FI Evening Grain Comments 07/21/22

PDF Attached

 

Ukraine,
Russia, Turkey, and the UN may sign an agreement on Friday to secure Ukraine grain exports. Don’t expect a surge in volume over the short term if that happens. From demining at ports to logistical problems delivering grain, Ukraine will have a slow start to
get product out, if realized.

 

Very
slow trading day. CBOT soybeans traded lower. Wheat was two-sided, ending lower on late selling by the investment funds. The US weather forecast improved with additional rain expected for the Midwest next week. USD was down 40 points. The energy markets were
lower and are pressuring other commodity markets. USDA export sales reported some sales to China, and overall results were mixed.

 

 

Three
day fund selling total…

 

Weather

US
drought monitor showed a widespread change (drier) for the south-central GP and lower WCB.

 

 

 

World
Weather Inc.

WEATHER
TO WATCH AROUND THE WORLD

• NWS
  30-day outlook puts most of the U.S. Midwest in a drier and warmer than usual mode for the month of August
• Rainfall
  was advertised to be greater than usual in Florida, southeastern Alabama, Georgia and areas northeast into southeastern Virginia as well as Arizona and far western New Mexico
• A
  large part of the Plains is also included in the warm and drier bias for the Plains
• NWS
  90-day outlook keeps most of the U.S. warmer than usual in the August through October period with below normal precipitation from the central Rocky Mountain region through most of the Great Plains and into the upper Midwest
• Above
  normal rainfall occurs from Florida and southeastern Alabama to New York and southern New England
  
• U.S.
  weather is still advertised to be favorable in the coming ten days with rain for most areas; including some of the drier areas of the Plains and southwestern Corn Belt
• Rain
  advertised for northern and western Texas and Oklahoma does not occur significantly until late next week and into the following weekend
• Some
  of the advertised rain may be overdone and it will be totally dependent upon the cold surge from Canada being as great as advertised today
• The
  cold may be overdone and there is nearly a week between now and then for the model to moderate its outlook – so use some caution
• Northern
  U.S. Delta, Missouri, Kansas and neighboring areas will not likely get much rain or relief from recent hot and dry weather for another week
• Showers
  and thunderstorms should evolve late next week and into the following weekend offering a short term bout of relief
• Much
  more rain will be needed, though, to turn around crops and follow up rainfall may not be very great
  
• U.S.
  northern Plains will get some timely rainfall in the next week to ten days, but some of it may be a little light especially in the northwest where the driest soil is present
  
• Excessive
  heat in the central U.S. is expected to abate for a little while, but the next few days will continue hot enough to stress crops, livestock and humans from South Dakota to Texas
• Highest
  temperatures will be in the upper 90s to 110, although most readings will stay below 107 and the hottest readings will stay mostly in the southern Plains.
  
• All
  of the heat should retreat into Texas late next week and into the following week while near to below average temperatures impact the northern Plains and Midwest
• Drought
  in the western United States will be intensified during the latter part of July because of a ridge of high pressure expected in the region and resulting hot and dry conditions
• U.S.
  southeastern states will continue to experience a favorable mix of weather for a little while longer, but may dry down next week and into the following weekend
• Europe
  heat and dryness will continue a concern for the next ten days
• The
  region of greatest concern will be from Slovakia into Greece where dryness is already significant in many areas
• Warmer
  than usual temperatures and restricted rainfall in these areas will keep crops stress and lower production will be inevitable in unirrigated corn, soybean, sorghum and sunseed production areas
• Daily
  high temperatures in the 90s Fahrenheit with some extremes over 100 are expected
• Western
  Europe will also continue drier biased, but temperatures will not be as hot as they were earlier this week, and a few showers may occur
• Net
  drying is expected to continue with France at the center of the most negatively impacted nations
• Rain
  will fall most often from Czech Republic into the Baltic States and Belarus including Poland where the best soil and crop conditions are likely
• Russia’s
  Southern Region will receive periods of rain and drizzle during the next several days while temperatures are cooler than usual
• The
  environment will be good for improving summer crops that have been recently stressed and strained by dryness
  
• Other
  areas in Russia will experience a good mix of weather during the next ten days
• Portions
  of western and southern Ukraine are expected to miss out on rainfall during the next ten days to two weeks and that may raise the potential for crop moisture stress as time moves along
• Argentina
  rain potentials remain good for next week as two waves of moisture come into wheat production areas
  
• The
  rain will bolster topsoil moisture for better germination, emergence and establishment, although follow up rain will be imperative
  
• Canada’s
  Prairies weather will trend a little drier the remainder of this week and into next week, although some showers will occur periodically
• Temperatures
  will be near to normal with restricted rainfall
• Crop
  development should advance relatively well in most areas, but timely rain will soon be needed once again
  
• Southeastern
  Canada crop conditions are rated favorably with little change likely for a while
• Drought
  in northeastern Mexico and the southern U.S. Plains is unlikely to change in the next two weeks
  
• Most
  likely the only way drought will break in these areas will be from a tropical cyclone and none is expected for a while – at least not in that region.
  
• Many
  corn, sorghum, citrus, sugarcane and dry bean crops are being negatively impacted in Mexico along with various other fruit and vegetable crops
• Mexico
  rain will be most abundant in the west and southern parts of the nation
• India’s
  monsoon is expected to continue performing favorably with widespread rain across most of the nation during the next couple of weeks
• Central
  and some northern parts of the nation may be a little too wet at times resulting in some flooding
• Sufficient
  breaks in the rain are expected to prevent a major flood from occurring
• South
  America temperatures over the next week will be near to above average with some cooling likely in Argentina and southern Brazil during the middle to latter part of next week
• Brazil
  rainfall will be minimal except in Atlantic coastal areas and in far southern Brazil
• Rainfall
  will be light, and some areas will experience net drying
• Drying
  in other areas of Brazil will be great for Safrinha crop harvesting
• Most
  of China’s crop region east of Tibet will get rain at one time or another during the next two weeks and all of it will be good for summer crop development
• The
  greatest rainfall may occur in east-central and northeastern parts of the nation
  
• Southeastern
  China is expected to continue drying out through the next ten days and perhaps longer
• Temperatures
  will continue near to above normal
• China’s
  Xinjiang province continues to experience relatively good weather
• A
  few showers and thunderstorms are expected, but most of the region will be dry with temperatures varying greatly over the week to ten days
• Tropical
  Storm Estelle was located well west of Mexico in the eastern Pacific Ocean moving west northwesterly away from land
• The
  storm poses no threat to North America
• There
  were no other organized tropical cyclones in the world today, although a new disturbance is expected to evolve in the eastern Pacific later in this coming week
  
• Sumatra,
  Indonesia rainfall remained restricted Wednesday
• Below
  average precipitation has occurred in many areas from northern and central Sumatra into northwestern Borneo in recent weeks and greater rain is needed
• Locally
  heavy rain fell in central Sumatra briefly Tuesday, but only a few areas were impacted
• Some
  increase in rain is expected in coming days, but amounts may continue lighter than usual in many areas
  
• Precipitation
  will become more widespread next week
• All
  other Southeast Asian nations will experience an abundance of rainfall during the next few weeks resulting in some flooding in the Philippines and the Maritime provinces
• Recent
  rain has improved soil moisture in parts of Thailand after a drier than usual bias earlier this season
• Australia
  weather in the coming ten days will be favorable for most winter crops
• Central
  Queensland will get some rain today and Thursday, although it will be quite variable
  
• Rain
  totals may range from 0.30 to 1.25 inches and locally more
• Western
  Australia will get most of the significant rain this week outside of central Queensland
• Southeastern
  parts of the nation will be driest this week, but rain will impact many areas next week
  
• South
  Korea rice areas are still dealing with a serious drought, despite some rain that fell recently.
  
• Some
  additional rain is expected over the next couple of weeks, and it should gradually be enough to ease dryness and crop stress, but production will be down
• East-central
  Africa rainfall will be greatest in central and western Ethiopia and lightest in parts of Uganda.
  
• Tanzania
  is normally dry at this time of year, and it should be that way for the next few of weeks
• Some
  areas in Kenya are expected to trend wetter in the next ten days
• West-central
  Africa rainfall has been and will continue sufficient to support coffee, cocoa, sugarcane, rice and cotton development normally
• Some
  greater rain would still be welcome in the drier areas of Ivory Coast
• Seasonal
  rains are shifting northward leading to some drying in southern areas throughout west-central Africa
• Cotton
  areas are expecting much greater rainfall in the next couple of weeks and there is some potential for flooding
• Flooding
  is also possible in Guinea, Sierra Leone and southern Mali over the next couple weeks
  
• Mali
  has been drier than usual over the past 30 days and rain would benefit cotton and many other crops – at least for a while
• South
  Africa’s crop moisture situation is favorable for winter crop establishment, although some additional rain might be welcome
• Restricted
  rainfall is expected for a while, but the crop is rated better than usual
• Central
  America rainfall will continue to be abundant to excessive and drying is needed
• Rain
  in the Greater Antilles will occur periodically, but no excessive amounts are likely
• Today’s
  Southern Oscillation Index was +9.69 and it will continue to move lower over the next several days
• New
  Zealand weather is expected to be well mixed over the next ten days
• Temperatures
  are expected to be a little cooler than usual
• Rainfall
  will be greater than usual in North Island in this coming week and near to below average in South Island

Source:
World Weather INC

 

Bloomberg
Ag Calendar

Thursday,
July 21:

• International
  Grains Council releases monthly report
• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• USDA
  total milk and red meat production, 3pm

Friday,
July 22:

• ICE
  Futures Europe weekly commitments of traders report
• CFTC
  commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
• FranceAgriMer
  weekly update on crop conditions
• US
  cattle inventory; cold storage data for beef, pork and poultry, 3pm

Source:
Bloomberg and FI

 

 

USDA
export sales

Old
crop soybeans posted a positive number just above trade expectations. New crop corn was above a trade range and wheat sales were good. Other sales posted were ok to poor. China bought a cargo of new crop corn, 2,100 tons of sorghum, 146,900 tons of current
crop year soybeans (125k switched from unknown), 136,000 new-crop soybeans, some beef & pork.

 

 

 

 

JUNE
2022 RIN DATA

U.S.
GENERATED 491 MLN BIODIESEL (D4) BLENDING CREDITS IN JUNE, VS 513 MLN IN MAY -EPA

U.S.
GENERATED 1.29 BLN ETHANOL (D6) BLENDING CREDITS IN JUNE, VS 1.23 BLN IN MAY -EPA

 

VS.
2021

U.S.
GENERATED 428 MLN BIODIESEL (D4) BLENDING CREDITS IN JUNE, VS 397 MLN IN MAY -EPA

U.S.
GENERATED 1.27 BLN ETHANOL (D6) BLENDING CREDITS IN JUNE, VS 1.26 BLN IN MAY -EPA

 

Macros

ECB
RAISES MAIN REFINANCING RATE BY 50BPS TO 0.5%; EST. 0.250%

US
Initial Jobless Claims Jul 16: 251K (est 240K; 244K)

US
Continuing Claims Jul 9: 1384K (est 1340K; 1331K)

US
Philadelphia Fed Business Outlook Jul: -12.3 (est 0.8; prev-3.3)

Philadelphia
Fed Prices Paid Index July 52.2 Vs June 64.5

New
Orders Index July -24.8 Vs June -12.4

Employment
Index July 19.4 Vs June 28.1

Six-Month
Business Conditions July -18.6 Vs June -6.8

Six-Month
Capital Expenditures Outlook July 4.4 Vs June 11.7

Canadian
New House Price Index Jun: 0.2% (est 0.3%; prev 0.5%)

 

Corn

·        
CBOT corn
ended sharply lower from a morning weather forecast calling for an improvement for the US Corn Belt. The midday weather forecast improved for the 1-5 and 11-15 day for temperatures bias US Midwest. Funds sold an estimated net 13,000 corn contracts. 

·        
Ukraine and Russia may sign an agreement on Friday to secure safe passage of grain ships.

·        
We heard some end users were buying corn and wheat for coverage, taking advantage of the dips.

·        
IGC estimated 2022-23 global corn production at 1.189 billion tons, up 1 million from previous and  below 2021-22 of 1.220 billion tons.

 

 

Export
developments.

·        
South Korea’s MFG bought an estimated 66,000 tons of feed corn from South America or South Africa for arrival around November 21, at an estimated $317.99/ton C&F and 227 cents over the Dec corn contract.

·        
South Korea’s NOFI bought an estimated 138,000 tons of feed corn from South America or South Africa for arrival during November, at an estimated $319.45/ton C&F.

 

Updated
7/1/22

September
corn is seen in a $5.50 and $7.50 range

December
corn is seen in a wide $5.00-$8.00 range

 

Soybeans

·        
The soybean complex ended lower led by soybean oil and soybeans. US energies were lower, and the US weather outlook improved per morning forecast with additional rains for the US Midwest for next week. Funds sold an estimated
net 15,000 soybean contracts, sold 4,000 meal and sold 4,000 soybean oil. Technical selling likely dominated trade direction today. It was a slow trading day.

·        
Global energy prices are down after Russia announced they plan to increase natural gas shipments to Europe after a maintenance schedule. This weighted on global vegetable oil prices.

·        
US soybean basis across the interior was unchanged to weaker. Some locations posted big drops. Burns Harbor soybeans were down 60 to 140 over the November (X). Decatur, IN was down 50 to 135 over the X and Morristown, IN was down
35 to 200 over the X. Some IL and IA river terminals were down 5 to 15 cents.

·        
USDA export sales improved for old crop soybeans from the previous week (and old crop). Crop year to date commitments are running at 102.3% of USDA’s projection of 2.170 billion bushels, but we don’t think this will be reached.
We lowered our soybean export projection from previous 2.155 billion bushels to  2.135 billion, based on slow inspections.

·        
Our 2021-22 soybean crush is 2.210 billion, 5 million above USDA. (Unchanged from previous FI estimate).

·        
We raised our 2021-22 US soybean carryout to 247 million bushels from 228 million previous and compares to 215 million for USDA. 

·        
Indonesia continues to approve palm oil licenses for export to clear out large inventories and keep production from slowing down.

 

Export
Developments

·        
China looks to sell a half a million tons of soybeans out of reserves on July 22.

 

Updated
7/14/22

Soybeans
– August $13.90-$16.00

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

Soybean
meal – August $400-$485

Soybean
oil – August 56.00-62.00

 

Wheat

·        
US wheat futures settled lower after Egypt passed on US wheat offers (if any) and large Russian wheat production prospects. Strength in EU Paris wheat underpinned wheat during the day session but late session fund selling pulled
prices lower. Earlier outside markets had little influence on CBOT wheat as money managers had already liquidated long positions and are near flat, but a new round of fund selling occurred during afternoon trading. Funds sold an estimated net 5,000 Chicago
soft red winter wheat contracts.

·        
A hot spell for the southern Great Plains may increase US drought conditions, which expanded per US Drought Monitor updated early Thursday (see weather section). 

·        
Paris wheat was up 10.75 or 3.2% to 350.75 euros.

·        
Egypt bought French and Russian wheat, passed on US. A combined 760,000 tons was completed as of early this afternoon.

·        
Traders expecting a safe passage Ukraine grain shipping agreement this week may see one.

·        
The UN Secretary will meet with officials this Friday in Istanbul, seeking a general agreement to resume Ukraine shipments, in writing.

·        
SovEcon increased their estimate for the Russia 2022 wheat crop to 90.9 million tons from 89.2 million tons. They may downward adjust exports based on the start of the new-crop shipment pace from the current 42.6 million tons. 

·        
Argentina’s BA Grains Exchange cut their estimate for the wheat area by another 100,000 hectares to 6.1 million hectares. This compares to their late May area estimate of 6.6 million.

·        
IGC on estimated world wheat production at 770 million tons for 2022-23, up 1 million from previous.

 

Export
Developments.

·        
Pakistan bought 300,000 tons of wheat at $404.86/ton C&F for Aug. 1-25 shipment.

·        
Egypt bought a combined 760,000 tons of wheat today. Initially Egypt’s GASC bought 640,000 tons of French and Russian wheat (no US) at $403 and $405 a ton C&F (US offer of $443 C&F presented Wednesday). They also bought local
wheat. Reuters breakdown:

·        
60,000 French first half October $405

·        
60,000 French second half October $403

·        
60,000 Russian second half September $403

·        
60,000 French first half November $403

·        
60,000 French first half November $403

·        
60,000 French first half November $403

·        
60,000 Russian unclear $403

·        
60,000 French second half October $403

·        
40,000 Russian second half September $403

·        
Egyptian – African 30,000 German ex warehouse $403

·        
Egyptian – African 30,000 Lithuanian ex warehouse $403

·        
Grain (?) – 60,000 Russian second half September $403

·        
Later Egypt’s GASC said they bought another 120,000 tons of wheat of Russian and French origin, at $402.00 and $402.50 a ton C&F.

·        
Jordan seeks 120,000 tons of wheat on July 26 for November and/or December shipment.

·        
Jordan seeks 120,000 tons of feed barley on July 27 for Dec/Jan shipment.

 

Rice/Other

·        
None reported

 

Updated
7/16/22

Chicago
– September $7.50 to $9.00 range, December $7.00-$11.00

KC
– September $7.85 to $10.25 range, December $8.00-$12.00

MN
– September $8.50‐$11.00, December $8.00-$12.50

 

 

USDA Export Sales

U.S. EXPORT SALES FOR WEEK ENDING  7/14/2022

 

	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	140.6	1,561.5	1,631.1	109.7	615.5	858.9	0.0	0.0
SRW	92.2	1,227.4	967.4	5.4	271.7	332.6	0.0	30.0
HRS	185.7	1,571.1	1,533.0	2.4	624.3	742.3	0.0	0.0
WHITE	92.6	1,241.7	1,065.1	24.3	329.3	408.2	0.0	0.0
DURUM	0.0	124.4	8.4	0.0	18.0	41.7	0.0	0.0
TOTAL	511.1	5,726.1	5,205.1	141.8	1,858.7	2,383.7	0.0	30.0
BARLEY	0.0	12.8	23.5	0.0	2.7	1.6	0.0	0.0
CORN	33.9	5,926.6	9,019.4	1,109.1	54,523.6	60,751.2	570.2	7,406.5
SORGHUM	5.9	350.0	710.9	108.2	6,611.7	6,467.4	0.0	0.0
SOYBEANS	203.5	6,624.2	3,132.2	499.9	52,973.4	58,855.8	254.7	14,106.3
SOY MEAL	109.3	1,874.6	2,069.7	150.0	9,508.1	9,519.9	27.6	749.8
SOY OIL	0.6	66.2	16.9	0.3	621.0	660.3	0.0	0.1
RICE
L G RGH	0.0	57.7	189.8	0.6	1,280.8	1,611.3	5.0	18.1
M S RGH	0.0	10.5	8.0	3.4	17.6	25.9	0.0	0.0
L G BRN	0.5	3.2	11.5	0.2	52.1	40.0	0.0	0.0
M&S BR	0.1	8.5	0.7	0.4	79.1	156.2	0.0	0.0
L G MLD	20.3	74.0	46.8	26.9	790.3	645.5	40.1	40.1
M S MLD	1.1	105.6	113.0	1.5	431.9	579.8	0.0	0.0
TOTAL	22.0	259.4	369.7	33.0	2,651.8	3,058.6	45.1	58.3
COTTON		THOUSAND RUNNING BALES
UPLAND	54.1	3,172.4	1,825.3	330.8	12,532.2	14,365.2	113.2	4,701.0
PIMA	-2.6	37.5	103.3	5.3	442.0	733.8	0.4	59.5

 

 

Export Sales Highlights

This
summary is based on reports from exporters for the period July 8-14, 2022.

Wheat:
Net sales of 511,100 metric tons (MT) for 2022/2023 were down 50 percent from the previous week and 10 percent from the prior 4-week average.  Increases primarily for the Philippines (110,100 MT, including decreases of 1,400 MT), unknown destination (107,000
MT), Nigeria (89,800 MT, including decreases of 2,200 MT), Mexico (50,700 MT, including decreases of 100 MT), and Taiwan (44,700 MT), were offset by reductions for Egypt (32,000 MT), South Korea (19,200 MT), and Honduras (700 MT).  Exports of 141,800 MT were
down 48 percent from the previous week and 50 percent from the prior 4-week average.  The destinations were primarily to Nigeria (27,800 MT), Brazil (26,000 MT), the Philippines (22,600 MT), Venezuela (21,300 MT), and Honduras (18,300 MT).

Corn: 
Net sales of 33,900 MT for 2021/2022 were down 43 percent from the previous week and 82 percent from the prior 4-week average.  Increases primarily for Japan (87,300 MT, including 87,700 MT switched from unknown destinations and decreases of 2,600 MT), Mexico
(38,800 MT, including decreases of 1,900 MT), Venezuela (10,200 MT switched from unknown destinations), El Salvador (2,000 MT), and South Korea (1,400 MT, including decreases of 1,000 MT), were offset by reductions primarily for unknown destinations (94,600
MT).  Net sales of 570,200 MT for 2022/2023 primarily for unknown destinations (162,700 MT), Mexico (158,700 MT), Japan (85,100 MT), China (66,500 MT), and Honduras (49,900 MT), were offset by reductions for Canada (2,500 MT).  Exports of 1,109,100 MT were
up 21 percent from the previous week and 2 percent from the prior 4-week average.  The destinations were primarily to China (455,700 MT), Mexico (307,100 MT), Japan (228,200 MT), Canada (44,800 MT), and Costa Rica (30,600 MT).

Optional
Origin Sales: 
For 2021/2022, the current outstanding balance of 108,300 MT is for unknown destinations (65,000 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 5,900 MT for 2021/2022 were down noticeably from the previous week and down 84 percent from the prior 4-week average.  Increases were reported for Eritrea (2,400 MT), China (2,100 MT), and Mexico (1,400 MT, including decreases of 300 MT).  Exports
of 108,200 MT were down 42 percent from the previous week and 10 percent from the prior 4-week average.  The destinations were to China (72,400 MT), Eritrea (32,400 MT), and Mexico (3,400 MT).

Rice: 
Net sales of 22,000 MT for 2021/2022 were down 20 percent from the previous week and 8 percent from the prior 4-week average.  Increases were primarily for the Dominican Republic (10,000 MT), Haiti (7,100 MT, including decreases of 100 MT), Canada (2,400 MT,
including decreases of 100 MT), Saudi Arabia (1,800 MT), and Mexico (400 MT).  Net sales of 45,100 MT for 2022/2023 were reported for Iraq (40,000 MT), Honduras (5,000 MT), and the Leeward and Windward Islands (100 MT).  Exports of 33,000 MT were down 30 percent
from the previous week and 26 percent from the prior 4-week average.  The destinations were primarily to Haiti (15,200 MT), the Dominican Republic (10,000 MT), Mexico (4,500 MT), Canada (1,900 MT), and Taiwan (400 MT).

Soybeans: 
Net sales of 203,500 MT for 2021/2022 were primarily for China (146,900 MT, including 125,000 MT switched from unknow destinations), Indonesia (72,200 MT, including 68,000 MT switched from unknown destinations and decreases of 100 MT), Germany (68,800 MT),
Japan (55,100 MT, including 50,200 MT switched from unknown destinations and decreases of 2,900 MT), and Mexico (13,200 MT, including decreases of 300 MT), were offset by reductions for unknown destinations (172,900 MT).  Net sales of 254,700 MT for 2022/2023
were primarily for China (136,000 MT), Egypt (52,000 MT), Mexico (27,000 MT), unknown destinations (19,000 MT), and Japan (13,500 MT).  Exports of 499,900 MT were up 13 percent from the previous week and 10 percent from the prior 4-week average.  The destinations
were primarily to China (140,000 MT), Japan (117,800 MT), Indonesia (80,900 MT), Germany (68,800 MT), and Mexico (56,800 MT). 

Export
for Own Account:
For 2021/2022, the current exports for own account outstanding balance is 6,300 MT, all Canada.

Export
Adjustment:
Accumulated exports of soybeans to the Netherlands were adjusted down 68,786 MT for week ending June 30^th.  The correct destination for this shipment is Germany.

Soybean
Cake and Meal: 
Net sales of 109,300 MT for 2021/2022 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for the Philippines (96,500 MT), Panama (11,800 MT, including 10,800 MT switched from Colombia), Canada (11,200 MT, including
decreases of 200 MT), Costa Rica (6,000 MT), and Mexico (5,000 MT), were offset by reductions primarily for the Dominican Republic (22,300 MT), unknown destinations (1,400 MT), and Belgium (1,200 MT).  Net sales of 27,600 MT for 2022/2023 were primarily for
Honduras (16,800 MT) and the Dominican Republic (6,200 MT).  Exports of 150,000 MT were unchanged from the previous week, but down 33 percent from the prior 4-week average.  The destinations were primarily to the Philippines (49,900 MT), Mexico (24,400 MT),
Colombia (22,200 MT), Canada (21,400 MT), and Panama (10,800 MT).

Soybean
Oil: 
Net sales of 600 MT for 2021/2022 were down 38 percent from the previous week and 29 percent from the prior 4-week average.  Increases were reported for Canada (300 MT) and Guatemala (300 MT).  Exports of 300 MT were down 98 percent from the previous week
and 95 percent from the prior 4-week average.  The destination was to Canada.

Cotton: 
Net sales of 54,100 RB for 2021/2022 were up noticeably from the previous week and up 93 percent from the prior 4-week average.  Increases primarily for Vietnam (64,200 RB, including decreases of 100 RB), China (3,100 RB, including decreases of 9,000 RB),
Indonesia (2,100 RB, including 700 RB switched from Pakistan, 400 RB switched from Japan, and decreases of 100 RB), Honduras (800 RB), and Thailand (700 RB, including 300 RB switched from Japan), were offset by reductions primarily for Pakistan (13,500 RB),
South Korea (2,200 RB), and Japan (1,100 RB).  Net sales of 113,200 RB for 2022/2023 primarily for Vietnam (37,400 RB), Turkey (29,000 RB), Malaysia (9,200 RB), Ecuador (7,600 RB), and Honduras (6,600 RB), were offset by reductions for El Salvador (100 RB). 
Exports of 330,800 RB were up 6 percent from the previous week, but down 7 percent from the prior 4-week average.  The destinations were primarily to China (116,500 RB), Vietnam (53,900 RB), Turkey (42,800 RB), Pakistan (22,200 RB), and Mexico (21,900 RB). 
Net sales reductions of 2,600 RB of Pima–a marketing-year low–were down noticeably from the previous week and from the prior 4-week average.  Increases reported for Thailand (900 RB), were more than offset by reductions for India (3,500 MT).  Total net sales
of 400 RB for 2022/2023 were reported for India.  Exports of 5,300 RB were up 23 percent from the previous week, but down 21 percent from the prior 4-week average.  The destinations were to China (2,300 RB), India (1,200 RB), Egypt (600 RB), Vietnam (400 RB),
and Taiwan (400 RB). 

Optional
Origin Sales: 
For 2021/2022, options were exercised to export 3,700 RB to Vietnam from the United States.  The current outstanding balance of 9,000 RB is for Vietnam (6,500 RB) and Pakistan (2,500 RB). 

Export
for Own Account:
For 2021/2022, new exports for own account totaling 300 RB were to Pakistan.  Exports for own account totaling 8,100 RB to China (5,200 RB) and Vietnam (3,000 RB) were applied to new or outstanding sales.  The current exports for own account outstanding balance
of 58,200 RB is for China (32,500 RB), Vietnam (20,600 RB), Indonesia (4,800 RB), and Pakistan (300 RB).

Hides
and Skins: 
Net sales of 499,000 pieces for 2022 were up 78 percent from the previous week and 42 percent from the prior 4-week average.  Increases primarily for China (344,500 whole cattle hides, including decreases of 7,600 pieces), Mexico (63,800 whole cattle hides,
including decreases of 1,500 pieces), Thailand (32,300 whole cattle hides, including decreases of 1,000 pieces), Indonesia (17,800 whole cattle hides, including decreases of 200 pieces), and South Korea (12,700 whole cattle hides, including decreases of 3,000
pieces), were offset by reductions for Vietnam (200 pieces).  In addition, total net sales reductions of 7,200 calf skins were for Italy.   Exports of 451,900 pieces were up 62 percent from the previous week and 28 percent from the prior 4-week average.  Whole
cattle hides exports were primarily to China (258,100 pieces), South Korea (67,000 pieces), Mexico (54,900 pieces), Thailand (31,000 pieces), and Indonesia (10,800 pieces).

Net
sales of 76,800 wet blues for 2022 were down 46 percent from the previous week and 57 percent from the prior 4-week average.  Increases primarily for Thailand (21,800 unsplit, including decreases of 1,000 unsplit), China (21,400 unsplit), Taiwan (12,400 unsplit),
Vietnam (9,200 unsplit), and India (6,800 grain splits and 1,300 unsplit), were offset by reductions for Portugal (200 grain splits) and Italy (100 unsplit).  Exports of 174,200 wet blues were up noticeably from the previous week and up 66 percent from the
prior 4-week average.  The destinations were primarily to China (51,300 unsplit), Italy (48,100 unsplit and 1,500 grain splits), Thailand (30,500 unsplit), Vietnam (26,500 unsplit), and Taiwan (4,600 unsplit and 1,700 grain splits).  Net sales of 682,000 splits
were up noticeably from the previous week and from the prior 4-week average.  Increases reported for Vietnam (621,500 pounds) and Taiwan (80,000 pounds), were offset by reductions for South Korea (19,500 pounds).  Exports of 243,500 pounds were down 24 percent
from the previous week and 44 percent from the prior 4-week average. The destinations were to Vietnam (200,000 pounds) and China (43,500 pounds).

Beef: 
Net sales of 23,800 MT for 2022 were up noticeably from the previous week and up 97 percent from the prior 4-week average.  Increases primarily for South Korea (7,700 MT, including decreases of 500 MT), Japan (5,800 MT, including decreases of 500 MT), China
(3,100 MT, including decreases of 100 MT), Mexico (1,900 MT, including decreases of 100 MT), and Hong Kong (1,600 MT, including decreases of 100 MT), were offset by reductions for the United Arab Emirates (200 MT) and Chile (100 MT).  Exports of 19,600 MT
were up 14 percent from the previous week and 3 percent from the prior 4-week average.  The destinations were primarily to Japan (5,800 MT), South Korea (5,500 MT), China (3,300 MT), Mexico (1,200 MT), and Taiwan (1,100 MT). 

Pork: 
Net sales of 20,600 MT for 2022 were up 13 percent from the previous week, but down 23 percent from the prior 4-week average.  Increases were primarily for Mexico (10,500 MT, including decreases of 400 MT), Japan (2,600 MT, including decreases of 200 MT),
China (2,500 MT, including decreases of 300 MT), Canada (1,600 MT, including decreases of 400 MT), and Colombia (1,600 MT, including decreases of 100 MT).  Exports of 26,700 MT were up 16 percent from the previous week, but down 5 percent from the prior 4-week
average.  The destinations were primarily to Mexico (11,300 MT), China (4,400 MT), Japan (4,200 MT), South Korea (2,000 MT), and Canada (1,300 MT).