.7	465.4	0.0	0.0
M S MLD	16.5	131.1	180.1	19.0	142.3	216.2	0.0	0.0
TOTAL	112.8	498.0	667.5	33.8	778.6	1,440.8	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	262.8	4,916.8	7,973.2	210.1	4,799.2	4,202.8	4.8	1,261.2
PIMA	1.3	48.6	199.1	5.8	83.1	200.7	0.0	3.5