FI Evening Grain Comments 06/05/22

PDF Attached includes revised daily estimate of funds

 

Sunday weather maps and crop progress estimates below.

 

On
Friday, private exporters reported sales of 101,600 metric tons of corn for delivery to unknown destinations during the 2021/2022 marketing year.

 

EPA
is finalized a 20.63 billion gallon RFS into gasoline and diesel for 2022, a 9.5% increase over last year’s target. It sounds like a large increase but consider we were still in a pandemic a year ago. This should be final but there is a two month review on
the numbers.

 

 

 

 

 

Weather

As
of Sunday morning  – past seven days

 

 

 

World
Weather Inc.

WEATHER
EVENTS AND FEATURES TO WATCH

• West
  Texas dryland crop areas received 0.60 to 1.78 inches of rain overnight
• The
  moisture was ideal in improving topsoil moisture and some crops will respond well to the moisture with quicker seed germination and plant emergence
• Follow
  up rain is critically important for those crop areas because of poor subsoil moisture
• Irrigated
  crops in West Texas will benefit most from the recent rain and future crop development should advance well in those areas
• West
  Texas will see additional rain tonight into Saturday before dry and warmer weather evolves for a several day period next week
• Ridge
  building has been hinted at for the central and eastern U.S. during the second week of the outlook by the GFS model run
• This
  feature is suspected of being too strong and too far to the east
• Some
  higher heights are expected, but no well-defined ridge of high pressure system is expected so soon, but a weaker ridge is possible, and it may be more centrally located in the Great Plains
• Changes
  are expected over the weekend and that may warrant a close watch on weather model changes during the weekend
• Western
  and southern Alberta, Canada will get rain late this weekend and into early next week offering some relief to persistent dryness
  
• Some
  of this rain will also reach into far southwestern Saskatchewan, Montana, southwestern North Dakota and much of South Dakota
• Rain
  totals of 0.50 to 1.50 inches is expected an locally more
• Drought
  will remain in east-central Alberta and west-central into south-central Saskatchewan during the coming week with little to no rain expected and warmer temperatures
• Some
  of this region will have the potential for rain in the second week of the outlook, but no general soaking of moisture is expected
• Any
  relief that occurs in the drought stricken areas will only be temporary with a huge need for follow up rain
• Eastern
  Saskatchewan and Manitoba will be in a net drying mode during the coming week with some rain returning in the second week of the outlook, June 10-16
• Frost
  and a few very light freezes occurred this morning in parts of Saskatchewan and Manitoba, but the impact on emerged crops will be very low since most temperatures were no colder than 30 Fahrenheit (-1C).
  
• U.S.
  crop weather in the Plains and Midwest will be well balanced with periods of rain and sunshine over the next ten days
  
• Crop
  development and fieldwork will advance favorably
• Some
  decrease in rainfall and rise in temperatures may evolve after June 13
• Tropical
  Storm Alex was forming in the southeastern Gulf of Mexico this morning and it will move across southern Florida this weekend resulting in some heavy rain and breezy conditions
• The
  storm will induce some local flooding, but no damage to citrus or sugarcane is expected
• U.S.
  Pacific Northwest will see a mix of rain and sunshine to support developing crops
• California
  and the southwestern desert region will continue quite dry during the coming two weeks except in far northern California where some rain is possible near the coast\
• Ontario
  and Quebec weather will continue to be well balanced with periods of rain and sunshine
• Relief
  from dryness is expected in Europe over the next week to ten days with all areas impacted except Spain and Portugal
• The
  greatest relief is expected in France, Germany and the United Kingdom where moisture stress has evolved recently
• Sufficient
  moisture will fall to raise topsoil moisture and support ongoing crop development
• Western
  Argentina wheat areas still need a boost in precipitation to induce the best planting, germination and emergence conditions
• Not
  much precipitation of significance is expected for a while raising worry over the fate of wheat planting and establishment this month
• Only
  western areas are too dry; favorable soil moisture is present in other areas
• Southern
  Brazil has been and will continue to be a little too wet for a while
• Drying
  is needed to protect immature late season summer crops and to reduce flood potentials in wheat areas
• Rain
  is expected in western and southern Mato Grosso and Mato Grosso do Sul, Brazil Tuesday  through Thursday of next week
• The
  moisture will be good for winter wheat and for cotton, but it will come too late for much change in Safrinha corn
  
• Southeastern
  Europe is getting enough rain to ease its recent dryness, but more is needed
• Southwestern
  Europe will have some ongoing needs for rain – especially in Spain and Portugal
• Russia’s
  Southern Region, southeastern Ukraine and western Kazakhstan will dry down through the weekend and into next week raising the need for timely rain later this month
• Western
  and northern Russia will continue in an active weather pattern bringing waves of rain and milder than usual weather periodically
• Some
  of the wetter and milder biased weather will also occur in Belarus, the Baltic States and northwestern Ukraine
• Xinjiang,
  China will experience some periodic rainfall in the northeast while most other areas away from the mountains are left mostly dry
• Corn
  an cotton planting are advancing well
• North
  China Plain dryness is not likely to go away anytime soon, despite the potential for a few showers in the coming week to ten days
• Unirrigated
  crop moisture stress has begun, although wheat has not been seriously impacted since it is largely irrigated and much closer to full maturation
• Three
  waves of light rain will fall in the next ten days that may whittle back some of the dryness, but more rain will be necessary
• Southern
  China is bracing for additional waves of heavy rainfall late this week and next week
• Flooding
  has already been a problem south of the Yangtze River recently and even though the rain is taking a short term break there is much more coming
• Damage
  to sugarcane and rice is possible
• Some
  areas in the interior south reported up to 54 inches of rain during the month of May.
• Southern
  India monsoonal rainfall is expected to be lighter than usual over the next ten days
• The
  impact will be low for now, but greater rain will be needed in time
• Australia
  soil moisture is rated mostly well, but there will be need for rain in Western and South Australia this month especially in northern crop areas to restore favorable soil moisture
  
• New
  South Wales and many areas in southeastern Queensland have favorable soil moisture for autumn planting and establishment of wheat, barley and canola
• Rain
  is expected in the dry areas of Western Australia by mid-month
• South
  Africa weather is expected to be mostly dry for a while
• Both
  the harvest of summer crops and the planting of winter grains will advance well in the drier weather this week
• Temperatures
  will be near to above normal this week
• All
  of Southeast Asia will get rain at one time or another over the next couple of weeks.
• The
  precipitation will be good for most crop needs; however, it will be heavy along the Myanmar lower coast and in parts of both Laos and Vietnam into Cambodia
• Northwestern
  Luzon Island, Philippines and Taiwan will also be wet
• Thailand
  may not be included in the heavier rainfall that other Southeast Asia nations will experience for a while, but scattered showers and thunderstorms are still expected
• West-central
  Africa rainfall during the next ten days will be favorable for coffee, cocoa, sugarcane, rice and cotton
  
• East-central
  Africa rainfall will be most significant in Ethiopia, southwestern Kenya and Uganda during the next ten days while Tanzania’s Pare region dries down seasonably
• North
  Africa rainfall will be limited in the next two weeks, although some rain is expected very lightly
• Most
  wheat and barley in the region is maturing and being harvested keeping the need for rain very low
• Most
  of the rain expected will be limited and should not adversely impact crop conditions or field progress
• Turkey
  crop areas will be the only ones in the Middle East to get significant rainfall during the next week to ten days
• A
  boost in rain is needed in many areas, but this is the beginning of the dry season
  
• These
  areas may have experience a decline in wheat, rice and cotton production this year – at least in unirrigated areas
• Mexico
  rainfall is expected to slowly increase in central and southern parts of the nation during the next ten days to two weeks with next week wettest
• The
  moisture will be welcome and should be a part of the developing monsoon season
• Central
  America will see periodic rain in the coming ten days with some of it to become heavy this weekend and next week from Costa Rica into Panama.
  
• Today’s
  Southern Oscillation Index was +17.61 and it will steadily decline over the next few weeks
• New
  Zealand rainfall will be trending wetter over the next week
  

Source:
World Weather Inc.

 

Bloomberg
Ag Calendar

Monday,
June 6:

• USDA
  export inspections – corn, soybeans, wheat, 11am
• US
  crop planting data for corn, soybeans, wheat and cotton; winter wheat condition and harvesting, 4pm
• US
  cotton, corn, soybean and spring wheat conditions, 4pm
• HOLIDAY:
  Germany, South Korea, Malaysia, New Zealand
• Malaysia’s
  June 1-5 palm oil export data

Tuesday,
June 7:

• EU
  weekly grain, oilseed import and export data
• Vietnam’s
  customs department releases May export data for coffee, rice and rubber
• Russian
  Grain Union’s International Grain Round conference, Gelendzhik, Russia, day 1
• International
  Grains Council conference, day 1
• Global
  Food Summit in Munich, day 1
• Purdue
  Agriculture Sentiment
• Abares
  agricultural commodities outlook
• New
  Zealand Commodity Price
• New
  Zealand global dairy trade auction
• France
  agriculture ministry releases crop estimates

Wednesday,
June 8:

• EIA
  weekly U.S. ethanol inventories, production, 10:30am
• Brazil’s
  Conab releases data on area, yield and output of corn and soybeans
• Russian
  Grain Union’s International Grain Round conference, Gelendzhik, Russia, day 2
• International
  Grains Council conference, day 2
• Global
  Food Summit in Munich, day 2
• France
  AgriMer monthly grain outlook

Thursday,
June 9:

• China’s
  first batch of May trade data, including soybeans, edible oils, rubber and meat imports
• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• Ecosperity
  sustainability conference, Singapore
• Russian
  Grain Union’s International Grain Round conference, Gelendzhik, Russia, day 3

Friday,
June 10:

• USDA’s
  monthly World Agricultural Supply and Demand (WASDE) report, 12pm
• China’s
  agriculture ministry (CASDE) releases monthly report on supply and demand for corn and soybeans
• ICE
  Futures Europe weekly commitments of traders report
• Malaysian
  Palm Oil Board’s data for May output, exports and stockpiles
• CFTC
  commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
• FranceAgriMer
  weekly update on crop conditions
• Malaysia’s
  June 1-10 palm oil export data
• Brazil’s
  Unica may release cane crush and sugar output data (tentative)

Source:
Bloomberg and FI

 

 

 

 

CFTC
COT

Funds
are still negative for wheat but not as less long than expected.

 

 

 

 

 

Macros

101
Counterparties Take $2.031 Tln At Fed Reverse Repo Op (prev $1.985 Tln, 97 Bids)

US
Nonfarm Payrolls May: 390K (est 320K; prev 428K; prevR 436K)

US
Unemployment Rate May: 3.6% (est 3.5%; prev 3.6%)

–
US Average Hourly Earnings (M/M) May: 0.3% (est 0.4%; prev 0.3%)

–
US Average Hourly Earnings (Y/Y) May: 5.2% (est 5.2%; prev 5.5%)

US
Private Payrolls May: 333K (est 302K; prev 406K; prevR 405K)

–
US Manufacturing Payrolls May: 18K (est 39K; prev 55K; prevR 61K)

–
US Average Weekly Hours May: 34.6 (est 34.6; prev 34.6)

–
US Participation Rate May: 62.3% (est 62.3%; prev 62.2%)

US
ISM Services Index May: 55.9 (est 56.5; prev 57.1)

 

Corn

·        
US corn futures fell from technical selling and a higher USD, but losses were limited after USDA reported 101,600 tons of corn were sold to unknown. Funds sold an estimated net 1,000 corn contracts.

·        
News was fairly light.

·        
EPA will require 20.63 billion gallons of renewable fuels for 2022, a 9.5% increase from last year. This is achievable, IMO, as the US produces more ethanol than required. There is a 60-day comment period on the final RFS levels
but expect this number to be inked.

·        
Russia again mentioned they will not block gain exports from Ukraine.

·        
The USD was 35 points higher.

·        
Iraq reported a bird flu outbreak.  24,060 birds were culled.

 

Export
developments.

·        
Private exporters reported sales of 101,600 metric tons of corn for delivery to unknown destinations during the 2021/2022 marketing year.

 

Updated
6/1/22

July
corn is seen in a $6.75 and $8.00 range

December
corn is seen in a wide $5.50-$8.00 range

 

Soybeans

·        
CBOT soybeans
were lower on Friday in a risk off session ahead of the weekend. The US dollar was higher. Higher WTI crude oil minimized losses for soybean oil. That market ended mixed with July higher and back months lower. Lower grains pulled soybean meal lower. 

·        
Funds were net sellers of 12,000 soybeans, 4,000 meal and bought 2,000 soybean oil.

·        
US planting progress should be aggressive across the upper Great Plains with several days of clear skies. Some rain swept across the northern Midwest this weekend, but temporary delays expected.

·        
Indonesia’s export permits for palm oil increased to 302,000 tons, but that is nothing to get excited about.

·        
Safras reported Brazil 2021-22 soybean sales at 65.9% as of June 3, up from 61% May 6 and down from 75.6% year ago.

·        
China was on holiday Friday.

 

Export
Developments

·        
China will offer another 500,000 tons of soybeans out of reserves on June 10.

 

Updated
6/1/22

Soybeans
– July $15.75-$18.00

Soybeans
– November is seen in a wide $12.75-$16.50 range

Soybean
meal – July $375-$465

Soybean
oil – July 76-81

 

Wheat

·        
Wheat futures were mostly lower on end of week selling amid good US and European (west) weather. Talk of Ukraine export negotiations were also weighing on prices.

·        
Funds sold an estimated net 6,000 Chicago wheat contracts.

·        
We look for a 4 percent US winter wheat harvest to be reported as of Sunday, below 6 percent average.

·        
France soft wheat crop conditions: 67% of the soft wheat crop was in good or excellent condition in the week to May 30, down from 69% the previous week, FranceAgriMer.

·        
September EU wheat futures were down 3.50 euros per ton at 378.25 euros.

 

US
Wheat Associates

 

Export
Developments.

·        
Saudi Arabia’s SAGO awarded Saudi Agricultural and Livestock Investment Co (SALIC) a contract to supply 240,000 tons of wheat from abroad to be delivered to the kingdom between August and October 2022.

·        
Egypt rejected a ship of 55,000 tons of Indian wheat originally intended for Turkey.

 

Rice/Other

·        
Cambodia rice exports to China are up 23.6 percent during the Jan-Mar period at 149,447 tons. 

 

 

Updated
6/1/22

Chicago
– July $9.50 to $12.00 range, December $8.50-$12.50

KC
– July $10.50 to $12.75 range, December $8.75-$13.50

MN
– July $10.75‐$13.00, December $9.00-$14.00

Export
Sales

This
summary is based on reports from exporters for the period May 20-26, 2022.

Wheat:  Net
sales 700 metric tons (MT) for 2021/2022 were down noticeably from the previous week and down 98 percent from the prior 4-week average.  Increases primarily for Venezuela (7,000 MT), the Philippines (3,000 MT), Mexico (2,500 MT, including decreases of 700
MT), Taiwan (2,000 MT), and Italy (1,500 MT), were offset by reductions for Colombia (15,100 MT), Peru (1,900 MT), the Dominican Republic (500 MT), and unknown destinations (500 MT).  Net sales of 363,500 MT for 2022/2023 primarily for South Korea (108,400
MT), Thailand (60,000 MT), Egypt (60,000 MT), Mexico (41,900 MT), and Colombia (35,200 MT), were offset by reductions for unknown destinations (94,500 MT).  Exports of 372,700 MT were up 25 percent from the previous week and 18 percent from the prior 4-week
average.  The destinations were primarily to Mexico (82,400 MT), Nigeria (78,700 MT), the Philippines (65,000 MT), Taiwan (42,000 MT), and Peru (33,100 MT). 

Late
Reporting: For
2021/2022, net sales and exports totaling 7,000 MT of hard red winter wheat was reported late for Venezuela. 

Corn:  Net
sales of 185,800 MT for 2021/2022 were up 23 percent from the previous week, but down 52 percent from the prior 4-week average.  Increases primarily for Saudi Arabia (74,800 MT, including 68,000 MT switched from unknown destinations), Japan (70,200 MT, including
47,500 MT switched from unknown destinations and decreases of 16,300 MT), South Korea (65,500 MT, including decreases of 5,300 MT), China (62,800 MT, including 66,000 MT switched from unknown destinations and decreases of 3,200 MT), and Mexico (59,300 MT,
including decreases of 89,000 MT), were offset by reductions primarily for unknown destinations (284,900 MT).  Net sales of 48,700 MT for 2022/2023 were reported for Colombia (30,000 MT), Honduras (8,700 MT), Guatemala (7,000 MT), and unknown destinations
(3,000 MT).  Exports of 1,579,700 MT were down 13 percent from the previous week and 4 percent from the prior 4-week average.  The destinations were primarily to Mexico (288,600 MT), Japan (283,100 MT), China (268,800 MT), Colombia (162,800 MT), and South
Korea (131,500 MT). 

Optional
Origin Sales:  For
2021/2022, options were exercised to export 65,000 MT to South Korea from the United States.  The current outstanding balance of 278,300 MT is for unknown destinations (235,000 MT), Italy (34,300 MT), and Saudi Arabia (9,000 MT).  For 2022/2023, the current
outstanding balance of 35,400 MT is for Italy.

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

Sorghum:  Net
sales of 32,700 MT for 2021/2022 were down noticeably from the previous week, but up noticeably from the prior 4-week average.  Increases reported for China (65,700 MT, including 62,800 MT switched from unknown destinations) and Eritrea (30,000 MT), were offset
by reductions for unknown destinations (63,000 MT).  Exports of 136,000 MT were down 29 percent from the previous week and 37 percent from the prior 4-week average.  The destination was China.

Rice:  Net
sales of 20,500 MT for 2021/2022 were down 31 percent from the previous week, but unchanged from the prior 4-week average.  Increases were primarily for Honduras (8,000 MT), Haiti (7,100 MT, including decreases of 200 MT), Mexico (3,200 MT), Canada (1,500
MT), and El Salvador (300 MT).  Exports of 63,300 MT were up noticeably from the previous week and up 95 percent from the prior 4-week average.  The destinations were primarily to Mexico (30,500 MT), Haiti (15,100 MT), Japan (13,200 MT), South Korea (2,800
MT), and Canada (1,200 MT).

Export
for Own Account: For
2021/2022, the current exports for own account outstanding balance is 100 MT, all Canada.

Soybeans:  Net
sales of 111,600 MT for 2021/2022–a marketing-year low–were down 60 percent from the previous week and 77 percent from the prior 4-week average.  Increases primarily for the Netherlands (68,400 MT, including 63,000 MT switched from unknown destinations and
decreases of 600 MT), Egypt (54,000 MT), Mexico (50,900 MT), Colombia (29,900 MT, including decreases of 200 MT), and Tunisia (27,100 MT, including 30,000 MT switched from unknown destinations and decreases of 3,000 MT), were offset by reductions primarily
for China (72,200 MT), Italy (46,000 MT), and unknown destinations (29,300 MT).  Net sales of 284,000 MT for 2022/2023 were primarily for unknown destinations (105,000 MT), Pakistan (66,000 MT), Egypt (65,000 MT), and Mexico (44,000 MT).  Exports of 406,300
MT were down 25 percent from the previous week and 36 percent from the prior 4-week average.  The destinations were primarily to Egypt (118,000 MT), China (70,000 MT), the Netherlands (68,400 MT), Japan (35,100 MT), and Mexico (27,200 MT). 

Export
for Own Account: For
2021/2022, new optional origin sales of 29,900 MT were reported for Canada.  Exports for own account totaling 57,500 MT to Canada were applied to new or outstanding sales.  The current exports for own account outstanding balance is 63,500 MT, all Canada.

Soybean
Cake and Meal:  Net
sales of 188,900 MT for 2021/2022 were up 18 percent from the previous week, but down 13 percent from the prior 4-week average.  Increases primarily for Colombia (95,800 MT, including 20,000 MT switched from unknown destinations and decreases of 1,100 MT),
the Philippines (45,500 MT, including decreases of 500 MT), Mexico (24,500 MT, including decreases of 5,300 MT), Canada (10,100 MT, including decreases of 4,500 MT), and Ecuador (8,000 MT), were offset by reductions primarily for unknown destinations (22,900
MT) and El Salvador (3,400 MT).  Total net sales of 100 MT for 2022/2023 were reported for Honduras.  Exports of 169,000 MT were down 10 percent from the previous week and 21 percent from the prior 4-week average.  The destinations were primarily to Colombia
(61,400 MT), Canada (25,500 MT), the Dominican Republic (25,300 MT), Mexico (20,900 MT), and Venezuela (15,400 MT).

Soybean
Oil:  Net
sales of 4,200 MT for 2021/2022 were down 32 percent from the previous week and 21 percent from the prior 4-week average.  Increases reported for Venezuela (4,500 MT), Mexico (4,000 MT), and Canada (2,000 MT), were offset by reductions for Guatemala (6,300
MT).  Exports of 11,100 MT were up noticeably from the previous week, but unchanged from the prior 4-week average.  The destinations were to Guatemala (5,700 MT), Mexico (3,800 MT), Honduras (1,100 MT), and Canada (500 MT).

Cotton:  Net
sales of 354,200 RB for 2021/2022 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for China (144,700 RB, including decreases of 5,400 RB), Vietnam (87,100 RB, including 1,400 RB switched from South Korea and
decreases of 4,300 RB), Bangladesh (43,100 RB), Turkey (33,000 RB, including decreases of 400 RB), and India (24,500 RB, including 1,800 RB switched from Honduras, 1,300 RB switched from China, 1,000 RB switched from Malaysia, and decreases of 800 RB), were
offset by reductions for Honduras (1,800 RB) and South Korea (600 RB).  Net sales of 109,100 RB for 2022/2023 primarily for China (88,200 RB), Mexico (12,400 RB), Turkey (4,400 RB), Indonesia (3,200 RB), and Thailand (2,800 RB), were offset by reductions for
Honduras (2,600 RB) and Costa Rica (700 RB).  Exports of 484,200 RB–a marketing-year high–were up 52 percent from the previous week and 33 percent from the prior 4-week average.  The destinations were primarily to China (160,500 RB), Vietnam (93,100 RB),
Turkey (83,400 RB), Pakistan (56,000 RB), and Bangladesh (15,000 RB).  Net sales of Pima totaling 400 RB–a marketing-year low–were down 91 percent from the previous week and 87 percent from the prior 4-week average.  Increases for Egypt (400 RB) and Indonesia
(200 RB switched from Japan), were offset by reductions for Japan (200 RB).  Net sales of 1,200 RB for 2022/2023 were reported for India (900 RB) and Indonesia (300 RB).  Exports of 14,800 RB were up noticeably from the previous week and up 31 percent from
the prior 4-week average.  The destinations were primarily to India (6,500 RB), China (3,800 RB), Egypt (900 RB), Bangladesh (800 RB), and Peru (700 RB). 

Optional
Origin Sales:  For
2021/2022, options were exercised to export 4,900 RB primarily to Vietnam (4,600 RB) from the United States.  The current outstanding balance of 35,600 RB is for Vietnam (32,800 RB) and Pakistan (2,800 RB). 

Exports
for Own Account: For
2021/2022, the current exports for own account outstanding balance is 100 RB, all Vietnam.

Hides
and Skins:  Net
sales of 352,100 pieces for 2022 were down 16 percent from the previous week and 22 percent from the prior 4-week average.  Increases primarily for China (252,000 whole cattle hides, including decreases of 9,400 pieces), South Korea (48,800 whole cattle hides,
including decreases of 900 pieces), Mexico (25,700 whole cattle hides, including decreases of 2,300 pieces), Brazil (25,200 whole cattle hides, including decreases of 800 pieces), and Colombia (2,800 whole cattle hides), were offset by reductions primarily
for Indonesia (4,200 pieces) and Thailand (800 pieces).  Exports of 419,100 pieces were down 1 percent from the previous week and 3 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (207,800 pieces), Thailand (61,700
pieces), Mexico (60,700 pieces), South Korea (49,700 pieces), and Indonesia (14,700 pieces). 

Net
sales of 188,700 wet blues for 2022 were up 71 percent from the previous week and 62 percent from the prior 4-week average.  Increases primarily for Italy (60,400 unsplit, including decreases of 100 unsplit), China (60,400 unsplit), Vietnam (52,200 unsplit),
Mexico (10,300 unsplit), and Thailand (6,000 unsplit), were offset by reductions for Portugal (800 grain splits).  Exports of 97,800 wet blues were down 29 percent from the previous week and 40 percent from the prior 4-week average.  The destinations were
primarily to Vietnam (35,000 unsplit), China (26,200 unsplit), Italy (21,400 unsplit and 200 grain splits), Portugal (5,600 grain splits), and Mexico (3,500 unsplit).  Net sales of 1,108,600 splits were up noticeably from the previous week and from the prior
4-week average.  Increases were primarily for Vietnam (971,100 pounds) and China (129,600 pounds, including decreases of 1,400 pounds).  Exports of 483,600 pounds were up 10 percent from the prior 4-week average, but unchanged from the prior 4-week average.
The destination was primarily to Vietnam (400,000 pounds). 

Beef:  Net
sales of 17,900 MT for 2022 were down 11 percent from the previous week and 17 percent from the prior 4-week average.  Increases primarily for Japan (6,000 MT, including decreases of 600 MT), China (4,800 MT, including decreases of 300 MT), South Korea (2,700
MT, including decreases of 400 MT), Taiwan (1,100 MT, including decreases of 100 MT), and Canada (900 MT), were offset by reductions for Colombia (100 MT).  Total net sales of 200 MT for 2023 were reported for Japan.  Exports of 19,200 MT were up 10 percent
from the previous week, but down 1 percent from the prior 4-week average.  The destinations were primarily to South Korea (5,400 MT), Japan (4,900 MT), China (2,700 MT), Taiwan (1,300 MT), and Mexico (1,100 MT). 

Pork:  Net
sales of 31,900 MT for 2022 were down 13 percent from the previous week, but up 15 percent from the prior 4-week average.  Increases were primarily for Mexico (13,000 MT, including decreases of 400 MT), China (9,000 MT, including decreases of 100 MT), South
Korea (3,900 MT, including decreases of 400 MT), Japan (1,900 MT, including decreases of 100 MT), and Canada (1,900 MT, including decreases of 500 MT).  Exports of 31,200 MT were down 6 percent from the previous week and 4 percent from the prior 4-week average.  The
destinations were primarily to Mexico (14,200 MT), China (4,900 MT), Japan (3,700 MT), South Korea (2,700 MT), and Canada (1,500 MT).

 

U.S.
EXPORT SALES FOR WEEK ENDING  5/26/2022   

	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	1.5	368.4	393.7	123.9	7,106.5	8,331.4	57.4	815.2
SRW	2.2	112.3	126.6	28.4	2,760.0	1,743.7	50.1	752.4
HRS	-3.7	303.0	424.6	173.7	5,218.9	7,337.4	170.9	1,077.9
WHITE	0.6	122.9	324.6	46.2	3,248.4	6,280.8	85.1	657.8
DURUM	0.0	0.0	28.6	0.5	196.3	653.8	0.0	64.4
TOTAL	0.7	906.6	1,298.0	372.7	18,530.1	24,347.1	363.5	3,367.6
BARLEY	0.0	5.2	2.6	0.0	15.3	26.8	0.0	8.6
CORN	185.8	12,941.4	17,843.5	1,579.7	46,300.3	51,264.8	48.7	5,686.8
SORGHUM	32.7	1,122.1	1,067.7	136.0	5,672.0	6,167.6	0.0	0.0
SOYBEANS	111.6	9,930.0	4,071.0	406.3	49,666.5	57,454.2	284.0	12,102.1
SOY MEAL	188.9	2,701.6	2,034.2	169.0	8,008.4	8,270.4	0.1	411.3
SOY OIL	4.2	104.6	50.5	11.1	571.0	617.3	0.0	0.0
RICE
L G RGH	11.2	123.9	220.8	29.4	1,139.4	1,414.3	0.0	6.0
M S RGH	0.0	7.5	16.1	0.5	13.4	24.8	0.0	0.0
L G BRN	0.1	5.2	13.5	0.1	48.6	37.1	0.0	0.0
M&S BR	0.1	9.9	45.1	0.0	77.6	111.2	0.0	0.0
L G MLD	8.2	80.3	59.5	16.5	682.7	539.6	0.0	0.0
M S MLD	1.0	169.5	185.2	16.7	349.8	497.4	0.0	0.0
TOTAL	20.5	396.2	540.1	63.3	2,311.6	2,624.4	0.0	6.0
COTTON		THOUSAND RUNNING BALES
UPLAND	354.2	5,150.1	3,130.8	484.2	10,102.9	12,596.6	109.1	3,259.8
PIMA	0.4	84.5	158.1	14.8	392.0	646.7	1.2	52.8