FI Evening Grain Comments 10/21/21

PDF Attached

 

In
a risk off session, outside markets led CBOT ag futures lower.  USD was up 19 points and WTI crude down $1.10 around the time CBOT ags closed.  Private exporters reported sales of 130,000 metric tons of corn for delivery to Mexico during the 2021/2022 marketing
year.

 

USDA
Export Sales were excellent for soybeans (China and unknown destinations), poor for soybean oil and within expectations for meal, corn and wheat.  China didn’t buy US corn, but they bought sorghum.  Pork sales were good at 20,900 tons. 

 

 

Weather

 

 

 

 

 

 

7-day

 

World
Weather Inc.

MOST
IMPORTANT WEATHER AROUND THE WORLD

• Northern
  California and southwestern Oregon will experience a succession of heavy rain events through the weekend into Monday resulting in some flooding
• Very
  heavy mountain snow fall is expected with 1-3 feet of accumulation possible in the highest elevated areas
• Favoring
  the northern Sierra Nevada and other mountains in northern California
• Moisture
  totals will range from 2.00 to 4.00 inches along the Washington and northern two-thirds of the Oregon coast with a few areas to get upwards to 6.00 inches; however, moisture totals along the northern California coast and in the northern Sierra Nevada mountains
  will range from 5.00 to 10.00 inches
• Flooding
  may cause damage to personal property, infrastructure and some agriculture
• Stormy
  weather in the northwestern U.S. this weekend into early next week will also bring some welcome moisture to the drought areas of the Yakima and Columbia River Basins as well as some light rain in the Snake River system
• These
  areas have all be drought stricken for much of the past year
• U.S.
  Great Plains weather will be mostly dry during the next ten days
• This
  will be a greater concern for the unirrigated high Plains region from southwestern Nebraska and eastern Colorado to the Texas Panhandle where dryness is already a factor
• Wheat
  emergence and establishment will be poor in unirrigated areas
• Many
  other wheat areas to the east will dry down, but crop weather in recent weeks has supported good planting progress and favorable emergence and early establishment
• U.S.
  Midwest, Delta and southeastern states will be a little more disrupted by precipitation this weekend through much of next week
• Moderate
  to heavy rain is expected in parts of the Midwest from a couple of weather systems
• Harvest
  delays should be expected, but improved weather is likely in the final days of October and early November
• Rainfall
  in the Delta will be moderately great early next week, but it should be of short duration
• Concern
  over cotton fiber quality may resume
• Delays
  in harvesting are likely for a little while
• The
  best alternating pattern of rain and sunshine will be in the southeastern states
• Montana
  and portions of neighboring Canada will be drier biased for the next ten days
• U.S.
  NWS 30-day outlook for November called for warmer than usual conditions in much of the nation excepting the far northwest and north-central areas along with a part of the western Corn Belt where equal chances for above, below and near normal temperatures was
  suggested
• Precipitation
  was advertised below normal for most of the southern states from southern California through Kansas, Oklahoma and Texas to the southeastern states
  
• Above
  normal precipitation was advertised for the Pacific Northwest, northern Rocky Mountain region and northwestern Plains as well as in the Great Lakes region and northeastern states
  
• U.S.
  NWS 90-Day weather outlook for November through January suggested warmer than usual temperatures for most of the nation excepting the Pacific Northwest, and northern Plains where equal chances for above, below and near normal temperatures was suggested
• The
  only cooler than usual bias was advertised for western Washington State
• Precipitation
  was suggested to be greater than usual from the northern Rocky Mountain region and northwestern Plains into the Pacific Northwest and from the eastern Midwest into the northeastern states
• Below
  average precipitation was advertised for the southern states from southern California through Oklahoma and Texas to the southeastern states from Florida to North Carolina
• Equal
  chances for above, below and near normal precipitation was advertised for all other areas
• Another
  round of flooding rain is expected along the central Vietnam Coast beginning this weekend and lasting through Monday
• Rain
  totals of 6.00 to 12.00 inches and locally more will result with the Hue and Da Nang areas to be most impacted
• The
  area impacted was already hit with flooding rainfall during the past weekend and early on Monday of this week
• A
  tropical cyclone may impact the same region during the middle part of next week further perpetuating the flood conditions
• Personal
  property damage has been and will likely continue to be greater than that on agriculture with a human impact likely greatest
• A
  tropical disturbance will evolve over the Philippines this weekend and it will organize into a weak tropical cyclone over the south China Sea Sunday and Monday while trekking to the west toward Vietnam
• The
  storm may move across Vietnam’s Central Highlands raising some concern over coffee and other crops in the region
• The
  developing system will need to be closely monitored, but the impact on coffee and Vietnam is a week away
• Today’s
  forecast models have made this tropical system much weaker than advertised Wednesday and that may reduce some of the rain and certainly the potential for high wind speeds in coffee and other crop areas of the Central Highlands
• A
  Low pressure center moving off the Tunisia, Africa coast this weekend will move over the central Mediterranean Sea and intensify
• This
  system has potential to possibly become a subtropical storm with impacts on Sicily and far southern Italy next week
  
• The
  storm could produce torrential rainfall and strong wind speeds
• Confidence
  is low, but the potential storm will need to be closely monitored
• There
  is also some potential that it could impact Greece as well
• A
  tropical disturbance off the southwestern Mexico coast today and Friday will evolve into a tropical storm Friday before turning into Mexico over Michoacan Sunday or Monday
  
• The
  storm may also impact western Guerrero and southeastern Jalisco with heavy rain and strong wind speeds
• Coastal
  crops and personal property will be at risk of damage, although this will be small storm
• Excessive
  rain and flooding will be the greatest threat, especially in coastal areas
• Moisture
  from this storm will stream into the Texas coastal region and may help enhance rain in the U.S. Delta next week
• Argentina
  will receive some welcome rain today into Saturday
• Coverage
  will be high, but resulting rainfall may be a little light varying from 0.15 to 0.75 inch and locally more
• Net
  drying is expected after this for Sunday through most of next week
• Argentina
  still needs greater rain in northwestern parts of the nation where dryness is still significant in the topsoil
• Subsoil
  moisture is still low over a larger part of the west-central and north parts of the nation
  
• Next
  week’s temperatures will likely trend warmer than usual while dry weather prevails resulting in notable drying for much of the nation
• Southern
  Brazil’s forecast continues to have a drier bias for the next couple of weeks, although some showers will occur briefly this weekend and possibly again in the second weekend of the outlook
• Net
  drying in southern Brazil, Uruguay, southern Paraguay and eastern Argentina is not unusual for La Nina events during late spring and summer
• La
  Nina is still evolving, but as it does this potential for dryness is likely to be reinforced during November warranting a close watch
  
• Center
  west, center south and interior southern parts of Brazil will continue to experience a good mix of rain and sunshine over the next two weeks resulting in favorable planting, germination and emergence conditions for corn and soybeans
• Cotton
  will also benefit from the pattern
• Sugarcane,
  citrus and coffee crops are rated favorably and expected to continue benefiting from alternating periods of rain and sunshine during the next two weeks
• Australia’s
  western and southern crop areas will experience a good mix of rain and sunshine over the next two weeks
  
• The
  environment will be ideal for support of reproducing and filling winter crops
• The
  nation is well on its way to a huge winter wheat, barley and canola crop
• Interior
  Eastern Australia is expecting dry weather for the next week to ten days favoring sorghum and cotton planting in irrigated areas and in areas with good soil moisture, but dryland production areas need moisture
• Winter
  wheat, barley and canola will continue performing very well with good yields possible
• Queensland
  harvesting is likely done or winding down
• World
  Weather, Inc. is still looking for a rainfall boost in November for eastern Australia that might threaten some of the wheat, barley and canola quality in New South Wales and Victoria.
  
• Northern
  and eastern China will experience a mostly good weather pattern for summer crop maturation and harvest progress
  
• Winter
  crop planting in the North China Plain and Yellow River Basin will advance well
• East-central
  and interior southern China will experience alternating periods of rain and sunshine maintaining good field moisture for wheat and rapeseed planting while supporting some summer crop maturation and harvest progress
• India’s
  weather will be mostly good over the next couple of weeks
• Rain
  will fall most often in the far south and extreme eastern parts of the nation
• Summer
  crop harvesting and winter crop planting should advance well
• Russia’s
  Volga River Basin will continue in need of greater moisture, although winter crops are semi-dormant and established well enough to survive winter if there is good snow cover during period of extreme cold
• Soil
  conditions are little dry, but moisture was present when crops were emerging
• Ukraine
  and most of Europe away from the North and Baltic Seas will see tranquil weather for a while allowing late season farming activity to wind down
• Winter
  crop planting and summer crop harvesting continues to advance well across the European Continent and little change is likely
• A
  few periods of snow and rain will impact a part of Canada’s Prairies over the next two weeks, but resulting precipitation will not break the drought
• Harvesting
  of this year’s crops is complete, but the rain is needed to restore soil moisture after a multi-year drought seriously reduced production in 2021
• Southeastern
  Canada crop conditions and harvest progress has been varied
• Southwestern
  Ontario is too wet, and fieldwork has been slowed
• Most
  of Quebec weather has been more favorable for fieldwork to advance normally
• These
  conditions may prevail for a while
• South
  Africa will receive periodic rainfall during the coming ten days and that will bolster soil moisture for improved conditions for late season wheat development and early planting of summer crops
• Eastern
  parts of North Africa will receive rain this weekend into Monday impacting Algeria and Tunisia most significantly
• No
  heavy rain is expected except in a few coastal Tunisia locations
• Morocco
  will remain dry
• Central
  Africa will continue to experience periodic rainfall during the next ten days maintaining good coffee, cocoa, sugarcane, rice, cotton and other crop conditions
• Drier
  weather will soon be needed in some cotton and cocoa areas
• Rainfall
  in the next seven days is expected to be greater than usual
• Rainfall
  in the second week of the forecast will trend drier favoring better crop maturation conditions
• Rain
  will fall frequently in Indonesia, Malaysia and Philippines through the next ten to 12 days maintaining a good outlook for palm oil, coconut, corn, rice, sugarcane, citrus and many other crops
• Mexico
  rainfall will be erratic over the next week with pockets of the nation a little wetter biased while other areas are a little drier biased
• Southern
  areas will be wetter biased mostly in association with this late weekend and early next week’s land-falling tropical cyclone in the southwest
• Central
  America rainfall will be below average in the coming week except in Costa Rica, Panama and El Salvador and Guatemala where rainfall will be near to above normal
• Central
  Asia cotton and other crop harvesting will advance swiftly as dry and warm conditions prevail
• Today’s
  Southern Oscillational Index was +11.38 and it was expected to move higher during the coming week
• New
  Zealand weather is expected to be a little drier than usual and temperatures will be seasonable.
  

 

Bloomberg
Ag Calendar

Thursday,
Oct. 21:

• USDA
  weekly crop net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• International
  Grains Council monthly report
• Port
  of Rouen data on French grain exports
• USDA
  red meat production, 3pm

Friday,
Oct. 22:

• ICE
  Futures Europe weekly commitments of traders report (6:30pm London)
• CFTC
  commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
• FranceAgriMer
  weekly update on crop conditions
• U.S.
  cattle on feed; cold storage data for pork, beef and poultry, 3pm
• USDA
  NASS Chicken and Eggs. 
• HOLIDAY:
  Thailand

Monday,
Oct. 25:

• Monthly
  MARS bulletin on crop conditions in Europe
• USDA
  export inspections – corn, soybeans, wheat, 11am
• U.S.
  poultry slaughter, 3pm
• U.S.
  cotton condition; corn, soy and cotton harvesting; winter wheat planting, 4pm
• Malaysia
  Oct. 1-25 palm oil exports
• Ivory
  Coast cocoa arrivals
• HOLIDAY:
  New Zealand

Tuesday,
Oct. 26:

• EU
  weekly grain, oilseed import and export data
• EARNINGS:
  WH Group

Wednesday,
Oct. 27:

• EIA
  weekly U.S. ethanol inventories, production
• Brazil’s
  Unica releases cane crush, sugar output data (tentative)

Thursday,
Oct. 28:

• USDA
  weekly crop net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• Port
  of Rouen data on French grain exports

Friday,
Oct. 29:

• ICE
  Futures Europe weekly commitments of traders report (6:30pm London)
• CFTC
  commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
• Vietnam’s
  General Statistics Office releases October trade data
• FranceAgriMer
  weekly update on crop conditions
• U.S.
  agricultural prices paid, received, 3pm

Source:
Bloomberg and FI

 

 

 

 

USDA
Export Sales

Soybean
export sales were excellent at 2.878 million tons and included China (1,884,400 MT, although 526,000 MT switched from unknown destinations and decreases of 6,300 MT, good amount for unknown destinations (568,800MT) and the Netherlands (127,300 MT – including
124,000 MT switched from unknown destinations).  Soybean commitments are still running sharply below a year ago, by 36 percent.  Soybean oil export sales were a low 3,000 tons but shipments improved to 8,000 tons.  Canada bought 100 tons of new-crop soybean
oil.  Soybean meal export sales were 240,400 tons, within expectations while shipments were 216,800 tons, down from 301,000 previous week.  Corn export sales were within expectations at 1.273 million tons and included unknown destinations (456,700 MT) and
Mexico (377,100 MT).  There were no corn sales to China.  All-wheat export sales of 362,400 tons were within expectations but down from 567,700 tons previous week.  USDA reported 262,500 tons of sorghum sales, including 127,300 tons to China and 103,000 tons
to unknown.  Pork sales were good at 20,900 tons. 

 

 

 

Macros

US$
Cross Current Swaps -3% following Turkey cutting -200bps.  US$ is higher on volume across the board.

 

Corn

·        
Corn ended 4.25-7.0 cents lower on widespread commodity selling.  USDA export sales were 1.273 million tons, withing expectations, but didn’t include China.  Sales are on track to fall short of USDA’s export projection, but we
have a long way to go for the crop year. China did buy 127,300 tons of sorghum. 

·        
Funds sold an estimated net 8,000 corn contracts. 

·        
The US generated 1.16 billion D6 blending credits in September, down from 1.21 billion in August.

·        
Archer-Daniels-Midland sold its Peoria, Illinois ethanol plant, to BioUfja Group. 

·        
Reuters: Mexico’s agriculture minister say Mexico will not limit GMO corn imports from U.S. 
https://www.reuters.com/world/americas/mexicos-agriculture-minister-say-mexico-will-not-limit-gmo-corn-imports-us-2021-10-20/

·        
The International Grains Council (IGC) increased their estimate for the 2021-22 global corn crop by 1 million tons to 1.210 billion tons. U.S. corn crop was seen at 381.5 million tons, up from a previous 380.3 million tons.  They
projected the 2021 EU corn production at 67.5 million tons, up from 64.9 million tons previously and above the 2020 crop of 64.6 million tons.

·        
The USDA Broiler Report showed broiler-type eggs set in the United States up 2 percent and chicks placed up 2 percent.  Cumulative placements from the week ending January 9, 2021, through October 16, 2021, for the United States
were 7.62 billion. Cumulative placements were up slightly from the same period a year earlier.

 

 

Export
developments.

• None
  reported

 

Updated
10/12/21

December
corn is seen in a $4.85-$5.55 range

March
corn is seen in a $5.00-$5.70 range

 

Soybeans

·        
CBOT soybeans, meal and soybean oil ended sharply lower in a risk off trade.  Soybeans were higher over the past five days.  Paris rapeseed sold off.  WTI December crude oil is back below $83/barrel and USD higher.  USDA export
sales were excellent, but product sales (meal and oil) declined from the previous week.  Offshore values were leading meal and soybean oil lower this morning.  Funds sold an estimated net 12,000 soybean contracts, 3,000 meal and 7,000 soybean oil. 

·        
Soybeans finished 20-21.50 cents lower, ,soybean oil 148-212 points lower (bear spreading) and meal $2.70-4.40 lower. 

·        
US domestic soybean meal basis was sharply higher in the rail market.  Chicago, Decatur (IL), and Morristown (IN) were up $8/short ton.  KC, Missouri, was up $5/short ton. 

·        
Paris rapeseed futures were off 15.75 at 686.25 euros/ton. 

·        
Brazil soybean premiums weakened this week as the USD continues to gain over the Brazilian real.  

·        
The US generated 385 million D4 blending credits in September, down from 421 million in August. 

·        
Malaysian palm oil traded lower on Thursday by 103 ringgit and cash was off $20/ton.  

·        
There was another good round of overnight CME palm oil block trades, many of them strips.  Participants are taking large deliveries against the contracts.  Importers and exporters like to use the CME palm oil contracts as it settled
in USD, and they don’t have to worry as much over local currency fluctuations.  It’s an easy way for them to hedge.  End users such as commercials are unlikely participants in these block trades. 

·        
Cargo surveyor SGS reported month to date October 20 Malaysian palm exports at 920,085 tons, 150,011 tons below the same period a month ago or down 14.0%, and 210,493 tons below the same period a year ago or down 18.6%.

 

Export
Developments

·        
None reported

 

Updated
10/18/21

Soybeans
– November $11.50-$13.00 range, March $11.50-$13.50

Soybean
meal – December $295-$335, March $300-$360

Soybean
oil – December 59-65 cent range, March 56-65

 

Wheat

·        
US wheat futures prices ended lower from a higher USD (up around 19 points at the close) and weaker soybeans and corn.  KC led the lower trade.  Mn saw limited losses on tight global high protein supplies and the December contract
remains near its contract high. USDA export sales slowed from the previous week. 

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

·        
NOAA’s long term forecast calls for drought conditions to increase across the southwest over the winter months. 

·        
Paris December wheat was down 1.50 euros at 276.75.  The contract hit a contract high on Wednesday. 

·        
The International Grains Council (IGC) left unchanged their estimate for the 2021-22 global wheat crop at 781 million tons.

·        
USDA Attaché: Egypt Grains.  Wheat imports are seen at 12.4 million tons, up from 12.14 million tons for their 2020-21 projections. 
https://apps.fas.usda.gov/newgainapi/api/Report/DownloadReportByFileName?fileName=Grain%20and%20Feed%20Update_Cairo_Egypt_09-16-2021

 

Export
Developments. 

·        
Jordan seeks 120,000 tons of wheat on October 27, optional origin, for shipment between March 1-15, March 16-31, April 1-15 and April 16-30. 

·        
Turkey’s TMO purchased an estimated 300,000 tons of wheat.  They sought 11.5% and 12.5% protein content for shipment between Dec. 10 and Dec. 31.

·        
Japan bought 81,318 tons of food wheat as expected.  Original details as follows: 

·        
Jordan passed 120,000 tons of feed barley for FH January through FH March shipment.

·        
Pakistan seeks 90,000 tons of wheat on October 25. 

·        
Turkey seeks 235,000 tons of feed barley on October 26. 

·        
Ethiopia seeks 300,000 tons of milling wheat on November 9.

·        
Ethiopia seeks 400,000 tons of wheat on November 30. 

 

Rice/Other

·        
Maldives seeks 25,000 tons of parboiled rice with offers due by October 28. 

·        
Mauritius seeks 6,000 tons of white rice on October 26 for January 1-March 31 shipment. 

 

Updated
10/18/21

December
Chicago wheat is seen in a $7.00‐$7.75 range, March $6.50-$7.75

December
KC wheat is seen in a $7.10‐$7.95, March $6.82-$8.25

December
MN wheat is seen in a $9.00‐$10.00, March $9.00-$10.00

 

 

USDA
Export Sales

 

U.S.
EXPORT SALES FOR WEEK ENDING  10/14/21

 

	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	206.5	1,640.9	1,643.2	111.9	3,167.3	4,144.4	0.0	0.0
SRW	50.9	639.2	403.9	21.0	1,207.4	879.4	0.0	0.0
HRS	62.2	1,000.9	1,507.0	16.6	2,336.8	2,904.7	0.0	0.0
WHITE	60.9	642.8	1,452.2	10.6	1,598.8	1,939.5	0.0	0.0
DURUM	-18.1	42.4	220.9	0.0	61.4	321.6	0.0	0.0
TOTAL	362.4	3,966.2	5,227.2	160.2	8,371.8	10,189.5	0.0	0.0
BARLEY	0.0	23.7	32.9	0.7	6.4	9.1	0.0	0.0
CORN	1,273.1	24,437.8	22,943.7	1,041.7	4,456.4	5,390.9	0.5	337.4
SORGHUM	262.5	2,355.2	2,752.5	37.8	263.6	463.5	0.0	0.0
SOYBEANS	2,878.4	23,431.6	33,926.3	2,207.3	5,836.5	11,423.2	0.0	19.8
SOY MEAL	240.4	3,777.0	3,593.0	216.8	517.8	348.1	6.1	36.6
SOY OIL	3.0	99.5	193.7	8.0	8.5	21.5	0.1	0.1
RICE
L G RGH	67.4	285.7	525.2	2.2	238.1	125.6	0.0	0.0
M S RGH	0.0	7.3	21.3	0.2	1.9	7.6	0.0	0.0
L G BRN	5.8	9.1	12.0	0.5	15.5	9.4	0.0	0.0
M&S BR	0.1	54.3	20.6	0.1	14.2	27.9	0.0	0.0
L G MLD	3.9	77.4	47.8	62.2	204.3	88.5	0.0	0.0
M S MLD	4.4	69.6	113.5	2.9	75.4	80.0	0.0	0.0
TOTAL	81.4	503.3	740.4	68.1	549.4	339.0	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	391.8	6,155.7	5,761.9	117.4	1,853.2	2,699.1	63.9	816.3
PIMA	23.9	184.7	254.6	5.4	74.4	123.2	0.0	0.0

 

This
summary is based on reports from exporters for the period October 8-14, 2021.

Wheat:  Net
sales of 362,400 metric tons (MT) for 2021/2022 were down 36 percent from the previous week and 6 percent from the prior 4-week average.  Increases primarily for Nigeria (98,000 MT), Japan (92,100 MT), Colombia (76,100 MT, including 31,000 MT switched from
unknown destinations), Thailand (52,200 MT), and Venezuela (33,000 MT, including 30,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (36,100 MT).  Exports of 160,200 MT were down 65 percent from the previous week
and 66 percent from the prior 4-week average.  The destinations were primarily to Mexico (41,700 MT), Venezuela (33,000 MT), Colombia (32,100 MT), South Korea (30,300 MT), and Taiwan (17,600 MT).

Corn: 
Net sales of 1,273,100 MT for 2021/2022 were up 22 percent from the previous week and 67 percent from the prior 4-week average.  Increases primarily for unknown destinations (456,700 MT), Mexico (377,100 MT, including decreases of 39,300 MT), Japan (230,100
MT, including 114,400 MT switched from unknown destinations, decreases of 62,000 MT, and 55,000 MT – late), Colombia (111,500 MT, including 59,000 MT switched from unknown destinations and decreases of 31,500 MT), and Nicaragua (76,000 MT), were offset by
reductions for Guatemala (15,300 MT).  Total net sales of 500 MT for 2022/2023 were for Canada. 
Exports of 1,041,700 MT were up 14 percent from the previous week and 36 percent from the prior 4-week average.  The destinations were primarily to Mexico (447,500 MT), Japan (176,200 MT), China (143,100 MT), Colombia (93,600 MT), and Guatemala (65,100
MT).

Optional
Origin Sales: 
For 2021/2022, new optional origin sales of 89,800 MT were reported for South Korea (65,000 MT) and Italy (24,800 MT).  Decreases totaling 50,000 MT were reported for unknown destinations.  The current outstanding balance of 339,800 MT is for unknown destinations
(250,000 MT), South Korea (65,000 MT), and Italy (24,800 MT).

Late
Reporting: For
2021/2022, net sales totaling 55,000 MT of corn were reported late for Japan.

Barley: 
No net sales were reported for the week.  Exports of 700 MT were unchanged from the previous week, but up noticeably from the prior 4-week average.  The destination was to Japan.

Sorghum: 
Net sales of 262,500 MT for 2021/2022 were up noticeably from the previous week and from the prior 4-week average.  Increases were reported for China (127,300 MT), unknown destinations (103,000 MT), and Eritrea (32,200 MT, including 30,000 MT switched from
unknown destinations).  Exports of 37,800 MT were down 39 percent from the previous week and 32 percent from the prior 4-week average.  The destinations were primarily to Eritrea (32,200 MT) and China (3,100 MT).

Rice:
 Net
sales of 81,400 MT for 2021/2022–a marketing-year high–were up noticeably from the previous week and up 54 percent from the prior 4-week average.  Increases primarily for Mexico (47,800 MT), Honduras (17,100 MT), El Salvador (9,000 MT), Jordan (3,700 MT),
and Canada (2,600 MT), were offset by reductions primarily for Iraq (7,100 MT).  Exports of 68,100 MT were up noticeably from the previous week and up 79 percent from the prior 4-week average.  The destinations were primarily to Iraq (32,900 MT), Haiti (25,600
MT), Canada (4,000 MT), Mexico (3,100 MT), and Jordan (1,000 MT).  

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

Soybeans: 
Net sales of 2,878,400 MT for 2021/2022 were up noticeably from the previous week and from the prior 4-week average. Increases were primarily for China (1,884,400 MT, including 526,000 MT switched from unknown destinations, decreases of 6,300 MT, and 54,000
MT – late), unknown destinations (568,800 MT), the Netherlands (127,300 MT, including 124,000 MT switched from unknown destinations and decreases of 2,700 MT), Egypt (97,300 MT), and Bangladesh (57,800 MT, including 55,000 MT switched from unknown destinations). 
Exports of 2,207,300 MT were up 29 percent from the previous week and up noticeably from the prior 4-week average.  The destinations were primarily to China (1,659,500 MT), the Netherlands (127,300 MT), Mexico (97,500 MT), Turkey (66,000 MT), and Japan (63,900
MT).

Export
for Own Account:
For 2021/2022, the current exports for own account outstanding balance is 5,800 MT, all Canada.

Late
Reporting: For
2021/2022, net sales totaling 54,000 MT of soybeans were reported late for China.

Soybean
Cake and Meal: 
Net sales of 240,400 MT for 2021/2022 primarily for Ecuador (64,900 MT, including decreases of 100 MT), Canada (49,800 MT, including decreases of 2,000 MT), Denmark (45,000 MT), Colombia (35,100 MT, including 9,200 MT switched from unknown destinations and
decreases of 200 MT), and Nicaragua (18,000 MT), were offset by reductions primarily for Mexico (6,900 MT), Spain (6,000 MT), and Guatemala (4,600 MT).  For 2022/2023, net sales of 6,100 MT were reported for Japan (3,600 MT) and the Netherlands (2,500 MT). 
Exports of 216,800 MT were primarily to the Philippines (48,700 MT), Colombia (47,300 MT), Guatemala (34,000 MT), Mexico (23,500 MT), and Canada (17,200 MT).  

Soybean
Oil: 
Net sales of 3,000 MT for 2021/2022 were reported for Mexico (2,200 MT) and the Dominican Republic (800 MT).  Total net sales of 100 MT for 2022/2023 were for Canada.  Exports of 8,000 MT were to Guatemala (7,500 MT), Mexico (400 MT), and Canada (100 MT).

Cotton: 
Net sales of 391,800 RB for 2021/2022 were up noticeably from the previous week and up 20 percent from the prior 4-week average.  Increases were primarily for China (272,800 RB, including decreases of 100 RB), Turkey (76,900 RB), Vietnam (15,800 RB, including
300 RB switched from Japan), Mexico (6,200 RB), and Bangladesh (5,000 RB, including decreases of 100 RB).  Net sales of 63,900 RB for 2022/2023 were primarily for China (50,000 RB) and Turkey (13,200 RB).  Exports of 117,400 RB were up 23 percent from the
previous week, but down 16 percent from the prior 4-week average.  The destinations were primarily to China (46,400 RB), Mexico (18,700 RB), Turkey (11,900 RB), Pakistan (9,600 RB), and Bangladesh (8,500 RB).  Net sales of Pima totaling 23,900 RB–a marketing-year
high–were up noticeably from the previous week and up 58 percent from the prior 4-week average.  Increases were primarily for India (17,000 RB), Peru (2,800 RB, including decreases of 300 RB), and China (1,800 RB).  Exports of 5,400 RB were down 49 percent
from the previous week and 28 percent from the prior 4-week average.  The destinations were primarily to India (4,500 RB), Austria (500 RB), and Peru (200 RB).

Optional
Origin Sales: 
For 2021/2022, the current outstanding balance of 8,800 RB is for Pakistan. 

Exports
for Own Account: 
For 2021/2022, the current exports for own account outstanding balance of 4,800 RB is for China (4,700 RB) and Vietnam (100 RB).

Hides
and Skins: 
Net sales of 415,700 pieces for 2021 were up 62 percent from the previous week and 13 percent from the prior 4-week average.  Increases primarily for China (277,700 whole cattle hides, including decreases of 7,900 pieces), South Korea (63,000 whole cattle
hides, including decreases of 1,000 pieces), Thailand (23,700 whole cattle hides, including decreases of 1,000 pieces), Mexico (20,200 whole cattle hides, including decreases of 100 pieces), and Cambodia (10,600 whole cattle hides), were offset by reductions
for Taiwan (1,000 pieces).  Exports of 472,100 pieces were up 37 percent from the previous week and 35 percent from the prior 4-week average.  Whole cattle hide exports were primarily to China (299,000 pieces), South Korea (53,500 pieces), Thailand (37,300
pieces), Mexico (33,600 pieces), and Taiwan (20,600 pieces). 

Net
sales of 150,500 wet blues for 2021 were up noticeably from the previous week and up 22 percent from the prior 4-week average.  Increases primarily for China (136,200 unsplit, including decreases of 100 unsplit), Mexico (8,400 grain splits, including decreases
of 400 grain splits), and Italy (7,300 unsplit and 100 grain splits, including decreases of 13,100 unsplit), were offset by reductions for Vietnam (1,300 unsplit), Thailand (200 unsplit), and South Korea (100 grain splits).  Net sales of 52,100 wet blues for
2022 were reported for Italy (28,100 unsplit) and Vietnam (24,000 unsplit).  Exports of 227,900 wet blues were up 75 percent from the previous week and 72 percent from the prior 4-week average.  The destinations were primarily to Italy (88,700 unsplit and
12,500 grain splits), China (77,700 unsplit), Vietnam (16,000 unsplit), Thailand (13,400 unsplit), and South Korea (7,000 grain splits and 1,600 unsplit).  Total net sales of 48,200 splits were reported for China, including decreases of 4,400 splits.  Exports
of 335,200 pounds were to China (255,200 pounds) and Vietnam (80,000 pounds).

Beef: 
Net
sales of 7,800 MT reported for 2021–a marketing-year low–were down 50 percent from the previous week and 51 percent from the prior 4-week average.  Increases were primarily for Japan (2,300 MT, including decreases of 300 MT), China (1,600 MT, including decreases
of 200 MT), South Korea (1,100 MT, including decreases of 400 MT), Taiwan (1,100 MT, including decreases of 100 MT), and Mexico (300 MT, including decreases of 200 MT).  Net sales reductions of 200 MT for 2022 resulting in increases primarily for Chile (200
MT) and Indonesia (100 MT), were more than offset by reductions for South Korea (500 MT).  Exports of 17,100 MT were up 10 percent from the previous week, but unchanged from the prior 4-week average.  The destinations were primarily to South Korea (5,400 MT),
Japan (4,000 MT), China (3,000 MT), Mexico (1,400 MT), and Taiwan (1,100 MT). 

Pork: 
Net
sales of 20,900 MT reported for 2021 were down 38 percent from the previous week and 36 percent from the prior 4-week average.  Increases primarily for Mexico (10,200 MT, including decreases of 500 MT), South Korea (3,700 MT, including decreases of 300 MT),
Japan (3,200 MT, including decreases of 200 MT), Colombia (800 MT, including decreases of 300 MT), and the Dominican Republic (800 MT), were offset by reductions for Bahamas (200 MT) and New Zealand (100 MT).  Net sales of 1,400 MT for 2022 were primarily
for Chile (1,300 MT).  Exports of 32,800 MT were up 11 percent from the previous week and 5 percent from the prior 4-week average.  The destinations were primarily to Mexico (15,000 MT), Japan (4,400 MT), China (4,100 MT), Colombia (2,700 MT), and Canada (1,800
MT).