FI Evening Grain Comments 10/14/22

PDF Attached

 

Private
exporters reported the following sales activity:

-392,000
metric tons of soybeans for delivery to China during the 2022/2023 marketing year

-198,000
metric tons of soybeans for delivery to unknown destinations during the 2022/2023 marketing year

-230,000
metric tons of soybean cake and meal for delivery to the Philippines during the 2022/2023 marketing year

 

 

A
firm USD and lower energy prices sent US agriculture futures lower. Mixed views over Black Sea safe passage agreement are seen. Note the UN will visit Moscow on Sunday to continue talks on extending the agreement by addressing issues raised by Russia earlier
this week. US harvesting pressure is seen next week with favorable weather, but geopolitical headlines and swings in outside markets could continue to dominate price fluctuations in CBOT ag markets.

 

There
were no major changes to the US weather forecast on Friday. Brazil’s outlook is unchanged, and Argentina turned slightly unfavorable. Argentina will see some rain across eastern Cordoba, central Santa Fe, and Entre Rios through Saturday before turning drier
through Tuesday. Brazil will continue to see favorable rains bias western Mato Grosso, southwest MGDS, south Sao Paulo, Parana, Santa Catarina, north RGDS. The US southwestern Great Plains will see additional rain, bias southern OK and TX. The Midwest will
be mostly dry over the next week.

 

 

Weather

Last
7-days

 

 

World
Weather, INC.

MOST
IMPORTANT WEATHER OF THE DAY

• Central
  Vietnam’s Coastal region will be inundated with flooding rain this weekend due to a tropical cyclone that is expected to move inland
• Rainfall
  of 6.00 to 12.00 inches and local totals over 15.00 inches will be possible from the Da Nang area through Hue and northward to the Quang Tri area
• Damage
  to personal property and minor amount of rice is expected
• Key
  coffee production areas in the Central Highlands will be missed by this storm
• A
  tropical storm will form northeast of Luzon Island, Philippines today and it will pass north of Luzon Island Saturday night or early Sunday and then race westward to Hainan China Wednesday or Thursday of next week and then into northern Vietnam next Friday
• The
  storm will produce some heavy rain and windy conditions in northern Luzon Island this weekend, but damaging conditions are not very likely
  
• Hainan,
  China could be more seriously impacted next week, depending on how much intensification takes place. The system has some potential to become a typhoon
• Another
  tropical cyclone will evolve northwest of Guam late this weekend or early next week and move toward the northern Philippines, although landfall is no expected through most of next week leaving plenty of time for a change in the storm’s path
• Tropical
  disturbance will evolve early next week in the Andaman Sea and Bay of Bengal where a tropical cyclone may briefly evolve prior to landfall in eastern India during the following weekend
• Tropical
  Storm Karl will move into Tabasco, Mexico tonight producing heavy rain in that state and Chiapas during the weekend.
  
• A
  few other areas will nearby will also be impacted
• No
  damaging wind is expected, but flooding may induce a little property damage and could impact a few minor crops in the region
• U.S.
  hard red winter wheat areas will likely miss most of the southern Plains rain event this weekend and early next week
  
• Some
  rain will impact Oklahoma and parts of Texas – mostly outside of the Panhandle
• Rainfall
  of 0.20 to 0.80 inch will result with a few totals over 1.00 inch
• The
  moisture will be welcome wherever it occurs with wheat and grazing grass to benefit most
• Drought
  will continue in U.S. hard red winter wheat areas through the next two weeks, despite some rain in the southern Plains late this weekend and early next week
  
• West
  Texas cotton areas will also be impacted by the southern U.S. Plains rain event this weekend into early next week, but early indications suggest rainfall will be light and brief enough to minimize the potential impact on Fiber Quality
• U.S.
  harvest weather is expected to be favorable during much of the next ten days
• Precipitation
  events should be brief and light limiting disruption to harvest progress
• Widespread
  hard freezes are expected in the U.S. Midwest early to mid-week next week
• The
  growing season will end
• Most
  crops will not be seriously impacted by the cold, but there could be some negative impact on immature soybean and corn quality in a few areas
• Some
  of this cold will also reach the northern Delta
• Argentina
  drought will continue into next week without much change
• Some
  computer weather forecast models have been suggesting a better chance for showers starting in the second half of next week and lasting into the following weekend
• Any
  rain will be welcome, but the nation needs a general soaking to restore favorable soil moisture and improve long term crop development potential
• Argentina
  planting progress as of Thursday
• Rice
  51% done compared to 58% last year
• Sunseed
  26% done – same as last year
• Corn
  16% done compared to 28% last year
• Argentina
  winter wheat and barley continues stressed by dryness and significant rain is needed soon to protect production potentials from an additional fall
• Brazil
  weather remains favorably wet from center south into western parts of center west with little change likely over the next ten days
• Rain
  is needed in eastern Mato Grosso, Goias and some Minas Gerais locations, but it is still early enough to minimize these concerns for a while longer
• Some
  of these drier areas may get rain in the second week of the forecast after October 20.
• Australia
  rain Thursday was concentrated on the heart of New South Wales and in both Victoria and eastern portions of New South Wales.
  
• Rainfall
  reached 2.00 inches in central Victoria while varying up to 0.92 inch in central New South Wales and up to 0.39 inch in eastern South Australia
• A
  break in the wet pattern is expected through Monday, but then more rain is expected Tuesday through the following weekend in all of eastern Australia
• The
  wet weather is threatening lower protein levels and could greatly harm grain and oilseed quality if it stays wet in November and December when the bulk of harvesting occurs
• Western
  Australia winter crop conditions are nearly ideal with little change likely
• Some
  rain in the next few weeks might be helpful to the late maturing crops
• Subsoil
  moisture is still favorable and is supporting most crop needs today, but ongoing drying may deplete that moisture in time
• Drought
  will continue in Canada’s Prairies for the next two weeks, although after Oct. 22 there may a temporary boost in shower activity for a part of the dry region
• Summer
  crop harvest progress is advancing well except in Manitoba where cool temperatures and periods of rain, drizzle and some wet snow are expected into the weekend
• Manitoba
  weather is expected to improve for harvesting next week, but the weekend will continue a little too wet and cool for much field progress
• South
  Africa will receive some welcome rain in the coming week to ten days that should start to boost topsoil moisture for better spring and summer crop planting, germination and emergence conditions
• Eastern
  China crop areas will receive very little rain over the next ten days
• Drought
  will prevail in the southeastern corner of the nation for an extended period of time
• Planting
  of winter wheat and rapeseed as well as the harvest of summer crops will continue to advance well
• Xinjiang,
  China harvest weather should be favorable for most of the coming week with limited rainfall and seasonable temperatures
• India’s
  monsoon is withdrawing from central parts of the nation in this coming week
• Rain
  will fall frequently in southern and eastern crop areas slowing some harvest progress
• Winter
  crop planting should begin soon if it has not already started in central and northern parts of the nation
• Western
  Europe rainfall in the next ten days will bring moisture to parts of France, the U.K. and Germany
• Drought
  will be further eased in portions of France and Germany
• Drying
  is expected to continue in Spain, Portugal and many other areas in central and eastern Europe
• Winter
  crops in the western CIS and eastern Europe are suspected of emerging and establishing well
  
• A
  good mix of rain and sunshine is expected over the next couple of weeks in Russia and Ukraine maintaining a good environment for winter crop establishment
• Lower
  Danube River Basin remains drought stricken and  needs significant rain
• Dryness
  is also continuing in parts of France, Germany and the Iberian Peninsula
• Some
  relief from dryness is likely in France and Germany, but not Spain, Portugal, southern France or the lower Danuta River Basin
  
• Ontario
  and Quebec, Canada will be a little wet and cool for a while in this coming week slowing harvest progress
• North
  Africa showers are still occurring routinely to help improve topsoil moisture for the coming winter crop planting season
• Greater
  rain will be needed though
• A
  multi-year drought remains in Morocco
• Southeast
  Asia rainfall is expected to continue frequent and abundant over the next ten days resulting in flooding for some areas
• The
  excessive rain will be sporadic limiting the flooding to small regions
• As
  long as La Nina continues at this strong level the potential for flooding rainfall will continue and that should be for several weeks
  
• West-central
  Africa rainfall will occur periodically enough to support coffee, cocoa, sugarcane, cotton, rice and other crops during the next couple of weeks
• There
  is some evidence of a southward shift in seasonal rainfall which should help to support maturing cotton in the north
• East-central
  Africa rainfall will be sufficient to support coffee and cocoa as well as a few other crops
• Mexico
  rainfall will be greatest in the south and east through the next ten days
• Some
  of the rain in the east will come from Tropical Storm Karl which is expected to move into southern Veracruz Saturday
• Western
  and northern Mexico rainfall will be more restricted
• Central
  America rainfall will become lighter and more sporadic in the north for a while, but increasing rainfall is expected from Panama through Costa Rica
• Today’s
  Southern Oscillation Index was +20.92 and it will move erratically over the next few days

Source:
World Weather INC

 

Bloomberg
Ag Calendar

Friday,
Oct. 14:

• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am

• China’s
  first batch of Sept. trade data, including soybean, edible oil, rubber and meat imports
• ICE
  Futures Europe weekly commitments of traders report
• CFTC
  commitments of traders weekly report on positions for various US futures and options, 3:30pm
• FranceAgriMer
  weekly update on crop conditions
• HOLIDAY:
  Thailand

Monday,
Oct. 17:

• USDA
  export inspections – corn, soybeans, wheat, 11am
• US
  crop conditions and harvesting for corn, soybeans and cotton, winter wheat planting, 4pm
• Argus
  Fertilizer Europe conference, Madrid, day 1

Tuesday,
Oct. 18:

• China’s
  second batch of September trade data, including corn, pork and wheat imports
• China’s
  3Q pork output, hog inventory
• Oils
  & Fats International Congress, Kuala Lumpur, day 1
• Argus
  Fertilizer Europe conference, Madrid, day 2
• New
  Zealand global dairy trade auction
• EU
  weekly grain, oilseed import and export data

Wednesday,
Oct. 19:

• EIA
  weekly US ethanol inventories, production, 10:30am
• Oils
  & Fats International Congress, Kuala Lumpur, day 2
• Argus
  Fertilizer Europe conference, Madrid, day 3

Thursday,
Oct. 20:

• China’s
  third batch of September trade data, including soybean, corn and pork imports by country
• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• International
  Grains Council report
• Malaysia’s
  Oct. 1-20 palm oil export data
• USDA
  total milk, red meat production, 3pm

Friday,
Oct. 21:

• ICE
  Futures Europe weekly commitments of traders report
• CFTC
  commitments of traders weekly report on positions for various US futures and options, 3:30pm
• Asia
  3Q 2022 cocoa grind data
• FranceAgriMer
  weekly update on crop conditions
• US
  cattle on feed, 3pm

Source:
Bloomberg and FI

 

 

USDA
Export Sales.

USDA
Export Sales were near the low end of expectations for soybeans, well above expectations for meal, and poor for soybean oil (promotes meal/oil spreading). Corn export sales fell short of expectations and wheat was at the low end. The soybean sales included
China (622,300 MT, including 251,000 MT switched from unknown destinations and decreases of 67,500 MT).

 

 

 

CFTC
Commitment of Traders

No
major surprises. Funds were a little more long than expected for corn and Chicago wheat. Funds were not as long for soybeans and soybean meal. Funds remain net short Chicago wheat.

 

 

 

 

 

 

Reuters
table

SUPPLEMENTAL     
Non-Comm               Indexes                  Comm

                       
Net        Chg        Net        Chg        Net        Chg

Corn              
193,876     18,671    356,256      6,676   -481,352    -22,486

Soybeans         
  15,674     -8,837    115,185     -5,841   -100,351     12,424

Soyoil             
26,289     -2,366     95,394     -1,388   -132,499      1,124

CBOT
wheat         -43,440     -6,608    108,534     -1,457    -58,645      7,305

KCBT
wheat           6,117      1,327     49,800        204    -53,730     -1,548

 

FUTURES
+ OPTS     Managed                 Swaps              Producer

                       
Net        Chg        Net        Chg        Net        Chg

Corn              
267,377     23,650    216,057      2,568   -463,633    -22,870

Soybeans           
65,738    -11,750     74,773       -376    -95,875     10,960

Soymeal            
70,389     -9,310     79,963     -1,047   -190,771      9,506

Soyoil             
60,984     -1,770     84,853     -1,037   -151,983        -70

CBOT
wheat         -19,502     -7,283     60,007      1,677    -48,520      6,283

KCBT
wheat          26,508        878     27,781      2,643    -48,823     -3,869

MGEX
wheat           4,116        328        719        359     -7,540        454

                
———- ———- ———- ———- ———- ———-

Total
wheat         11,122     -6,077     88,507      4,679   -104,883      2,868

Live
cattle         35,062     -7,874     53,968         94   -105,633      6,956

Feeder
cattle       -9,796        -68      3,175         65      6,462        380

Lean
hogs           21,024     -1,804     46,840        343    -60,835       -242

 

                     
Other             NonReport                  Open

                       
Net        Chg        Net        Chg   Interest        Chg

Corn               
48,979       -485    -68,781     -2,861  1,886,410     56,980

Soybeans          
-14,127     -1,087    -30,508      2,254    833,186     22,799

Soymeal            
16,072     -1,171     24,346      2,022    403,425      2,227

Soyoil             
-4,669        247     10,815      2,629    439,056    -13,527

CBOT
wheat          14,463     -1,436     -6,447        760    410,978     19,800

KCBT
wheat          -3,280        329     -2,186         18    174,177      4,468

MGEX
wheat           2,601       -514        104       -627     59,266      1,152

                
———- ———- ———- ———- ———- ———-

Total
wheat         13,784     -1,621     -8,529        151    644,421     25,420

Live
cattle         19,538        394     -2,937        432    320,547    -24,641

Feeder
cattle       -1,569       -244      1,730       -132     61,320        715

Lean
hogs           -3,491      1,227     -3,539        476    256,751    -22,305

 

Macros

95
Counterparties Take $2.222 Trillian At Fed Reverse Repo Op (prev $2.244 Tln, 102 Bids)

 

US
Retail Sales Advance (M/M) Sep: 0.0% (est 0.2%; prev 0.3%)

US
Retail Sales Ex Auto (M/M) Sep: 0.1% (est -0.1%; prev -0.3%)

US
Retail Sales Ex Auto And Gas (M/M) Sep: 0.3% (est 0.2%; prev 0.3%)

US
Retail Sales Control Group (M/M) Sep: 0.4% (est 0.3%; prev 0.0%)

 

US
Manufacturing Sales (M/M) Aug: -2.0% (est -1.8%; prevR -0.6%)

US
Wholesale Trade Sales (M/M) Aug: 1.4% (est 0.8%; prevR -0.6%)

 

US
Import Price Index (M/M) Sep: -1.2% (est -1.1%; prevR -1.1%)

US
Import Price Index Ex Petroleum Sep: -0.5% (est -0.4%; prev -0.2%)

US
Import Price Index (Y/Y) Sep: 6.0% (est 6.2%; prev 7.8%)

US
Export Price Index (M/M) Sep: -0.8% (est -1.0%; prevR -1.7%)

US
Export Price Index (Y/Y) Sep: 9.5% (est 9.3%; prevR 10.7%)

 

US
Univ. Of Michigan Sentiment Oct P: 59.8 (est 58.8; prev 58.6)

–
Current Conditions: 65.3 (est 59.6; prev 59.7)

–
Expectations: 56.2 (est 58.3; prev 58.0)

–
1-Year Inflation: 5.1% (est 4.6%; prev 4.7%)

–
5-10 Year Inflation: 2.9% (est 2.8%; prev 2.7%)

 

Canadian
Existing Home Sales (M/M) Sep: -3.9% (est -1.0%; prev -1.0%)

 

Kroger
To Buy Albertsons For Estimated Consideration Of $34.10 A Share

 

Corn

·        
Corn futures ended 7.00-8.75 cents lower from a higher USD, lower WTI crude oil and ongoing global recession concerns. Lower wheat and soybeans added to the negative undertone. For the week corn futures were up 1 percent.

·        
USDA export sales for corn was only 200,200 tons, below expectations.

·        
Argentina corn plantings reached 10%, lowest level for this time of season in the last six years, according toa Reuters article citing the Rosario exchange. P

·        
France collected most of its corn crop. At 83% as of October 10, its u from 67% week earlier and compares to only 14% year ago. The pace is well above average for this time of year.

 

Export
developments.

·        
None reported

 

Updated
10/09/22

December
corn is seen in a $6.50-$7.15 range. March $6.50-$7.50 range.

 

Soybeans

·        
The soybean complex ended
mostly lower. Soybeans were off 11.50-12.75 cents. Soybeans meal ended mixed in the front nearby contracts and lower in the back months. Soybean oil in the non-expiring months dropped 109 to 115 points. USDA export sales, offshore values and the lower trade
in WTI crude all promoted meal/oil spreading. December oil share fell nearly 1 percent to 44.22%. For the week soybeans were up 1.2 percent, meal up 2.6 percent and soybean oil down 2.0 percent.

·        
USDA export sales was ok for soybeans, great for soybean meal and poor for soybean oil. Crop year to date soybean oil commitments (includes new-crop sales throughout last season), totaled only 20,037 tons, lowest start for any
crop in USDA’s history dating back to 1990, although the 200-01 season started out with only 22,757 tons committed.

·        
US soybean basis was firm from Midwest water level problems and Chinese demand.

·        
Trading activity today was decent for spreads and commercial crush hedging.

·        
We heard China was again in for US soybeans, but a smaller amount than that of the past few days. The USDA 24-hour reporting system reported 392,000 tons of soybeans sold to China and 198,000 tons to unknown destinations. See
table in the export section for the cumulative 24-H sales this week.

·        
Soybean meal sales were 491,900 tons, with countries including the Philippines (100,000 MT), Ecuador (91,000 MT), Japan (53,800 MT), Canada (48,700 MT), and Vietnam (45,000 MT). Note the marketing year began October 1, and the
cut off was October 6 for the week, so sales were actually a little better than what was printed.

·        
Next week we look for USDA to report robust soybean meal sales. Argentina and Brazil soybean meal premiums are expensive relative to US.

·        
We heard US meal exporters were very active selling yesterday and again today. Note USDA 24-H system this morning reported 230,000 tons of soybean meal to the Philippines.

·        
On Friday Malaysian palm oil futures increased 4.6 percent in reaction to the Black Sea headline rally in CBOT futures yesterday. For the week its unchanged.

·        
Malaysia left their crude palm oil export tax rate unchanged for November at 8%. They lowered the reference price to 3,575.80MYR from 4,033.51MYR previous.

·        
There were 55 deliveries posted Thursday night for soybean meal (281 month to date), stopped by JP Morgan, issued by Marex. Registrations were up 55 (Incobrasa – Gilman, IL).

·        
Offshore values this morning were leading soybean oil 32 points lower earlier this morning (17 lower for the week to date) and meal $1.90 short ton higher ($11.90 higher for the week).

 

Yesterday
the CPC projected a 75% chance of La Nina during the northern hemisphere winter (Dec-Feb) season before a 54% chance of turning neutral during the Feb-Apr period.

https://www.cpc.ncep.noaa.gov/products/analysis_monitoring/enso_advisory/ensodisc.shtml#:~:text=Climate%20Prediction%20Center%3A%20ENSO%20Diagnostic%20Discussion&text=Synopsis%3A%20There%20is%20a%2075,neutral%20in%20February%2DApril%202023

 

 

Export
Developments

·        
China sold 310,000 tons of soybeans at auction, out of 504,000 tons offered, consisting of the 2019, 2020, and 2021 crop years, at an average price of 5,590 yuan per ton, according to AgriCensus. China sold a combined 3.5 million
tons of soybeans out of 14.4 million tons offered this year. (AgriCensus)

·        
Under the 24-hour announcement system, USDA reported

-392,000
metric tons of soybeans for delivery to China during the 2022/2023 marketing year

-198,000
metric tons of soybeans for delivery to unknown destinations during the 2022/2023 marketing year

-230,000
metric tons of soybean cake and meal for delivery to the Philippines during the 2022/2023 marketing year

 

 

 

 

Updated
10/09/22

Soybeans
– November is seen in a $13.00-$14.50 range, January $13.25-$15.00

Soybean
meal – December $375-$440, January $360-$475

Soybean
oil – December 63.00-75.00, January wide 60.00-73.00 range

 

Wheat

·        
US wheat futures traded lower, providing an opportunity for commercial buying, which we heard was active today.  December Chicago was down 32.50 cents, December KC down 30.0 and December MN fell 24.75 cents. For the week Chicago
December lost 2.3%, KC 1.7% and MN 1.4%.

·        
Uncertainty over the Black Sea safe passage agreement set to expire November continue to concern the market. But many traders have mixed views. The UN, Turkey and Russia are in talks to extend the safe passage deal, but details
are lacking. UN officials are due to visit Moscow on Sunday for additional talks.

·        
Paris December wheat was off 6.25 euros at 350.75 per ton. For the week it was up 0.8%.

·        
France planted 21 percent of their soft wheat crop as of last Monday, compared to 3 percent week earlier and 11 percent year ago.

·        
Australia’s southeast saw additional rain resulting in flash floods forcing thousands of people to evacuate parts of the populated areas along the eastern coast.

·        
India wheat stocks fell to a 14-year low. Separately, they will allow to export some wheat flour made from imported wheat. Processors will be allowed to import duty-free wheat against a commitment to export flour. This is one
way to generate revenue while supplying both the domestic and export market.

·        
Today China auctioned off 40,000 tons of wheat from reserves from the 2014-2017 crops. Results are pending.

·        
Ukraine grain exports through October 12 fell by 36 percent from the same period year ago to 10.2 million tons, including 3.7 million tons of wheat and 5.6 million tons of corn.

·        
Some traders believe the production estimates for the Argentina wheat crop released this week (exchanges and USDA) are too conservative (16.0-17.5 million tons). Late on Thursday, Argentina government officials met with wheat
millers and exporters to discuss potential shortages for the domestic market.

 

Export
Developments.

·        
South Korea’s MFG bought 65,000 tons of Australian wheat at $354.49/ton for Feb-first half Mar shipment.

·        
Jordan opened another import tender for 120,000 tons of feed barley, set to close October 19.

·        
Japan in a SBS import tender seeks 70,000 tons of feed wheat and 40,000 tons of barley on October 19 for arrival by February 24.

·        
Mauritius seeks 25,800 tons of wheat flour, optional origin, on October 28 for January through September 30, 2023, shipment.

 

Rice/Other

·        
South Korea plans to buy 450,000 tons of rice for reserves this year October 20 through December to stabilize domestic prices. This would be up from 350,000 tons last year.

·        
South Korea seeks 90,100 tons of rice from the US, Vietnam and other origins on October 19 for arrival between Jan 20 and Apr 30.

·        
Mauritius seeks 6,000 tons of rice on October 20, optional origin, for Jan-Mar shipment.

 

Updated 10/7/22

Chicago – December $8.15-$10.00, March $8.00 to $10.25

KC – December $9.25-$10.50, March 8.50-$10.50

MN – December $9.25-$10.50, March $9.00 to $10.50

 

 

U.S. EXPORT SALES FOR WEEK ENDING  10/06/2022

 

	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	74.4	724.7	1,546.4	142.5	2,417.2	3,055.3	0.0	1.7
SRW	28.4	519.6	609.3	48.6	1,548.4	1,186.5	0.0	0.0
HRS	32.2	864.1	955.3	173.1	2,357.0	2,320.2	0.0	0.0
WHITE	76.9	610.7	592.5	196.2	1,917.5	1,588.2	0.0	0.3
DURUM	0.0	90.3	60.5	0.0	77.5	61.4	0.0	0.0
TOTAL	211.8	2,809.4	3,764.0	560.5	8,317.6	8,211.5	0.0	2.0
BARLEY	0.0	11.6	24.5	0.0	3.9	5.7	0.0	0.0
CORN	200.2	10,753.5	24,206.3	422.6	2,669.4	3,414.8	60.5	311.0
SORGHUM	5.9	271.2	2,130.5	7.3	27.7	225.8	0.0	0.0
SOYBEANS	724.4	25,512.2	22,760.5	888.0	2,719.8	3,558.5	0.0	0.0
SOY MEAL	491.9	2,977.5	3,753.4	110.9	110.9	301.0	0.0	1.4
SOY OIL	3.3	19.8	104.5	0.2	0.2	0.5	0.0	0.1
RICE
L G RGH	2.0	62.9	220.5	0.9	73.1	235.9	0.0	0.0
M S RGH	1.5	13.5	7.5	1.5	4.6	1.7	0.0	0.0
L G BRN	0.8	6.3	3.8	0.8	3.4	15.0	0.0	0.0
M&S BR	0.0	5.3	54.3	0.5	2.2	14.1	0.0	0.0
L G MLD	7.4	101.1	135.8	47.6	134.7	142.1	0.0	0.0
M S MLD	1.1	36.1	68.1	1.5	69.0	72.6	0.0	0.0
TOTAL	12.8	225.1	490.0	52.8	286.9	481.3	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	144.8	6,081.8	5,881.4	168.1	2,203.6	1,735.8	34.8	1,078.5
PIMA	-2.0	85.2	166.2	0.8	18.2	69.0	0.0	0.9

 

FINAL 2021/22 MARKETING YEAR
COMMODITY	NET SALES	CARRYOVER SALES 1/	09/30/22 EXPORTS	ACCUMULATED EXPORTS
SOY MEAL	-99.9	280.3	32.7	11,701.1
SOY OIL	-10.1	10.2	1.6	678.4

 

 

Export Sales Highlights

This
summary is based on reports from exporters for the period September 30-October 6, 2022.

Wheat:
Net sales of 211,800 metric tons (MT) for 2022/2023 primarily for Japan (65,200 MT), Thailand (55,000 MT), Mexico (38,500 MT, including decreases of 300 MT), the Philippines (35,100 MT), and Venezuela (29,000 MT, including 30,000 MT switched from unknown destinations
and decreases of 1,000 MT), were offset by reductions for Nigeria (24,300 MT) and unknown destinations (5,000 MT).  Exports of 560,500 MT were primarily to China (135,600 MT), Iraq (105,000 MT), the Philippines (63,600 MT), South Korea (55,000 MT), and Taiwan
(39,100 MT). 

Corn: 
Net sales of 200,200 MT for 2022/2023 primarily for Japan (142,300 MT, including 85,400 MT switched from unknown destinations), Guatemala (22,800 MT, including decreases of 5,100 MT), Colombia (22,500 MT, including decreases of 1,000 MT), Mexico (19,100 MT,
including decreases of 181,000 MT), and Panama (17,500 MT), were offset by reductions for unknown destinations (45,000 MT) and Hong Kong (100 MT).  Total net sales of 60,500 MT for 2023/2024 were for Mexico.  Exports of 422,600 MT were primarily to Mexico
(189,700 MT), Japan (137,000 MT), China (76,700 MT), Colombia (9,000 MT), and Canada (3,700 MT). 

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

Sorghum: 
Net sales of 5,900 MT for 2022/2023 reported for Mexico (6,300 MT), were offset by reductions for Haiti (300 MT).  Exports of 7,300 MT were to Mexico.

Rice:
 Net
sales of 12,800 MT for 2022/2023 were primarily for Iraq (4,000 MT), Mexico (3,700 MT), Canada (3,300 MT), Saudi Arabia (1,300 MT), and Japan (200 MT).  Exports of 52,800 MT were primarily to Iraq (44,000 MT), Mexico (3,700 MT), Canada (3,700 MT), Taiwan (700
MT), and Saudi Arbia (400 MT).

Soybeans: 
Net sales of 724,400 MT for 2022/2023 primarily for China (622,300 MT, including 251,000 MT switched from unknown destinations and decreases of 67,500 MT), South Korea (51,600 MT, including 53,000 MT switched from unknown destinations and decreases of 1,600
MT), Portugal (28,200 MT, including 21,500 MT switched from unknown destinations and decreases of 800 MT), Japan (14,900 MT, including 9,600 MT switched from unknown destinations and decreases of 100 MT), and Thailand (12,300 MT), were offset by reductions
for unknown destinations (63,400 MT) and Colombia (2,500 MT).  Exports of 888,000 MT were primarily to China (607,100 MT), Mexico (92,400 MT), Egypt (60,500 MT), South Korea (51,400 MT), and Portugal (20,700 MT). 

Optional
Origin Sales:
For 2021/2022, the current outstanding balance of 300 MT, all South Korea.

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

Soybean
Cake and Meal: 
Net sales for the 2022/2023 marketing year, which began October 1, totaled 491,900 MT primarily for the Philippines (100,000 MT), Ecuador (91,000 MT), Japan (53,800 MT), Canada (48,700 MT), and Vietnam (45,000 MT), were offset by reductions for Morocco (1,100
MT).  Net sales of 280,300 MT was carried over from the 2021/2022 marketing year, which ended September 30.  Exports for the period ending September 30 were primarily to Mexico (28,500 MT), Sri Lanka (1,200 MT), Canada (900 MT), Burma (700 MT), and Taiwan
(500 MT).  Exports for the period ending October 1 of 110,900 MT brought accumulated exports to 11,701,100 MT, up 38 percent from the prior year’s total of 301,000 MT.  The primary destinations were to the Philippines (52,500 MT), Mexico (27,200 MT), Canada
(15,900 MT), and Morocco (14,900 MT).

Soybean
Oil: 
Net sales for the 2022/2023 marketing year, which began October 1, totaled 3,300 MT for Canada (3,700 MT), were offset by reduction for Mexico (400 MT).  Total net sales of 10,200 MT was carried over from the 2020/2021 marketing year, which ended September
30.  Exports for the period ending September 30 were to Canada (1,600 MT). Exports for the period ending October 1 of 200 MT brought accumulated exports to 678,400 MT, up noticeably from the prior year’s total of 500 MT, with Canada being the destination.

Cotton: 
Net
sales of 144,800 RB for 2022/2023 were primarily for Pakistan (55,300 RB, including decreases of 900 RB), Bangladesh (31,700 RB), China (14,400 RB), Vietnam (13,700 RB, including 200 RB switched from Japan), and Turkey (6,400 RB, including decreases of 500
RB).  Total net sales of 34,800 RB for 2023/2024 were reported for Mexico (21,000 RB), Pakistan (6,600 RB), Guatemala (6,300 RB), and Turkey (900 RB).  Exports of 168,100 RB were primarily to China (39,700 RB), Vietnam (26,700 RB), Pakistan (25,500 RB), Mexico
(20,300 RB), and Bangladesh (19,000 RB).  Net sales reductions of Pima totaling 2,000 RB resulted in increases for Italy (1,000 RB), were more than offset by reductions for India (3,000 RB).  Exports of 800 RB were to China (700 RB) and Italy (100 RB). 

Optional
Origin Sales:
For 2022/2023, options were exercised to export 1,000 RB to Pakistan from the United States.  The current outstanding balance of 9,300 RB is for Malaysia.

Export
for Own Account:
For 2022/2023, exports for own account totaling 10,600 RB to Turkey were applied to new or outstanding sales.  The current exports for own account outstanding balance of 63,900 RB is for China (37,600 RB), Vietnam (23,900 RB), India (1,500 RB), Pakistan (500
RB), and Indonesia (400 RB). 

Hides
and Skins: 
Net sales of 362,100 pieces for 2022 primarily for China (275,700 whole cattle hides, including decreases of 69,700 pieces), Mexico (44,100 whole cattle hides, including decreases of 500 pieces), South Korea (25,700 whole cattle hides, including decreases
of 9,700 pieces), Indonesia (5,100 whole cattle hides), and Brazil (4,500 whole cattle hides), were offset by reductions primarily for Canada (600 pieces).  Exports of 321,100 whole cattle hides exports were primarily to China (210,500 pieces), Mexico (37,500
pieces), South Korea (33,700 pieces), Thailand (12,700 pieces), and Brazil (12,400 pieces). 

Net
sales of 88,900 wet blues for 2022 were primarily for Italy (49,400 unsplit, including decreases of 200 unsplit and 200 grain splits), Vietnam (29,500 unsplit), and China (9,900 unsplit, including decreases of 200 unsplit).  Total net sales reductions of 2,000
wet blues for 2023 were for China.  Exports of 166,800 wet blues were primarily to China (54,200 unsplit), Vietnam (45,900 unsplit), Thailand (34,900 unsplit), Italy (23,600 unsplit), and Mexico (2,600 unsplit).  No net sales of splits were reported for the
week.  Exports of 76,600 pounds were to Vietnam (40,000 pounds) and China (36,600 pounds).

Beef: 
Net sales of 13,200 MT for 2022 primarily for Japan (5,300 MT, including decreases of 300 MT), South Korea (2,900 MT, including decreases of 700 MT), Mexico (2,300 MT), Canada (800 MT), and Taiwan (800 MT, including decreases of 100
MT), were offset by reductions for China (300 MT), the Netherlands (100 MT), and Vietnam (100 MT).  Net sales of 1,600 MT for 2023 were primarily for Indonesia (700 MT) and Japan (700 MT).  Exports of 16,500 MT were primarily to Japan (5,400 MT), South
Korea (3,700 MT), China (2,300 MT), Mexico (1,200 MT), and Canada (1,000 MT). 

Pork: 
Net sales of 29,900 MT for 2022 were primarily for Mexico (8,100 MT, including decreases of 200 MT), China (5,900 MT, including decreases of 100 MT), Japan (5,300 MT), South Korea (4,000 MT, including decreases of 200 MT), and the Dominican Republic (1,500
MT).  Exports of 28,500 MT were primarily to Mexico (12,100 MT), China (5,800 MT), Japan (3,500 MT), South Korea (1,800 MT), and Canada (1,500 MT).