FI Evening Grain Comments 08/11/22

PDF attached does not include daily estimate of funds. FI snapshot for upcoming USDA report attached

 

USDA
positioning day.

 

Private
exporters reported sales of 103,400 tons of soybean cake and meal for delivery to Mexico during the 2022-23 marketing year.

 

US
energy markets were sharply higher, lending support to the agriculture markets bias soybean oil and corn. Soybeans found support from higher products. Positioning weighted on Sep/Nov soybean spreads while bull spreading returned to the meal market. August
goes off the board on Friday. EU and US WCB production concerns supported corn. US wheat prices were higher on follow through fund buying. China’s CASDE & USDA will be released on Friday. On Monday NOPA will update their July crush. US weather forecast was
largely unchanged. Net drying bias west-central WCB and potential second week net drying for the Midwest as a high-pressure ridge settles over western North America through the middle of next week. Parts of the GP will see rain today and some precipitation
will develop for the upper Midwest over the weekend.

 

Weather

US
CPC: La Niña is expected to gradually decrease from 86% in the coming season to 60% during December-February 2022-23.

 

 

 

 

World
Weather Inc.

WEATHER
TO WATCH AROUND THE WORLD

• Computer
  weather forecast model divergence remains significant for the U.S. today with some questionable logic especially in the GFS model runs of late
• Rain
  is expected to impact some of the U.S. crop areas next week when colder air impacts the Midwest and Great Plains; however, the Gulf of Mexico should not be available as a good moisture source when the cool air arrives which should limit rain intensity
• It
  will rain, but some of the amounts will turn out lighter than expected for key corn and soybean production areas
• Further
  adjustments to the outlook will be forthcoming in the next few days and the end result will likely put the U.S. outlook back into an old familiar weather pattern of limited rainfall in the west and central parts of the Midwest while the east becomes quite
  cool and showery
• There
  is potential for increased rainfall briefly in the southern U.S. Plains next week as the cold air arrives in Texas and Oklahoma with more rain possible as the frontal system bringing the cool air becomes stationary and eventually lifts back to the north
• The
  moisture in the southern Plains, although welcome, will come too late in a punishing summer to have much impact on production
• In
  the meantime, the U.S. Midwest will see a short-term bout of rain early to mid-week next week followed by more dry weather especially in the central and western parts of the Corn and Soybean Belt
• Temperatures
  in the U.S. Plains will be very warm to hot through the weekend then much milder for the following ten days
  
• Most
  of the Midwest will trend cooler than usual next week and in the following weekend when readings will be well below normal
  
• Some
  highs will become limited to the 70s and lower 80s with a few upper 60s in the north especially during week two of the outlook
• High
  temperatures in the Plains will be in the 90s to 104 degrees Fahrenheit at times over the next four days
  
• Cooling
  expected during the early to middle part of next week with highs eventually cooling to the 80s and 90s with some 70s in the north
• U.S.
  Delta and southeastern states to see a good mix of weather next ten days supporting mostly favorable crop development
• Rain
  in West Texas next week and in the following weekend may offer a little topsoil moisture boost briefly, but no general “fix all” to drought is expected
• No
  change in cotton, corn or sorghum production potential is expected, but some temporary improvement in topsoil moisture might occur in parts of the region
• A
  high-pressure ridge and more dry and very warm weather is expected later this month in the southern Plains
• Cooling
  in the U.S. Plains next week will bring temperatures back to a normal to below range for several days, but a ridge of high pressure will return after August 20 returning warm and dry biased conditions
• U.S.
  Pacific Northwest will experience some warmer biased weather next week and in the following week while rainfall stays below normal
• Eastern
  U.S. Midwest will be quite cool in the second week of the forecast with some periodic light showers from the Great Lakes region into the middle Atlantic Coast
• Not
  much change was noted in Europe with showers expected to begin next week to take the edge of stress off of some crop areas, but no general soaking will occur
• Temperatures
  will be cooler in week two, but still quite warm through the coming weekend and early next week
  

• Southeastern
  Europe will also experience periodic showers and thunderstorms during the next two weeks resulting in partial relief from dryness, but greater rain will still be needed to end the stressful environment
  

• Russia’s
  Southern Region, easternmost Ukraine, western Kazakhstan and the middle Volga River Basin is still expected to see a full week to nearly 10 days of very warm to hot temperatures and mostly dry conditions
  
• The
  west half of Russia will be warmer than usual over the next two weeks with the area noted above to be most above normal with 90-degree Fahrenheit highs expected frequently and a few extremes near 100
• Southeastern
  China is still advertised to be drier than usual and very warm to hot over the next ten days
• Xinjiang,
  China weather will remain mostly well mixed for summer crop development in both corn and cotton production areas as well as many other crop areas
• Northeastern
  China and parts of the North China Plain will stay plenty wet over the next ten days and some drying will be needed
• East-central
  through northwestern India will experience frequent waves of significant rain keeping the ground quite wet
  
• Southern
  India will be drier than usual
• Timely
  rain will occur in the Ganges River Basin, but moisture deficits will remain in the area possibly impacting some sugarcane, rice and pulse production
• Significant
  rain will fall in Pakistan as well as central India
• Rainfall
  this summer has been much greater than usual in Pakistan bolstering water supply and possibly supporting much larger than usual rice, cotton and other crops
• Australia
  weather will remain well mixed with rain and sunshine the next ten days
• Rain
  will fall in most of the wheat, barley and canola areas maintaining moisture abundance and keeping the crop poised for an excellent start to the growing season
• Western
  Argentina will continue drier biased
• A
  few mostly insignificant showers will occur
• Dryness
  remains a concern, although rain earlier this week was good for some improved wheat establishment
• Southern
  and a few west-central Brazil and Paraguay areas will be wet biased over the next ten days
• The
  moisture will be good for winter wheat and for some of the minor early season corn planting that may already be under way or soon will be

• Recent
  rain in Parana, Sao Paulo, Mato Grosso do Sul and southern Minas Gerais was good for sugarcane, citrus and some coffee.
  
• Coffee
  flowering may be under way in a few areas, although most of the precipitation in Sul de Minas was a little too light to induce flowering
• Canada’s
  southwestern Prairies will continue drying out over the next ten days to two weeks, but some scattered showers and thunderstorms will be possible in the southeastern Prairies for brief periods of time late this weekend into next week
  
• Korean
  Peninsula will receive waves of rain over the next two weeks resulting in significant soil moisture improvements
• Southern
  parts of North Korea and much of South Korea will frequent bouts of receive heavy rain
  
• Flooding
  is possible in both areas , although today’s forecast is not as wet as it was earlier this week
  
• A
  tropical disturbance moving through Guangdong China Tuesday and Wednesday resulted in some significant rain and flooding
  
• Some
  of the rainfall excess also impacted Guangxi and neighboring areas of both Vietnam and southern Yunnan, China
  
• The
  situation is less threatening to crop areas east of Guangdong today relative to forecasts of earlier this week
• Tropical
  Depression Nine has formed 437 miles south southwest of Yokosuka, Japan at 28.9 north, 135.9 east moving westerly at 5 mph.
• The
  depression will become a tropical storm and will brush the central south coast of Honshu, Japan – near Tokyo – Friday into Saturday before moving back out to sea later in the weekend
• Some
  heavy rain is expected in central Honshu, but no damaging wind is expected and flooding should be confined to a small region near Tokyo
• A
  sukhovei is evolving and continue into next week in Russia’s Southern Region, western Kazakhstan and eastern Ukraine
• A
  “sukhovei” is a hot, dry, wind that blows across the Russian Steppes periodically, but in serious episodes it can generate enough heat, low humidity and strong wind to desiccate a crop over a relatively short period of time.
  
• World
  Weather, Inc. is concerned about this coming event because of the potential for it to be a longer lasting one that should result in a prolonged period of 90- and a few lower 100-degree high temperatures, low humidity and wind speeds of 25 to 40 mph with higher
  gusts late this week into next week
• Soil
  moisture is already low in the lower Volga River Basin and western Kazakhstan including the eastern half of Russia’s Southern Region
• A
  sukhovei now would not bode well for crops in that region
• Soybeans,
  sunseed and corn are produced in the region among other crops
• These
  areas in Russia are already in a net drying mode and the Sukhovei will only exacerbate the situation raising unirrigated crop stress and a potential threat to production 
  
• Heavy
  rain is predicted for southern Myanmar rice and sugarcane areas possibly resulting in some crop damage during the next couple of weeks
• Other
  areas in mainland areas of Southeast Asia will get plenty of rain, but nothing too extreme
• Philippines
  and Indonesia weather will continue frequently wet during the next ten days
  
• East-central
  Africa will be most significant in Ethiopia this week while Uganda and Kenya rainfall becomes remains lighter
  
• Flooding
  has been occurring in parts of Ethiopia recently and it may continue at times
• Tanzania
  is normally dry at this time of year and it should be that way for the next few of weeks
• “Some”
  increase in rain is expected in Uganda next week
• 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 and Ghana
  
• Seasonal
  rains have shifted northward leading to some drying in southern areas throughout west-central Africa – this is normal for this time of year
• Cotton
  areas are expecting frequent rainfall in the next couple of weeks
• South
  Africa’s crop moisture situation is favorable for winter crop establishment, although some rain would be welcome
• Restricted
  rainfall is expected for a while, but the crop is rated better than usual because of frequent rainfall during the autumn planting season and timely rain since then
• Central
  America rainfall will continue to be abundant to excessive and drying is needed
• Mexico
  rain will be most abundant in the west and southern parts of the nation
• Drought
  will prevail in the northeast until a tropical cyclone can impact the region
• Rain
  in the Greater Antilles will occur periodically, but no excessive amounts are likely
• Today’s
  Southern Oscillation Index was +9.21and it will move erratically lower over the next week
• New
  Zealand weather is expected to be quite cool the remainder of this week with rain slowly resuming across the north
• Next
  week will trend warmer and wetter for most areas, but especially in the north

Source:
World Weather INC

 

Bloomberg
Ag Calendar

Thursday,
Aug. 11:

• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• Brazil’s
  Conab to publish output and planting data for soybeans and corn
• HOLIDAY:
  Japan

Friday,
Aug. 12:

• 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
• CFTC
  commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
• New
  Zealand food prices
• FranceAgriMer
  weekly update on crop conditions
• EARNINGS:
  Olam, Golden Agri
• HOLIDAY:
  Thailand

Source:
Bloomberg and FI

 

 

 

 

 

 

 

 

 

Brazil’s
Conab left
their soybean supply unchanged from the previous month with production at 124.1 million tons. The trade was looking for a 1.5 MMT increase. The Brazil corn production was lowered 1.0 million tons, a surprise, to 114.7 million tons. The trade was looking for
115.7 million tons, supportive for corn futures, IMO.

 

 

USDA
Export Sales

USDA
export sales were within expectations for soybeans, good for new-crop meal (shipments were not bad), and slow for soybean oil (shipments increased to 13,700 tons). For new crop soybeans net sales of 477,200 MT were primarily for China (195,000 MT) and unknown
destinations (184,200 MT). China bought a small amount of sorghum. USDA US corn export sales were near the low end of expectations on a combined crop year basis and wheat within expectations.

 

USDA
IMPORTANT NOTICE: The upgraded Export Sales Reporting and Maintenance System 2.0 (ESRMS 2.0) is scheduled to be launched on Thursday, August 18, 2022.  ESRMS 2.0 will be available from the following url: 
https://esrms.fas.usda.gov/#/home

 

 

 

Macros

US
Initial Jobless Claims Aug 6: 262K (est 265K; prev 260K)

US
Continuing Claims Jul 30: 1428K (est 1420K; prev 1416K)

US
PPI Final Demand (M/M) Jul: -0.5% (est 0.2; prev 1.1%)

US
PPI Final Demand (Y/Y) Jul: 9.8% (est 10.4; prev 11.3%)

US
PPI Ex Food and Energy (M/M) Jul: 0.2% (est 0.4; prev 0.4%)

US
PPI Ex Food and Energy (Y/Y) Jul: 7.6% (est 7.7; prev 8.2%)

OPEC:
Cuts Full-Year 2022 World Oil Demand Growth Forecast To 3.1  Million BPD (Prev. Forecast 3.36 Mln BPD)

103
Counterparties Take $2.199 Tln At Fed Reverse Repo Op (prev $2.178 Tln, 96 Bids)

 

Corn

·        
US corn futures ended higher on EU and US WCB production concerns. Higher energy markets (leading commodities to upside) spilled over into the corn and soybean oil markets.

·        
Strategie Grains lowered their EU corn production estimate by 10 million tons to a 15-year low of 55.4 million and raised imports to 20 million tons versus 17.8 million imported during 2021-22. USDA in their July S&D update lowered
EU corn production by 250,000 tons to 68.0 million tons, down from 70.5 million tons for 2021‐22. Look for USDA to cut EU corn production this Friday.

·        
Brazil’s Conab left their estimated 2021-22 corn production down 1.0 million tons, a surprise, to 114.7 million tons. The trade was looking for 115.7 million tons, supportive for corn futures, IMO.
We
are hearing Conab is too low on their estimates for corn this year. Traders are near 117-119 million tons.

·        
Argentina’s Rosario Grains Exchange estimated 2022-23 Argentina corn production at 55 million tons and soybeans at 47 million tons. They expect corn plantings to decrease 4.7% to 8 million hectares, and soybeans to rise 700,000
hectares to 16.8 million, a 4.3 percent increase.

 

Export
developments.

·        
None reported

 

Updated
8/10/22

September
corn is seen in a $5.75 and $6.75 range

December
corn is seen in a $5.00-$7.50 range

 

Soybeans

·        
Soybeans were higher led by a rebound in soybeans meal and higher soybean oil. September soybeans lost ground to November on positioning ahead of the USDA report. Note September OI was around a low 30,340 contracts as of late
Thursday. Product were higher. Bull spreading in meal retuned. USDA reported 103,400 tons of soybean meal sold to Mexico. September soybean oil was up 192 points. The September crush ripped higher and was near $2.49 as of 1:20 CT, while back months were $1.81
and below.

·        
There were no August soybean complex deliveries.

·        
Brazil’s Conab left their soybean supply unchanged from the previous month with production at 124.1 million tons. The trade was looking for a 1.5 MMT increase. Other traders are much higher than Conab. 

·        
Bloomberg said the Rhine River could be become impassible on August 12 for selected locations.

·        
Indonesia’s GAPKI said June palm exports were 2.33 million tons, up 15% from the same month last year but down 7.6% from June. Indonesia palm oil stocks at the end of June stood were 6.68 million tons with production around 3.30
million tons.

·        
Cargo surveyor ITS reported Malaysian palm exports during the 1-10 Aug period at 333,277 tons, down 16 percent from the same period month ago.

 

 

Export
Developments

·        
Private exporters reported sales of 103,400 tons of soybean cake and meal for delivery to Mexico during the 2022-23 marketing year.

·        
China looks to sell a half a million tons of soybeans out of reserves on August 12.

·        
The CCC seeks 4350 tons of vegetable oil for use in export programs on Aug 16 for Sep 9-oct 15 shipment, October for plants at ports.

 

 

Updated
8/10/22

Soybeans
– September $14.25-$15.50

Soybeans
– November is seen in a $12.25-$16.00 range

Soybean
meal – September $420-$490

Soybean
oil – September 66.00-69.50.

 

Wheat

·        
Wheat futures rallied led by high protein classes from ongoing weather problems for Europe and parts of the US. Fundamental news was again light. The USD was moderately lower by close. Outside commodity markets such as sharply
higher WTI lend strength to buying in agriculture today. Fund buying ahead of the USDA should be noted. Traders are not looking for a large change in US wheat production, but some countries could see a reduction in wheat production, such as the EU, when updated
by USDA.

·        
India domestic wheat prices have eased off their lifetime highs made earlier this month and are beginning to stabilize. Imports are still expected to increase over the medium term.

·        
Jordan is back in for barley and SK bought 33,200 tons of rice from China and optional origin.

·        
Paris September wheat was down 3.75 euros at 338 euros.

 

Export
Developments.

·        
Jordan seeks 120,000 tons of barley on August 17 for LH Dec through LH Feb shipment.

·        
Jordan seeks 120,000 tons set to close August 16 for Jan/Feb shipment.

·        
Japan’s AgMin seeks 70,000 tons of feed wheat and 40,000 tons of feed barley on August 19 for arrival by January 26, 2023.

 

Rice/Other

·        
South Korea bought an estimated 33,200 tons of rice from China and optional origin.

• 11,100-ton
  consignments of Chinese-origin non-glutinous brown short grain rice bought at an estimated $1,070 and $1,069.85 a ton c&f for arrival in South Korea in February and April 2023.
• 11,000
  tons of non-glutinous brown long grain rice was bought at an estimated $528.80 a ton c&f for April 2023 arrival.
• No
  purchase was reported of about 58,800 tons of U.S.-origin rice also sought in the tender. (Reuters)

·        
(Bloomberg) — World 2022-23 production seen 1.1m bales lower than USDA’s previous estimate, according to the avg in a Bloomberg survey of seven analysts.

Avg
est. at 118.97m bales, ranging from 118m to 120m bales

World
ending stocks seen down 580,000 bales to 83.68m bales

US
production seen 750,000 bales lower, and US ending stocks seen 229,000 bales lower

 

Updated
8/10/22

Chicago
– September $7.60 to $8.30 range, December $7.00-$10.50

KC
– September $8.30 to $9.10 range, December $7.00-$10.75

MN
– September $8.65‐$9.50, December $8.00-$11.50

 

USDA Export Sales

USDA export sales were within expectations for soybeans, good for new-crop meal (shipments were not bad), and slow for soybean oil (shipments increased to
13,700 tons). For new crop soybeans net sales of 477,200 MT were primarily for China (195,000 MT) and unknown destinations (184,200 MT). China bought a small amount of sorghum. USDA US corn export sales were near the low end of expectations on a combined crop
year basis and wheat within expectations.

 

USDA IMPORTANT NOTICE: The upgraded Export Sales Reporting and Maintenance System 2.0 (ESRMS 2.0) is scheduled to be launched on Thursday, August 18, 2022. 
ESRMS 2.0 will be available from the following url:  https://esrms.fas.usda.gov/#/home

 

 

Export Sales Highlights

This
summary is based on reports from exporters for the period July 29-August 4, 2022.

Wheat:
Net sales of 359,200 metric tons (MT) for 2022/2023 were up 44 percent from the previous week, but down 34 percent from the prior 4-week average.  Increases primarily for Mexico (99,400 MT, including decreases of 10,100 MT), South Korea (62,000 MT, including
decreases of 21,000 MT), Taiwan (50,900 MT), Japan (41,200 MT), and the Dominican Republic (36,200 MT, including 32,900 MT switched from unknown destinations), were offset by reductions for unknown destinations (19,500 MT), the Philippines (3,100 MT), and
Peru (100 MT).  Exports of 615,300 MT–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average.  The destinations were primarily to Mexico (144,600 MT),
Japan (82,500 MT), Nigeria (81,100 MT), Brazil (66,000 MT), and the Philippines (56,900 MT). 

Corn: 
Net sales of 191,800 MT for 2021/2022 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for Mexico (135,100 MT, including decreases of 100 MT), Japan (62,300 MT, including 48,200 MT switched from unknown destinations),
Honduras (26,300 MT, including decreases of 80,500 MT), Colombia (15,200 MT, including 14,500 MT switched from unknown destinations), and El Salvador (13,700 MT, including 8,000 MT switched from Guatemala, 5,600 MT switched from Costa Rica, and decreases of
800 MT), were offset by reductions primarily for unknown destinations (62,700 MT), Costa Rica (8,600 MT), and Guatemala (4,200 MT).  Net sales of 191,300 MT for 2022/2023 were reported for Italy (105,000 MT), Honduras (47,400 MT), Japan (26,000 MT), Jamaica
(6,900 MT), and Mexico (6,000 MT).  Exports of 705,400 MT were down 31 percent from the previous week and 28 percent from the prior 4-week average.  The destinations were primarily to Mexico (225,300 MT), China (207,200 MT), Japan (146,000 MT), Canada (56,100
MT), and El Salvador (30,100 MT). 

Optional
Origin Sales: 
For 2021/2022, the current outstanding balance of 121,000 MT is for unknown destinations (65,000 MT), Italy (47,000 MT), and Saudi Arabia (9,000 MT).  For 2022/2023, new optional origin sales of 2,400 MT were reported for Italy. 
The current outstanding balance of 48,200 MT is for Italy.

Barley: 
No net sales were reported for the week.  Exports
of 1,000 MT were up noticeably from the previous week and from the prior 4-week average.  The destination was to Japan.

Sorghum: 
Total net sales reductions of 1,400 MT for 2021/2022 were down noticeably from the previous week and from the prior 4-week average. 
The destination was China.  Total net sales of 68,000 MT for 2022/2023 were for unknown destinations.  Exports of 57,200 MT were down 23 percent from the previous week and 48 percent from the prior 4-week average.  The destination
was primarily to China (52,400 MT).

Rice:
 Net
sales of 26,800 MT were reported for 2022/2023, which began August 1.  Increases were primarily for Haiti (18,800 MT), Mexico (6,300 MT, including decreases of 800 MT),  Canada (1,100 MT), Taiwan (200 MT), and Poland (100 MT).  A total of 216,700 MT in sales
were outstanding on July 31 and carried over to 2022/2023.  Accumulated exports in 2022/2023 totaled 2,749,200 MT were down 14 percent from the prior year’s total of 3,195,900 MT.  The destinations were primary to Panama (28,600 MT), Mexico (2,000 MT), Canada
(1,800 MT), Saudi Arabia (900 MT), and Taiwan (800 MT).  Exports for August 1 of 1,700 MT were primarily to Canada (1,000 MT), Japan (200 MT), Poland (100 MT), Jordan (100 MT), and Guam (100 MT). 

Exports
for Own Account: 
For 2022/2023, the current exports for own account outstanding balance is 100 MT, all Canada.

Soybeans: 
Net sales reductions of 66,700 MT for 2021/2022 primarily for Germany (152,400 MT, including 141,000 MT switched from unknown destinations and decreases of 1,500 MT), the Netherlands (151,300 MT, including 138,000 MT switched from unknown destinations), Japan
(87,100 MT, including 96,000 MT switched from unknown destinations, decreases of 11,200 MT, and 8,400 MT – late), Pakistan (66,300 MT, including 66,000 MT switched from unknown destinations), and Indonesia (61,400 MT, including 55,000 MT switched from unknown
destinations and decreases of 200 MT), were offset by reductions primarily for unknown destinations (569,200 MT), and China (66,400 MT). 
Net sales of 477,200 MT for 2022/2023 were primarily for China (195,000 MT), unknown destinations (184,200 MT), Japan (40,000 MT), Mexico (38,600 MT), and Colombia (12,500 MT).  Exports of 894,500
MT were up 70 percent from the previous week and 92 percent from the prior 4-week average.  The destinations were primarily to China (247,500 MT), Germany (152,400 MT), the Netherlands (151,300 MT), Japan (101,800 MT, including 8,400 MT – late), and Pakistan
(66,300 MT). 

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

Late
Reporting:
For 2021/2022, net sales and exports totaling 8,400 MT of soybeans were reported late for Japan.

Soybean
Cake and Meal: 
Net sales of 90,900 MT for 2021/2022 were down 51 percent from the previous week, but up 9 percent from the prior 4-week average.  Increases primarily Mexico (35,600 MT, including decreases of 2,700 MT), Colombia (31,400 MT, including 21,000 MT switched from
unknown destinations), Canada (12,300 MT, including decreases of 900 MT), the Dominican Republic (9,000 MT), and Trinidad and Tobago (6,900 MT, including 700 MT switched from Jamaica), were offset by reductions primarily for unknown destinations (18,000 MT),
Nicaragua (6,000 MT), and Belgium (2,700 MT).  Net sales of 311,200 MT for 2022/2023 primarily for Poland (135,000 MT), the Philippines (90,000 MT), Colombia (35,600 MT), Morocco (24,000 MT), and Mexico (21,100 MT), were offset by reductions primarily for
Trinidad and Tobago (5,900 MT) and Jamaica (5,900 MT).  Exports of 203,100 MT were down 17 percent from the previous week, but up 10 percent from the prior 4-week average.  The destinations were primarily to the Philippines (48,900 MT), Colombia (34,300 MT),
Ecuador (31,400 MT), Mexico (21,600 MT), and Canada (19,400 MT).

Soybean
Oil: 
Net sales of 600 MT for 2021/2022 were down 51 percent from the previous week and 66 percent from the prior 4-week average.  The destination was Canada.  Exports of 13,700 MT were up noticeably from the previous week and up 88 percent from the prior 4-week
average.  The destinations were to Guatemala (5,600 MT), Venezuela (4,000 MT), Jamaica (3,500 MT), and Canada (600 MT).

Cotton: 
Net sales for 2022/2023, which began August 1, totaled 102,400 RB.  Increases primarily for Vietnam (36,200 RB, including 2,200 RB switched from China and 1,400 RB switched from Japan), Honduras (24,300 RB), India (16,500 RB), China (9,100 RB), and Pakistan
(6,400 RB, including decreases of 500 RB), were offset by reductions for Japan (1,800 RB) and El Salvador (400 RB).  For 2023/2024, net sales of 38,400 MT were reported for Honduras (26,300 RB), Pakistan (11,000 RB), and Mexico (1,100 RB).  A total of 2,387,800
RB in sales were carried over from the 2021/2022 marketing year, which ended July 31.  Exports for the period ending July 31 of 114,200 RB brought accumulated exports to 13,179,100 RB, down 11 percent from the prior years’ total of 14,882,100 RB.  The destinations
were primarily Turkey (20,600 RB), Pakistan (19,400 RB), China (19,100 RB), Vietnam (11,100 RB), and Bangladesh (9,100 RB).  Exports for August 1-4 totaled 181,300 RB, with China (53,800 RB), Vietnam (37,300 RB), Turkey (23,900 RB), Mexico (13,600 RB), and
Bangladesh (13,500 RB) being the primary destinations.  Net sales of Pima for 2022/2023 totaled 100 RB.  Increases were reported for Japan.  For 2022/2023, net sales of 30,500 RB were primarily for India (12,500 RB), Thailand (4,000 RB), China (3,900 RB),
Pakistan (2,200 RB), and Turkey (2,100 RB).  A total of 30,400 RB in sales were carried over from the 2021/2022 marketing year, which ended July 31.  Exports for the period ending July 31 of 500 RB brought accumulated exports to 448,300 RB, down 41 percent
from the prior years’ total of 754,900 RB.  The destinations were Thailand (400 RB) and Honduras (100 RB).  Exports for August 1-4 totaled 4,700 RB, with China (2,000 RB), Pakistan (1,700 RB), and India (1,000 RB) being the primary destinations.     

Exports
for Own Account: 
For 2022/2023, exports for own account totaling 10,500 RB were carried over from the 2020/2021 marketing year, which ended July 31.  The current outstanding balance of 72,600 RB, including carryover, is for China (36,200 RB), Vietnam (22,200 RB), Turkey (10,600
RB), Indonesia (1,800 RB), India (1,500 RB), and Pakistan (300 RB).

Hides
and Skins: 
Net sales of 350,600 pieces for 2022 were up 2 percent from the previous week, but down 5 percent from the prior 4-week average.  Increases primarily for China (270,200 whole cattle hides, including decreases of 18,400 pieces), Mexico (26,200 whole cattle
hides, including decreases of 1,300 pieces), Brazil (25,300 whole cattle hides, including decreases of 2,600 pieces), South Korea (15,800 whole cattle hides, including decreases of 400 pieces), and Thailand (12,000 whole cattle hides, including decreases of
300 pieces), were offset by reductions for Taiwan (300 pieces).  Exports of 405,000 pieces were down 8 percent from the previous week, but up 2 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (265,000 pieces), Mexico
(39,500 pieces), South Korea (39,100 pieces), Thailand (27,800 pieces), and Indonesia (18,400 pieces).  In addition, total exports of 1,300-kip skins were to China.

Net
sales of 123,700 wet blues for 2022 were up 28 percent from the previous week and from the prior 4-week average.  Increases primarily for Thailand (42,700 unsplit), China (33,000 unsplit), Vietnam (30,200 unsplit, including decreases of 100 unsplit), Taiwan
(9,600 unsplit), and Mexico (4,200 unsplit), were offset by reductions for Portugal (100 grain splits) and Italy (100 unsplit).  Exports of 145,500 wet blues were down 13 percent from the previous week, but up 2 percent from the prior 4-week average.  The
destinations were primarily to China (53,600 unsplit), Vietnam (38,700 unsplit), Italy (31,600 unsplit and 2,200 grain splits), Thailand (9,200 unsplit), and Hong Kong (5,000 unsplit).  Net sales of 113,500 splits were down 86 percent  from the previous week
and 70 percent from the prior 4-week average.  Increases reported for Taiwan (80,000 pounds) and Vietnam (34,500 pounds), were offset by reductions for China (1,000 pounds).  Exports of 540,300 pounds were down 40 percent from the previous week, but up 30
percent from the prior 4-week average. The destinations were to Vietnam (457,300 pounds) and China (83,000 pounds).

Beef: 
Net sales of 14,600 MT for 2022 were up 22 percent from the previous week, but down 17 percent from the prior 4-week average.  Increases primarily for Japan (3,900 MT, including decreases of 400 MT), South Korea (3,100 MT, including decreases of 400 MT), Taiwan
(2,000 MT, including decreases of 100 MT), China (1,800 MT, including decreases of 100 MT), and Mexico (1,500 MT), were offset by reductions for Switzerland (400 MT), Indonesia (100 MT), and Bahrain (100 MT).  Total net sales of 200 MT for 2023 were for Japan. 
Exports of 20,800 MT were up 13 percent from the previous week and 11 percent from the prior 4-week average.  The destinations were primarily to Japan (6,100 MT), South Korea (5,100 MT), China (4,400 MT), Mexico (1,300 MT), and Taiwan (1,200 MT). 

Pork: 
Net sales of 21,500 MT for 2022 were down 31 percent from the previous week and 6 percent from the prior 4-week average.  Increases primarily for Mexico (10,200 MT, including decreases of 500 MT), Japan (3,800 MT, including decreases of 300 MT), China (3,500
MT, including decreases of 200 MT), the Dominican Republic (1,400 MT), and Colombia (800 MT), were offset by reductions for South Korea (100 MT).  Exports of 27,200 MT were up 4 percent from the previous week and 6 percent from the prior 4-week average.  The
destinations were primarily to Mexico (11,900 MT), China (4,800 MT), Japan (4,800 MT), Canada (1,700 MT), and South Korea (1,600 MT).

 

U.S. EXPORT SALES FOR WEEK ENDING  8/4/2022

 

	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
WHEAT	THOUSAND METRIC TONS
HRW	194.1	1,517.9	1,625.1	272.4	1,069.7	1,403.4	0.0	0.0
SRW	-8.5	904.8	1,003.8	162.8	659.2	549.4	0.0	30.0
HRS	128.1	1,507.3	1,442.9	122.5	921.3	1,057.8	0.0	0.0
WHITE	45.5	1,458.3	881.4	57.5	440.1	690.9	0.0	0.0
DURUM	0.0	109.4	8.4	0.0	18.0	42.2	0.0	0.0
TOTAL	359.2	5,497.7	4,961.6	615.3	3,108.2	3,743.7	0.0	30.0
BARLEY	0.0	11.7	22.7	1.0	3.8	2.3	0.0	0.0
CORN	191.8	3,732.3	5,518.2	705.4	57,118.0	64,582.9	191.3	8,048.3
SORGHUM	-1.4	148.8	527.5	57.2	6,816.1	6,662.1	68.0	203.0
SOYBEANS	-66.7	4,670.4	2,571.7	894.5	54,790.9	59,445.4	477.2	15,742.9
SOY MEAL	90.9	1,536.5	1,726.7	203.1	10,151.7	10,201.8	311.2	1,130.4
SOY OIL	0.6	47.0	17.4	13.7	646.7	665.5	0.0	0.6
RICE
L G RGH	-0.8	70.6	203.8	0.0	0.0	0.0	0.0	0.0
M S RGH	7.0	16.6	9.2	0.0	0.0	0.0	0.0	0.0
L G BRN	3.6	6.0	11.9	0.0	0.0	0.3	0.0	0.0
M&S BR	0.1	6.9	0.2	0.1	0.1	0.0	0.0	0.0
L G MLD	15.6	127.0	215.4	0.4	0.4	1.5	0.0	0.0
M S MLD	1.3	79.3	77.4	1.2	1.2	2.8	0.0	0.0
TOTAL	26.8	306.3	517.8	1.7	1.7	4.6	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	102.4	7,136.9	4,785.8	181.3	181.3	190.6	38.4	710.3
PIMA	0.1	94.6	106.0	4.7	4.7	7.7	0.0	0.0

 

FINAL 2021/22 MARKETING YEAR
COMMODITY	NET SALES	CARRYOVER SALES 1/	07/31/2022 EXPORTS	ACCUMULATED EXPORTS
PIMA	-1.0	30.4	0.5	448.3
COTTON
UPLAND	-21.5	2,387.8	114.2	13,179.1
RICE
L G RGH	28.6	47.5	30.0	1,322.4
M S RGH	0.0	9.6	0.3	18.6
L G BRN	0.0	2.4	0.4	53.2
M&S BR	0.0	6.9	0.8	80.8
L G MLD	0.5	71.6	2.8	812.0
M S MLD	0.4	78.7	0.6	462.2
TOTAL	29.6	216.7	34.9	2,749.2