FI Evening Grain Comments 09/22/22

PDF Attached

 

USDA
reported private exporters reported the following sales activity:

-105,000
metric tons of corn for delivery to Mexico during the 2022/2023 marketing year

-101,600
metric tons of corn for delivery to unknown destinations during the 2022/2023 marketing year

 

Lackluster
USDA export sales did little to slow fund buying in corn and wheat. Day after a US rate hike of 75 points, the USD extended gains (fresh 20-year high). Soybean oil traded higher while technical selling hit the soybean and meal markets. US crude oil was higher.
Traders will be monitoring Black Sea developments. US weather forecast was unchanged.
Rains
favor the southwestern Midwest today, northwest Friday and north central/eastern areas Saturday this weekend. The central and northern areas of the US Great Plains will see rain this weekend. Brazil will see rain over the next week while Argentina’s forecast
is unchanged, calling for light rain across La Pampa and southern BA Sunday into early next week.

 

 

 

Weather

 

 

 

World
Weather, INC.

WEATHER
EVENTS AND FEATURES TO WATCH

• Not
  many changes overnight
• Rain
  was removed from the North China Plain and Yellow River Basin from the second week outlook
• Model
  agreement is a little greater today over the potential for rain in the Yangtze River Basin at the end of the second week of the forecast, but the impact will not be dramatic
  
• Frost
  and freezes occurred this morning from parts of Saskatchewan into North Dakota
• The
  cold ended the growing season for some areas
• A
  minor amount of damage occurred to some immature crops
• The
  cold was not widespread enough to induce more than a few pockets of damage, if any
• Frost
  and light freezes will impact the upper U.S. Midwest tonight and Friday morning with a low impact expected there as well
• Rain
  in Kansas overnight was welcome and good for winter crop seeding, emergence and establishment, although more is needed
• Rain
  totals varied from 0.20 to 0.60 inch from northeastern Colorado and southwestern Nebraska through much of northern and central Kansas
• Local
  rain totals to 1.50 inches occurred in a few counties or parts of counties in central parts of the state
• The
  rain was great for improved field working conditions and winter crop planting, but frequent follow up rain will be needed to seriously improve the outlook
• Showers
  will linger into Friday in eastern Colorado, Nebraska and parts of Kansas, but the greatest rainfall may be over
• Net
  drying is expected in the central and southwestern U.S. Plains after Friday for at least the following ten days
• Good
  to excellent weather will occur in other U.S. crop areas during the next ten days with restricted rainfall and cool temperatures over the next two to three days and then warming next week
• The
  is potential for excessive rain and wind to associate with a tropical cyclone that may impact the southeastern United States late next week or in the following weekend
• Far
  western U.S. weather is expected to continue dry biased over the next ten days
• A
  tropical disturbance in the southeastern Caribbean Sea will move northwesterly over the next couple of days while becoming better organized
  
• The
  system should become the next tropical cyclone and it will bring a threat of damaging wind, flooding rain and a storm surge to the U.S. Gulf of Mexico coast in about a week
• The
  southeastern states will be most vulnerable to the storm, but it is unclear where landfall will occur this far in advance especially with no storm center present today
• Category
  Four Hurricane Fiona will pass to the immediate west of Bermuda tonight producing rough seas, heavy rain and damaging wind to the island
• The
  center of the storm should stay to the west reducing some of the impact
• Fiona
  will then race toward eastern Canada and should impact eastern Nova Scotia and areas in the Gulf of St. Lawrence during the late weekend and early part of next week
• The
  storm will lose its tropical characteristics during the weekend, but it will still produce hurricane force wind when it reaches Canada
• Tropical
  Storm Gaston is still posing no threat to land other than the Azores
• The
  storm will stay far removed from North America and Europe through the weekend
• Tropical
  Depression 17W will move into southeastern portions of Honshu, Japan Friday and Saturday producing some moderate to heavy rain, but no damaging conditions
• The
  system may reach tropical storm status briefly before moving over southeastern Honshu Friday
• Tropical
  Storm 18W was located well to the east of the northern Philippines today, but may strengthen as it moves toward northern Luzon
• Landfall
  in northern Luzon is possible briefly Sunday, but it should be a weak storm that does not produce much more than some heavy rainfall
  
• Tropical
  Storm Newton was located well west of the Mexico west coast in the eastern Pacific Ocean moving west northwesterly
  
• The
  system poses no threat to land
• Brazil’s
  weather will include three waves of rain moving across center west and center south crop areas during the next ten days
• Sufficient
  rain will fall to bolster topsoil moisture for improved soybean planting, germination and emergence conditions
  
• Corn
  planting and establishment will also improve
• Wheat
  conditions may deteriorate in Parana and immediate neighboring areas because of too much moisture as the crop matures and is harvested
• Total
  rainfall in center west and center south by September 30 will vary from 0.75 to 2.5 inches with local totals of 2.50 to more than 4.00 inches from southern Mato Grosso do Sul into Parana and a part of Sao Paulo
  
• Eastern
  Paraguay will also receive some important rain
• Temperatures
  will be cooler than usual
• Additional
  rain is advertised for early October, although it may not be nearly as significant
  
• Brazil’s
  weather outlook is a boon to starting soybean planting and to supporting corn development and early rice and cotton planting. The moisture will be sufficient to support early planted corn, but it may raise some wheat quality concerns in areas where the crop
  is ready to be harvested.
• Brazil’s
  coffee, citrus and sugarcane areas from Mato Grosso do Sul to northern Parana, Sao Paulo and Minas Gerais should benefit from the coming two weeks of rain with flowering of coffee and citrus trees expected over time and new sugarcane development will evolve
  just as soon as significant rain has fallen.
• Rain
  was already noted in coffee, citrus and sugarcane areas of Brazil Wednesday and early today           
  
• Most
  of the rain was less than 1.00 inch, but it did fall from northern Parana to central parts of Minas Gerais as well as areas northwest into Mato Grosso
  
• Argentina
  rainfall will be sporadic and light over the next ten days to two weeks Any showers that occur – and there will be some – will prove to be welcome and helpful in supporting wheat and sunseed, but greater rain will be needed
• Europe
  topsoil moisture has improved in many areas, but not in the far west where there is an ongoing need for rain
  
• Parts
  of Western Europe will continue drier than usual until late in the coming ten-day forecast period, but other areas will start getting some relief much sooner
• Rainfall
  in many other areas over the next ten days will vary from 0.50 to 1.50 inches with portions of south-central Europe getting 2.00 to more than 5.00 inches
• Wettest
  in the Adriatic Sea region; including central and southern Italy
• Northwestern
  France and parts of the U.K. may continue to experience below average precipitation through the coming week
• Temperatures
  will be cooler than usual in the central and eastern parts of Europe over the next several days with most of the continent seeing near normal temperatures in the last days of September and early days of October
• Europe’s
  bottom line continues to be one of improvement for much of the continent with the exception of northern and western France which may continue too dry through much of the forecast period. Soil moisture is improving across most of the continent with rain noted
  in the past couple of weeks and it will continue this week. There will be an ongoing concern over France soil moisture and water supply until greater rain falls and a boost in precipitation will eventually reach there.
  
• Western
  CIS crop areas are still experiencing increasing soil moisture through periodic rainfall that will is going to lead to better winter crop establishment.
  
• Additional
  rainfall over the next ten days will vary from 0.25 to 1.00 inch in eastern Ukraine and 0.60 to 2.50 inches in most other areas west of the Ural Mountains; including Russia’s Southern Region.
  
• There
  is potential for more than 3.00 inches of rain in a few areas
• Drying
  is expected east of the Ural Mountains where spring wheat and sunseed harvesting should be advancing swiftly
• The
  bottom line for CIS crop areas is still good for improved wheat and rye planting, emergence and establishment conditions. Weather farther to the east will be equally good for sunseed and late spring wheat harvest progress except in a part of West Siberia where
  rain and snow are expected, but fieldwork should be winding down in that region.
  
• Dry
  weather is still advertised for the southern United States from Texas through the Delta and into the southeastern states through early next week
  
• The
  drier weather will be great for summer crop maturation and harvest progress
• Additional
  cotton bolls will open making crops in the Delta and southeastern states more vulnerable to adverse weather which is why a close watch on the disturbance in the southeastern Caribbean Sea is warranted since it may have potential to impact the southeastern
  U.S.
• Florida
  citrus and Georgia cotton may be most at risk of damage from a tropical cyclone if one develops in the Caribbean Sea as expected and threatens the region next week
• U.S.
  Northern Plains, eastern Canada’s Prairies and the northern U.S. Midwest will see a good mix of rain and sunshine over the next week favoring late season summer crop development and good crop maturation conditions
• Drought
  in Canada’s Prairies will continue without serious change from central through southwestern parts of the region during the next ten days
• Good
  crop maturation and harvest conditions are likely, but rain will be needed to improve the moisture profile before the winter cold settles into the region putting frost in the ground and limiting moisture for use in the spring
• Ontario
  and Quebec weather will be well mixed over the next couple of weeks, although there is need for drier weather to speed along summer crop maturation and harvest progress
• Gujarat,
  Rajasthan and Punjab, India northwest into Pakistan will be seasonably dry over the next ten days favoring good summer crop maturation and harvest progress
• India
  rainfall will be greatest over the next ten days from Maharashtra to Uttar Pradesh, Bihar, Bangladesh and the far Eastern States as well as areas southward into West Bengal and Odisha
• Rain
  totals will vary from 1.50 to more than 4.00 inches over the next ten days with a few amounts getting up over 8.00 inches, but mostly in northeastern India
• Far
  southern India will experience net drying conditions
• China
  will continue to experience poor rainfall in the Yangtze River Basin for the next ten days, despite a few showers
• Northeastern
  China will receive 0.50 to 1.50 inches of rain through Friday with a few amounts of 1.50 to 3.00 inches in northeastern Inner Mongolia
• Drier
  weather is expected thereafter into next week
• Temperatures
  will be warmer than usual over the next two weeks in southern China’s crop areas and more seasonable in the north
• Xinjiang,
  China weather is expected to be mild to warm with limited rainfall
• This
  pattern will be very good for cotton and corn maturation as well as early harvesting in most areas
  
• Australia
  is still expected to see periodic bouts of rain over the next two weeks
• Rainfall
  may be a little too great in portions of Victoria and New South Wales, but no imminent problems are expected
• Australia’s
  bottom line still looks very good for winter wheat, barley and canola development. As long as the crop region warms up a little more in coming weeks and rain frequency does not get excessive, this year’s production will be huge. There is some concern about
  a wet bias in October and November that could harm the quality of some crops.
  
• South
  Africa precipitation has been and will continue to be beneficial for winter wheat, barley and canola
  
• Most
  of the precipitation will be confined to the southern and eastern parts of the nation
  
• Some
  early corn and other crop areas may receive some needed rain, but more will be necessary to support planting in October and November.
  
• Winter
  crops are still poised to perform well this spring as long as continues late this month and into October.
  
• Central
  America, Colombia and parts of Venezuela are expected to trend wetter than usual in the next few weeks due to the persistent La Nina influence on the region
• North
  Africa showers at this time of year are always welcome, but have a minimal impact and that will be the case over the next ten days
• Mexico’s
  drought in the northeast continues and will not likely end without the help from a tropical cyclone
• With
  that said some significant rain has fallen over the recent weeks in portions of the dry region
• This
  coming week’s rainfall will be trending lighter than usual once again
• Southern
  and western Mexico will get some rain periodically through the next couple of weeks with sufficient amounts to maintain moisture abundance
• Southeast
  Asia rainfall is expected to be frequent and significant during the next ten days to two weeks
  
• All
  areas are expected to be impacted and sufficient rain is expected to bolster soil moisture for long term crop development need
  
• Local
  flooding is expected
• West-Central
  Africa showers and thunderstorms will continue frequently benefiting coffee and cocoa production areas during the next two weeks.
  
• Some
  rice, cotton and sugarcane will also benefit from this pattern
• Weekend
  precipitation was minimal, but it will be increasing later this week and next week
• East-central
  Africa rainfall will continue to occur most frequent and significantly in Ethiopia, Uganda and southwestern Kenya over the next two weeks
• Good
  coffee, cocoa and other crop development conditions will prevail
• Today’s
  Southern Oscillation Index was +15.80 and it will move erratically over the next few days

Source:
World Weather INC

 

Bloomberg
Ag Calendar

Thursday,
Sept. 22:

• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• US
  cold storage data for beef, pork and poultry, 3pm
• Globoil,
  international edible oil conference, Agra, India, day 2
• International
  Grains Council monthly report
• USDA
  red meat production, 3pm
• Future
  Food Tech Conference, London, Sept. 22-23

Friday,
Sept. 23:

• ICE
  Futures Europe weekly commitments of traders report
• CFTC
  commitments of traders weekly report on positions for various US futures and options, 3:30pm
• Globoil,
  international edible oil conference, Agra, India, day 3
• FranceAgriMer
  weekly update on crop conditions
• Brazil’s
  Unica may release cane crush and sugar production data (tentative)
• US
  cattle on feed, poultry slaughter, 3pm
• HOLIDAY:
  Japan

Source:
Bloomberg and FI

 

USDA
Export Sales

USDA
export sales were poor all around. 134,300 tons of soybeans were sold to China. For corn, only 6,200 tons of net sales were for China.

 

 

 

 

Macros

US
Initial Jobless Claims Sep 17: 213K (est 217K; prev 213K)

US
Continuing Claims Sep 10: 1379K (est 1417K; prev 1403K)

US
Current Account Balance Q2: $-251.1B (est $-260.0B; prevR $-282.5B)

US
Mortgage Rates In US Jump To 6.29%, Highest Since October 2008

102
Counterparties Take $2.359 Tln At Fed Reverse Repo Op (prev $2.316 Tln, 102 Bids)

 

Corn

·        
CBOT corn ended higher on strength in wheat and higher WTI crude oil. Lower soybeans limited gains. USDA export sales were poor at only 182,400 tons. But under the 24-H reporting system, exporters sold 105k of corn to Mexico and
101.6k to unknown.

·        
IGC lowered their 2022-23 global corn production by 11 million tons to 1,168 million tons. USDA is at 1,173 million tons.

·        
The Rosario grains exchange lowered their estimate of the Argentina 2022-23 corn crop to 56 million tons from 58 million tons previously. USDA is at 55 MMT.

·        
China plans to release 14,400 tons of pork from state reserves on September 23. For the entire month, China was thought to release a combined 200,000 tons of pork, according to AgriCensus.

 

Export
developments.

·        
USDA reported private exporters reported the following sales activity:

-105,000
metric tons of corn for delivery to Mexico during the 2022/2023 marketing year

-101,600
metric tons of corn for delivery to unknown destinations during the 2022/2023 marketing year

 

 

 

Updated
9/20/22

December
corn is seen in a $6.40-$7.30 range.

 

Soybeans

·        
The soybean complex started higher but poor USDA export sales and US economic uncertainty capped gains in soybeans. US export developments have been slow this week, at least for the US. Soybeans and meal ended lower. Soybean oil
gained on product spreading and higher crude oil. News was light.

·        
The Rosario grains exchange raised their estimate of the Argentina 2022-23 soybean crop to 48 million tons from 47 million tons previously. USDA is at 51 MMT.

·        
Malaysian palm sold off a touch during the late, third session.

·        
MPOB looks for Malaysian palm oil stocks to rise to a 3-1/2 year high by the end of 2022 to about 2.5 million tons. Malaysia’s palm oil stocks at the end of August climbed to their highest in 33 months to 2.09 MMT. 2022 Malaysian
palm oil production was estimated at 18.5 million tons, above 18.1 million for 2021. Meanwhile, Indonesia stocks are expected to tighten by the end of this year from robust exports.

 

Export
Developments

·        
None reported

 

Updated
9/20/22

Soybeans
– November is seen in a $14.00-$16.00 range

Soybean
meal – December $400-$490

Soybean
oil – December 64.00-73.00

 

Wheat

·        
Wheat ended at a two month high, and was up for the third consecutive day, on geopolitical and Black Sea shipping concerns. The wheat crop in Argentina is struggling from drought.  The Rosario grains exchange lowered their estimate
of the Argentina wheat crop to 16.5 million tons from 17.7 million tons previously. The US drought monitor showed KS was still expiring “extreme” drought across 53 percent of the state, up from 42% week earlier. Other countries are doing well.

·        
SovEcon sees a record 100 million ton Russia wheat crop. USDA is at 91 million tons. IGC is at 93.4 MMT.

·        
Safras & Mercado raised their 2022 Brazil wheat production estimate to 10.935 million tons from 10.5 million previous.  The 10.9 million tons is a record.

·        
IGC raised their 2022-23 global wheat production by 14 million tons to 792 million.  USDA is at 783.92 million tons.

·        
Paris December wheat was up 2.50 euros at 349.50 per ton, a multi month high.

·        
French soft wheat protein content was estimated by FranceAgriMer at 11.4%, below a 5-year average of 11.9%. About 59 percent of the crop was rated superior to premium quality.

·        
US wheat export sales were a low 183,500 tons and below a 200-500k range of estimates.

 

South
Dakota saw frost/freezes overnight but World Weather, INC., sees low to no impact on crops.

 

Export
Developments.

·        
The Philippines seek 45,000 tons of optional origin feed wheat on September 22 for Dec-Feb shipment.

·        
Pakistan seeks 300,000 tons of wheat on September 26 for October shipment.

·        
Jordan opened a new import tender for 120,000 tons of wheat set to close Sep 27 for March and April shipment. 

·        
Jordan is back in for barley on September 28.

 

Rice/Other

·        
Vietnam said they are not in a deal with Thailand to raise rice export prices.

 

Updated
9/20/22

Chicago
– December $8.00-$10.50

KC
– December $8.75-$11.00

MN
– December $8.75-$11.00

 

 

 

 

 

U.S. EXPORT SALES FOR WEEK ENDING  09/15/2022

 

	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	11.5	1,056.5	1,572.5	189.5	1,935.4	2,537.5	1.7	1.7
SRW	-40.4	490.7	749.9	166.1	1,367.1	945.7	0.0	30.0
HRS	127.4	1,227.4	980.9	57.1	1,822.3	1,945.1	0.0	0.0
WHITE	64.0	1,009.8	575.5	265.5	1,347.7	1,350.7	0.0	0.0
DURUM	21.0	115.0	65.5	0.0	34.1	61.4	0.0	0.0
TOTAL	183.5	3,899.4	3,944.3	678.2	6,506.7	6,840.3	1.7	31.7
BARLEY	0.0	11.6	20.5	0.0	3.9	4.7	0.0	0.0
CORN	182.3	11,457.0	24,100.0	563.0	1,026.7	845.7	0.0	90.5
SORGHUM	0.0	227.3	2,269.4	6.3	12.3	3.1	0.0	0.0
SOYBEANS	446.4	24,782.3	22,659.7	522.5	945.0	532.7	0.0	30.0
SOY MEAL	-22.6	761.9	1,090.6	223.4	11,252.6	11,190.3	208.5	2,026.1
SOY OIL	-0.4	29.0	17.0	13.5	673.9	674.6	3.0	5.8
RICE
L G RGH	16.2	76.7	175.8	0.9	43.0	173.2	0.0	0.0
M S RGH	0.0	15.0	8.0	0.5	1.5	1.2	0.0	0.0
L G BRN	1.5	2.9	4.7	0.2	2.0	12.8	0.0	0.0
M&S BR	0.0	6.3	42.4	0.1	1.1	13.8	0.0	0.0
L G MLD	14.6	139.3	178.8	13.7	80.8	87.2	0.0	0.0
M S MLD	-2.1	36.5	30.3	4.4	48.1	60.6	0.0	0.0
TOTAL	30.2	276.7	440.0	19.8	176.6	349.0	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	32.4	6,351.2	5,300.8	232.3	1,638.0	1,351.6	13.3	953.7
PIMA	0.3	89.5	155.3	0.4	13.1	42.9	0.0	0.0

 

Export Sales Highlights

This
summary is based on reports from exporters for the period September 9 – 15, 2022.

Wheat:
Net sales of 183,500 metric tons (MT) for 2022/2023 primarily for Indonesia (136,000 MT, including 65,000 MT switched from unknown destinations), China (134,300 MT, including 130,000 MT switched from unknown destinations and decreases of 1,500 MT), Colombia
(55,900 MT, including 42,400 MT switched from unknown destinations), Japan (43,800 MT, including 10,000 MT switched from unknown destinations), and Taiwan (35,100 MT), were offset by reductions primarily for unknown destinations (255,000 MT).  Total net sales
of 1,700 MT for 2023/2024 were for Mexico.  Exports of 678,200 MT were primarily to China (133,900 MT), Japan (90,900 MT), Indonesia (66,000 MT), Thailand (58,700 MT), and Nigeria (51,700 MT).

Corn: 
Net sales of 182,300 MT for 2022/2023 primarily for Japan (82,300 MT, including 80,900 MT switched from unknown destinations and decreases of 600 MT), Egypt (65,000 MT), Colombia (60,000 MT), Venezuela (13,200 MT), and Mexico (8,700 MT, including decreases
of 220,300 MT), were offset by reductions for unknown destinations (66,300 MT).  Exports of 563,000 MT were primarily to Mexico (259,000 MT), China (142,300 MT), Japan (137,000 MT), Venezuela (13,200 MT), and Jamaica (7,200 MT).   

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

Sorghum: 
No net sales were reported for the week.  Exports of 6,300 MT were to Mexico.

Rice:
 Net
sales of 30,200 MT for 2022/2023 primarily for Honduras (15,500 MT), Saudi Arabia (8,800 MT), Mexico (5,500 MT), Canada (3,400 MT, including decreases of 500 MT), and El Salvador (700 MT, including decreases of 400 MT), were offset by reductions primarily
for Jordan (4,000 MT).  Exports of 19,800 MT were primarily to Saudi Arabia (8,500 MT), the Dominican Republic (4,000 MT), South Korea (2,600 MT), Canada (2,300 MT), and Mexico (1,800 MT).

Soybeans: 
Net sales of 446,400 MT for 2022/2023 primarily for Egypt (174,000 MT, including decreases of 9,000 MT), China (152,500 MT, including 55,000 MT switched from unknown destinations and decreases of 138,200 MT), Mexico (70,600 MT, including decreases of 400 MT),
Indonesia (66,000 MT, including 55,000 MT switched from unknown destinations and decreases of 200 MT), and South Korea (54,000 MT switched from unknown destinations and decreases of 2,000 MT), were offset by reductions primarily for unknown destinations (184,700
MT) and Colombia (200 MT).  Exports of 522,500 MT were primarily to China (147,800 MT), Mexico (138,400 MT), Japan (100,000 MT), Indonesia (62,700 MT), and South Korea (52,000 MT). 

Optional
Origin:
For 2022/2023, the current optional origin outstanding balance is 300 MT, all South Korea.

Export
for Own Account:
For 2022/2023, the current exports for own account outstanding balance is 6,300 MT, all Canada.

Soybean
Cake and Meal: 
Net sales reductions of 22,600 MT for 2021/2022 resulting in increases primarily for Ecuador (30,100 MT, including 35,000 MT switched from unknown destinations and decreases of 4,900 MT), Mexico (21,000 MT, including decreases of 2,600 MT), the Philippines
(8,300 MT), Canada (4,800 MT, including decreases of 500 MT), and Nicaragua (1,500 MT), were more than offset by reductions primarily for Guatemala (51,100 MT), unknown destinations (34,900 MT), Colombia (3,000 MT), the Dominican Republic (1,000 MT), and Japan
(900 MT).  Net sales of 208,500 MT for 2022/2023 primarily for Colombia (99,900 MT), the Philippines (65,000 MT), Guatemala (51,100 MT), Mexico (28,300 MT), and Costa Rica (16,600 MT), were offset by reductions for Spain (75,000 MT).  Exports of 223,400 MT
were primarily to the Philippines (95,200 MT), the Dominican Republic (31,000 MT), Mexico (30,600 MT), Ecuador (30,100 MT), and Canada (24,700 MT).

Soybean
Oil: 
Net sales of reductions of 400 MT for 2021/2022 resulting in increases for Mexico (100 MT), were more than offset by reductions for Canada (500 MT).  Total net sales of 3,000 MT for 2022/2023 were for Canada.  Exports of 13,500 MT were to Guatemala (12,000
MT), Honduras (800 MT), Canada (600 MT), and Mexico (100 MT).

Cotton: 
Net
sales of 32,400 RB for 2022/2023 primarily for Pakistan (27,800 RB, including 4,700 RB switched from China), El Salvador (8,600 RB), Guatemala (6,000 RB), Vietnam (2,000 RB, including 900 RB switched from South Korea), and Thailand (1,400 RB), were offset
by reductions primarily for China (11,400 RB), Japan (1,100 RB), and South Korea (900 RB).  Net sales of 13,300 RB for 2023/2024 were for Pakistan (8,800 RB) and Guatemala (4,500 RB).  Exports of 232,300 RB were primarily to China (73,000 RB), Vietnam (33,200
RB), Mexico (27,100 RB), Turkey (24,400 RB), and Bangladesh (18,300 RB).  Net sales of Pima totaling 300 RB were for China (200 RB) and Japan (100 RB).  Exports of 400 RB were to Pakistan (200 RB), China (100 RB), and Honduras (100 RB).  

Optional
Origin Sales:
For 2022/2023, the current outstanding balance of 10,300 RB is for Malaysia (9,300 RB) and Pakistan (1,000 RB).

Export
for Own Account:
Exports for own account totaling 800 RB to China were applied to new or outstanding sales.  The current exports for own account outstanding balance of 77,400 RB is for China (40,500 RB), Vietnam (23,900 RB), Turkey (10,600 RB), India (1,500 RB), Pakistan (500
RB), and Indonesia (400 RB). 

Hides
and Skins: 
Net sales of 479,700 pieces for 2022 primarily for China (288,900 whole cattle hides, including decreases of 10,900 pieces), Mexico (77,800 whole cattle hides, including decreases of 1,000 pieces), Thailand (34,000 whole cattle hides, including decreases of
800 pieces), South Korea (33,700 whole cattle hides, including decreases of 700 pieces), and Indonesia (25,100 whole cattle hides, including decreases of 100 pieces), were offset by reductions for Spain (200 pieces).  Total net sales reductions of 3,500 calf
skins were for Italy, including decreases of 5,600 calf skins.  In addition, net sales of 3,900 kip skins were primarily for Belgium (2,900 kip skins).  Exports of 418,600 whole cattle hides exports were primarily to China (312,300 pieces), Mexico (32,600
pieces), South Korea (26,100 pieces), Thailand (12,200 pieces), and Brazil (8,400 pieces). 

Net
sales of 143,600 wet blues for 2022 primarily for China (58,300 unsplit), Thailand (39,700 unsplit, including decreases of 100 unsplit), and Vietnam (34,900 unsplit, including decreases of 33,000 unsplit), were offset by reductions for Italy (100 unsplit). 
Exports of 162,900 wet blues were primarily to Vietnam (47,200 unsplit), Italy (42,500 unsplit), China (40,000 unsplit), and Thailand (26,700 unsplit). Net sales of 585,600 splits were reported for Vietnam (334,200 pounds), China (246,000 pounds), and South
Korea (5,400 pounds).  Exports of 79,700 pounds were to Vietnam.

Beef: 
Net sales of 15,200 MT for 2022 were primarily for China (6,200 MT, including decreases of 200 MT), Japan (3,200 MT, including decreases of 500 MT), South Korea (1,200 MT, including decreases of 700 MT), Mexico (1,100 MT), and Canada (800 MT). 
Net sales of 300 MT for 2023 were for Japan.  Exports of 18,600 MT were primarily to South Korea (4,600 MT), China (4,300 MT), Japan (4,300 MT), Mexico (1,500 MT), and Canada (1,000 MT). 

Pork: 
Net sales of 29,000 MT for 2022 were primarily for Mexico (15,500 MT, including decreases of 600 MT), Canada (2,300 MT, including decreases of 500 MT), China (2,200 MT, including decreases of 200 MT), Japan (2,200 MT, including decreases of 200 MT), and South
Korea (2,100 MT, including decreases of 100 MT).  Exports of 26,500 MT were primarily to Mexico (12,500 MT), Japan (3,200 MT), China (3,100 MT), South Korea (2,200 MT), and Canada (1,700 MT).

September
22, 2022                                                       1                FOREIGN AGRICULTURAL SERVICE/USDA