FI Evening Grain Comments 10/27/22

PDF Attached

 

USD
was 90 points higher by 1:50 pm CT, WTI crude oil $0.97 higher and US equities mixed. US GDP was better than expected. USDA export sales were good for soybeans and all wheat, poor for corn and soybean oil and ok for soybean meal. Many of the ag markets traded
two-sided. Meal / oil spreading dominated the products. Soybean ended mixed. Grains settled lower.

 

Weather

US
and South American weather forecasts were mainly unchanged from yesterday. The Great Plains have an opportunity for rain Sat-Mon. The 6-10 day for the Midwest calls for above normal temperatures then trending cooler than normal for the 11-15 day. Parts of
the US Midwest southwestern, central and southern areas will see rain sometime through Sunday. Argentina’s BA (drier after today through Oct 29), Santa Fe and Entre Rios will see rain this weekend and Brazil’s central and northern growing areas will continue
to get rain for the balance of this week. One weather group sees only 20 percent of Argentina seeing meaningful rain over the next 5 days. Temperatures in Argentina and Brazil will fall next week bringing potential frosts to some of the growing areas. Commodity
weather group warned Brazil’s Rio Grande do Sul and Santa Catarina states, along with Argentina could see risks for emerged corn and wheat.

 

 

 

Weather

 

 

 

World
Weather, INC.

MOST
IMPORTANT WEATHER FOR THE COMING WEEK

• Damaging
  cold is expected in Argentina, Uruguay and parts of Rio Grande do Sul, Brazil Monday and Tuesday
• Frost
  will occur as far north as northern Cordoba, northern Santa Fe and southern Corrientes Argentina as well as northern Rio Grande do Sul, Brazil
• Light
  freezes will occur in central Cordoba, central Santa Fe, Uruguay and southern Rio Grande do Sul, Brazil
• Hard
  freezes are expected from parts of San Luis, through southern Cordoba and La Pampa to Buenos Aires
• There
  is still time for airmass modification, but early indications suggest some damage will occur to wheat, barley, corn and sunseed in Argentina. Some damage to rice, corn and wheat may also occur in Uruguay and central and southern Rio Grande do Sul.
  
• South
  America’s cold airmass will also push rain through eastern and northern Argentina briefly this weekend and then from southwest to northeast through Brazil late this weekend through mid-week next week
• Drier
  air will dominate Argentina for a week to ten days following this weekend showers
• Drier
  weather will occur in southern and center west Brazil during mid- to late-week next week and into the following weekend
  
• Drier
  weather will impact northeastern Brazil late next week and into the following weekend, although some scattered showers will linger
• All
  of Brazil will receive rain in this first week of the outlook with sufficient amounts to support spring planting and early planted crop development for a while.
• There
  is “some” concern over lighter than usual rainfall in Mato Grosso and immediate neighboring areas, but planting progress will continue
• Greater
  rain will soon be needed in parts of this region, but only when temperatures start to heat up again after next week’s cold weather
• Drier
  weather coming next week in wheat areas will greatly improve crop maturation and harvest conditions
• Aggressive
  planting is expected to occur in Brazil summer crop areas following the late weekend and early to mid-week rain event next week
• Field
  progress may be aggressive for up to a week
• Seasonal
  rains will resume in Brazil in the second week of November
• Next
  week’s drying is not the beginning of an unusually dry period for center west, center south or northeastern Brazil, but drying is expected in far southern Brazil
  
• Recent
  30- to 45-day precipitation anomalies in South America have included well below normal precipitation from eastern Argentina through Uruguay to Rio Grande do Sul which is classic La Nina weather
• These
  conditions will prevail well into November
• Cool
  air will slip into southern parts of Western Australia early next week, as well
• Patches
  of frost will be possible, but too much wind and some cloudiness should help to hold up temperatures above the damage threshold
• Eastern
  Australia will receive another round of generalized rainfall this weekend through Monday perpetuating worry over general crop and field conditions
• Net
  drying is expected today and, in many areas, again Friday
• Multiple
  days of dry weather will evolve during mid- to late-week next week and temperatures should trend a little warmer with greater sunshine
• The
  change will be welcome, but it will take a while for flood water to recede and field conditions to return to normal – if they are going to do that
• More
  rain will occur across eastern Argentina later in November to restore concern over crop and field conditions
• Tropical
  Cyclone Nalgae formed east southeast of the Philippines overnight and it will become the next larger storm to threaten the nation
• The
  storm is expected to intensify to tropical storm status today and will move northwest reaching Luzon Island this weekend
• Torrential
  rainfall and strong wind speeds are possible as the storm comes across the northern Philippines
  
• Damage
  to some crops and property is expected
• Nalgae
  will become a typhoon prior to moving over Luzon Island
• Southern
  Oklahoma and north-central Texas will receive rain later today and Friday lifting soil moisture additionally in some areas
• Rainfall
  of 1.00 to 2.00 inches and locally as great as 2.50 inches will occur from south-central and southeastern Oklahoma into the Rolling Plains and most of north-central Texas; including the northern Blacklands
• The
  moisture will be good for winter wheat planting, emergence and establishment
• Drying
  is expected this weekend through much of next week
• West
  Texas showers over the next couple of days will produce a trace to 0.25 inch of rain often with 0.25 to 0.75 inch possible from a few north-central into northeastern West Texas counties.
  
• Drier
  weather will then occur for a full week thereafter
• U.S.
  northern and western Midwest and northern and central Great Plains will receive very little rain of significance during the coming full week
• U.S.
  central and northern hard red winter wheat areas will get an insignificant amount of moisture during the next ten days leading to continued dry biased conditions
• Temperatures
  will trend warmer than usual during much of the coming week with the exception of today and Friday when temperatures will be normal to slightly cooler than usual
• Western
  North America temperatures are advertised less cold biased relative to the outlook of Wednesday for much of the coming two weeks
• Central
  and eastern U.S. weather may become a little more active in the second week of the outlook, Nov. 3-10.
  
• There
  is potential for a storm system in the northern Plains and upper Midwest and a possibility for another to evolve in the southeastern Plains that would move into the central Midwest
• The
  second storm would occur after Nov. 4 – if it occurs at all; confidence is low
  
• U.S.
  southeastern states rainfall is expected to be infrequent and light during the next couple of weeks
• The
  bottom line for U.S. rivers will continue to be one of concern.  A short-term rise in water levels on the Mississippi and lower Missouri rivers is occurring in response to recent rain, but the change will not be great enough to seriously impact barge traffic.
  Additional rain in the Delta and Tennessee River Basin this weekend will have a similar impact. Overall, any rises in river levels may allow some slight change in barge traffic, but the changes are not likely to be great enough or sustainable to seriously
  reduce shipping delays or greatly reduce the high expense for barge freight.
  
• U.S.
  Pacific Northwest will receive some periodic showers, but the greatest moisture will fall in the mountains
• The
  Yakima Valley will be driest
• Tuesday
  and Wednesday of next week and the following weekend will be wettest
• Dryland
  winter wheat, especially in Oregon, needs greater moisture
• Restricted
  northern and central U.S. Plains, western and northern Midwest and southeastern states rainfall during the next ten days will result in aggressive farming activity, but winter crops will be seeking greater rainfall in time
• Canada
  Prairies weather will trend warmer over the coming five to six days with restricted precipitation
• Western
  Alberta will be the exception where some periodic rain and snow is likely
• Week
  2 weather will turn much colder in western parts of the Prairies and there will be at least some potential for rain and snow in the eastern Prairies
  
• Snowmelt
  is expected in Canada’s central Prairies over the next few days as temperatures rebound back above normal after this week’s snowstorm
• Soil
  moisture either has been or soon will improve in far southern Alberta and southern and interior eastern Saskatchewan where the greatest snow fell this week
  
• Some
  areas will have to wait for the snow to melt before soil moisture increases
• Many
  areas in the central and southwestern Prairies still have need for more moisture of significance
• Ontario
  and Quebec, Canada weather will be mostly good for summer crop harvest progress and winter grain planting during the coming ten days
• Less
  frequent and less significant rain is predicted with temperatures rising above normal
• South
  Africa weather will continue to be well balanced over the next two weeks favoring fieldwork and crop development
  
• Sufficient
  rain will fall to maintain an excellent planting outlook
• Western
  wheat, barley and canola areas will experience good maturation and harvest weather
• Mexico’s
  seasonal rains have largely diminished for the season and good crop maturation and harvest weather is expected into next week
• Some
  rain will evolve in the east and south briefly during the second week of the forecast
• Central
  America precipitation is expected to be light and sporadic for a while, but some increase in rainfall may occur later next week as a tropical wave advances toward the region
• China’s
  weather will remain largely dry or at least free of major storm systems except in a few west-central crop areas
• Lower
  parts of the Yangtze River received some rain overnight and more will occur today
• Moisture
  totals varied from 0.15 to 0.60 inch most often with local totals to 1.18 inches
• Another
  0.20 to 0.75 inch of rain and locally more will occur today and early Friday before dry weather resumes
• The
  moisture will improve rapeseed planting conditions, but drought remains especially near and south of the Yangtze River where more rain is needed to support long term crop development
• Xinjiang,
  China harvest weather has been and will continue favorable
• Field
  progress has likely advanced quite well with little change likely
• Harvesting
  should be winding down in some areas
• Seasonably
  dry weather will continue in China’s North China Plain and Yellow River Basin supporting fieldwork of all kinds; including wheat planting and summer crop harvesting
• Most
  areas in India will be dry during the next ten days, although some rain will fall periodically in the far south which is not unusual for this time of year
• Europe
  precipitation will be limited over the next week except in the North and Baltic Sea regions and from the Baltic States through Belarus to eastern Ukraine where waves of rain are expected.
  
• Weather
  late next week should trend wetter in west-central and central parts of the nation
  
• Western
  Russia precipitation will be infrequent, but occasional
• Eastern
  parts of Russia will see periods of snow that will raise snow cover and help reinforce future colder biased weather in eastern Asia
• North
  Africa weather has trended drier for a while and not much precipitation is expected in the coming ten days
• Rain
  will be needed in November and December to support planting of wheat and barley
• A
  few showers will occur near the Mediterranean coast late next week and into the following weekend
• Interior
  Thailand and northern Laos will experience limited rainfall over the next ten days
• Rain
  will fall in Cambodia and much of Vietnam during the next ten days with some moderate to locally heavy rainfall possible
• Waves
  of heavy rain will impact central Vietnam over the next ten days resulting in more flooding for areas that already experienced such conditions in recent weeks
• Indonesia,
  Malaysia will experience frequent rain with some bouts of heavy accumulations
• Local
  flooding will still be possible, but no widespread serious problems are anticipated
  
• West-central
  Africa rainfall will occur periodically enough to support coffee, cocoa, sugarcane, rice and other crops during the next couple of weeks
• The
  precipitation will be greatest in the south with Cameroon getting some heavy rainfall
• There
  is a southward shift in seasonal rainfall occurring which should be helping 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
• Limited
  rainfall is expected in Tanzania until late next week when some rain may develop
• Today’s
  Southern Oscillation Index was +18.29 and it will move erratically over the next few days

Source:
World Weather INC

 

Bloomberg
Ag Calendar

Friday,
Oct. 28:

• Asia-Pacific
  Agri-Food Innovation Summit, Singapore, day 3
• FranceAgriMer
  weekly update on crop conditions
• ICE
  Futures Europe weekly commitments of traders report
• CFTC
  commitments of traders weekly report on positions for
• various
  US futures and options, 3:30pm

Source:
Bloomberg and FI

 

USDA
export sales
showed soybeans within expectations at 1.026 million tons, with China taking the bulk of that amount (1,115,600 MT, including 664,000 MT switched from unknown destinations and decreases of 10,000 MT). Soybean meal sales were better than expected and soybean
oil low. Corn export sales were a poor 264,100 tons. All wheat improved to a good 533,200 tons from 163,100 tons previous week. Given US wheat prices are above the world market, we are little surprised US wheat export sales were good. HRS sales were 193,800
tons and white 209,800 tons. Pork sales were 20,300 tons.

 

 

 

Macros

97
Counterparties Take $2.152 Tln At Fed Reverse Repo Op (prev $2.187 Tln, 101 Bids)

US
GDP Annualized (Q/Q) Q3 A: 2.6% (est 2.4%; prev -0.6%)

–
GDP Price Index Q3 A: 4.1% (est 5.3%; prev 9.0%)

Durable
Goods Orders (M/M) Sep P 0.4% (est 0.6%; prev -0.2%)

–
Durable Goods Orders Ex. Transport (M/M) Sep P -0.5% (est 0.2%; prev 0.3%)

–
Capital Goods Orders Non-Defence Ex. Air (M/M) Sep P: -0.7% (est 0.3%; prev 1.4%)

–
Capital Goods Shipments Non-Defence Ex. Air (M/M) Sep P: -0.5% (est 0.5%; prev 0.4%)

US
Initial Jobless Claims Oct 22: 217K (est 220K; prev 214K)

–
Continuing Claims Oct 22: 1.438M (est 1.390M; prev 1.385M; prevR 1.383M)

US
Core PCE (Q/Q) Q3 A: 4.5% (est 4.5%; prev 4.7%)

US
Personal Consumption Q3 A: 1.4% (est 1.0%; prev 2.0%)

ECB
Raises Refinancing Rate And Deposit Facility Rate By 75 Basis Points As Expected

–
Refinancing Rate Raised To 2.00% From 1.25%

–
Deposit Facility Rate Raised To 1.50% From 0.75%

–
Marginal Lending Facility Rate Raised To 2.25% From 1.50%

ECB:
Expects To Raise Interest Rates Further, To Ensure The Timely Return Of Inflation To Its 2% Medium-Term Inflation Target

 

Corn

·        
Corn prices traded two-sided, ending lower. A higher USD and lack of bullish news weighed on prices.

·        
USDA corn export sales missed trade expectations and crop year commitments are below average.

·        
Spot basis bids along the Midwest river terminals were steady to weaker.

·        
The EU Crop Monitor lowered its estimate for the EU corn production to 54.9 million tons from 55.5 million a month ago, lowest crop since 2007. In June there were 71.7 million tons. 2022-23 corn imports were estimated at 22 million
tons, up one million from a month ago.

https://publications.jrc.ec.europa.eu/repository/handle/JRC127966

·        
Indonesia plans to boost imports for 11 commodities for stockpiles including corn and soybeans.

·        
Temperatures in Argentina and Brazil will fall next week bringing potential frosts to some of the growing areas. Commodity weather group warned Brazil’s Rio Grande do Sul and Santa Catarina states, along with Argentina could see
risks for emerged corn and wheat.

 

 

 

Export
developments.

·        
None reported

 

 

Updated
10/27/22

December
corn is seen in a $6.60-$7.15 range. March $6.50-$7.25 range.

 

Soybeans

·        
CBOT soybeans
ended higher following strength in meal. Soybean oil traded two-sided, ending lower. The December soybean oil position almost saw an outside day lower. The front month soybean oil contracts have been very strong on rising feedstock use for biodiesel production.
Earlier December soybean oil earlier reached its highest level since mid-June.

·        
Western Corn Belt soybean oil basis is still at a large premium over ECB. Decatur, IL, soybean oil cash prices hit a 4-month high on Wednesday.

·        
Soybean meal ended $4.10-$6.70 short ton higher, which lent support to soybeans (closed 0.25-0.50 higher front four months).

·        
CBOT crush margins remain firm bias the December through March positions, a reminder there is no reason to slow domestic crush rates.

·        
NASS will update their crush and corn grind figures on Tuesday. We
look for US soybean crush for the month of September to average 5.59 million bushels per day versus 5.65 million during August and 5.47 million September 2021.

·        
First Notice Day deliveries for November soybeans is seen in a 0-50 range, depending on spread movement prior to October 31.

 

 

 

 

We
look for US soybean crush for the month of September to average 5.59 million bushels per day versus 5.65 million during August and 5.47 million September 2021.

 

Export
Developments

• None
  reported

 

 

Updated
10/27/22

Soybeans
– November is seen in a $13.40-$14.10 range,
January $13.25-$15.00

Soybean
meal – December $380-$430,
January $360-$475

Soybean
oil – December 68.50-74.00,
January wide 60.00-73.00 range

 

Wheat

·        
US wheat futures traded two-sided, ending lower from a sharply higher USD. Futures were initially higher in part to Argentina’s potential move to limit exports during the beginning of the crop year to ensure domestic supplies.

·        
The US drought index didn’t show a major reversal in US Great Plains drought conditions, after rain fell over the past week.

·        
Argentina exporters are apparently not opposed to this move. Argentina officials have been in talks since last week with exporters and domestic end users. The Rosario exchange see exports at around 8.9 million tons, 100,000 more
than the 8.8 million tons licensed. Some think Argentina wheat exports will be short of 8.8 million. This should be monitored.

·        
Uncertainty whether or not the Ukraine safe passage agreement will be extended is keeping traders nervous, leaving some on the sidelines. A Russian foreign ministry official said the Black Sea grain deal provisions on Russia grain
and fertilizer exports are not being met, and that no decision on the deal extension has been made.

·        
Ukraine grain shipments near Odessa were briefly interrupted after what was thought to be a mine in the water. The UN confirmed there was no threat.

·        
The EU Crop Monitor increased its estimate for the EU soft wheat production to 127.2 million tons from 127.0 million a month ago. Soft wheat exports for 2022-23 was estimated at 36 million tons, unchanged from previous.

·        
Paris December wheat was up 1.75 0euros earlier at 336.50 euros a ton. There was talk some demand may shift back to the EU as traders become more pessimistic that the Black Sea agreement will not get extended.

·        
China plans to auction off 40,000 tons of wheat from state reserves on November 2.

·        
India is looking into importing Russian wheat to process, then export the products. He government had allowed this post banning India wheat exports earlier this year.

 

Eastern
Australia again has seen too much rain

 

Export
Developments.

·        
Lowest price (2 firms) for Pakistan seeking 500,000 tons of wheat was $373.00/ton c&f for Nov 13-Jan 10 shipment. 

·        
Taiwan bought an estimated 38,515 tons of US wheat of various classes for Dec 14-Dec 25 shipment out of the PNW. It included 20,625 tons of US dark northern spring wheat, 14.5% protein, at $417.73 a ton FOB. Also 11,220 tons of
hard red winter wheat, 12.5% protein content, at $424.58 a ton FOB and 6,670 tons of soft white wheat, 9.5%, at $345.87 a ton FOB.

·        
South Korean flour millers bought an estimated 128,000 tons of milling wheat from the United States, Australia and Canada. (Reuters)

• 50,000
  tons from the United States for shipment between Jan. 16 and Feb. 15. 9.5%-11% protein content was bought at an estimated $341.74 a ton, soft white wheat of 8.5% protein bought at $341.74 a ton, hard red winter wheat of 11.5% protein bought at $412.22 a ton
  and northern spring/dark northern spring wheat of 14% protein at $404.03 a ton. The US wheat also included soft white wheat of 9.5%-11% protein bought at an estimated $340.43 a ton, soft white wheat of 8.5% protein at $340.43 a ton, hard red winter wheat of
  11.5% protein at $412.01 a ton and northern spring/dark northern spring wheat of 14% protein bought at $403.83 a ton.
• 50,000
  tons from Australia for shipment in the second half of February. The Australian purchase involved Australian standard white (ASW) bought in the mid $370s a ton and Australian hard (AH) wheat bought in the mid $400s a ton.
  
• 28,000
  tons from Canada for shipment between Jan. 16 and Feb. 15. That included western red spring wheat of 13.5% protein bought at an estimated $382.59 a ton. (Reuters)

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

·        
Iraq seeks 50,000 tons of wheat on October 30, nearly one week later than their original close date.

·        
Jordan seeks 120,000 tons of hard milling wheat on November 1 for March/April shipment.

·        
Jordan is back in for 120,000 tons of barley on November 2 for March/April shipment.

 

Rice/Other

·        
India rice prices are higher this week after a cyclone destroyed some of the rice crop in Bangladesh.

 

Updated
10/27/22

Chicago
– December $8.15-$9.00, March $8.00 to $10.00

KC
– December $9.25-$10.00, March 8.50-$10.50

MN
– December $9.30-$10.00,
March $9.00 to $10.50

 

 

 

USDA export sales showed soybeans within expectations at 1.026 million tons, with China taking the bulk of that amount (1,115,600 MT,
including 664,000 MT switched from unknown destinations and decreases of 10,000 MT). Soybean meal sales were better than expected and soybean oil low. Corn export sales were a poor 264,100 tons. All wheat improved to a good 533,200 tons from 163,100 tons previous
week. Given US wheat prices are above the world market, we are little surprised US wheat export sales were good. HRS sales were 193,800 tons and white 209,800 tons. Pork sales were 20,300 tons.

 

 

U.S. EXPORT SALES FOR WEEK ENDING  10/20/2022

	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	67.2	729.1	1,743.8	41.9	2,538.1	3,210.3	0.0	6.3
SRW	62.4	495.3	572.7	21.2	1,648.8	1,281.4	0.0	6.6
HRS	193.8	1,051.1	998.2	51.3	2,469.3	2,381.7	0.0	10.8
WHITE	209.8	789.1	662.7	22.4	1,963.3	1,606.6	0.0	0.3
DURUM	0.0	61.8	72.4	0.0	77.5	77.3	0.0	0.0
TOTAL	533.2	3,126.4	4,049.9	136.8	8,697.0	8,557.2	0.0	24.0
BARLEY	0.0	11.6	22.9	0.0	3.9	7.2	0.0	0.0
CORN	264.0	10,399.7	24,639.7	619.0	3,695.5	5,144.9	0.0	311.0
SORGHUM	1.0	276.9	2,486.1	1.5	34.9	265.7	0.0	0.0
SOYBEANS	1,026.4	24,228.7	22,209.2	2,748.6	7,321.7	7,930.8	0.0	0.0
SOY MEAL	217.2	3,437.5	3,754.4	138.5	410.4	701.8	0.2	1.6
SOY OIL	2.5	27.9	111.7	1.5	4.0	10.9	0.0	0.6
RICE
L G RGH	36.8	85.0	240.8	24.8	98.2	285.4	0.0	0.0
M S RGH	0.0	11.4	7.0	0.8	6.7	2.2	0.0	0.0
L G BRN	0.2	6.0	8.5	0.2	3.9	16.2	0.0	0.0
M&S BR	0.0	4.7	54.3	0.6	2.8	14.3	0.0	0.0
L G MLD	1.3	96.2	86.3	2.6	140.9	216.0	0.0	0.0
M S MLD	1.1	32.5	69.0	3.9	74.5	77.9	0.0	0.0
TOTAL	39.5	235.8	466.0	32.9	327.0	611.9	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	68.4	5,891.4	6,453.1	177.6	2,546.9	1,916.6	7.1	1,090.0
PIMA	-0.7	82.5	191.0	1.7	20.2	76.6	0.0	0.9

 

Export Sales Highlights

This
summary is based on reports from exporters for the period October 14-20, 2022.

Wheat:
Net sales of 533,200 metric tons (MT) for 2022/2023 primarily for South Korea (109,500 MT), unknown destinations (91,000 MT), the Philippines (66,500 MT), Japan (54,100 MT), and Mexico (49,100 MT, including decreases of 16,300 MT), were offset by reductions
for Italy (500 MT).  Exports of 136,800 MT were primarily to Mexico (42,700 MT), Nigeria (23,800 MT), Jamaica (22,300 MT), Japan (22,200 MT), and Italy (13,000 MT).              

Corn: 
Net sales of 264,000 MT for 2022/2023 primarily for China (157,800 MT, including 66,000 MT switched from unknown destinations), Mexico (109,700 MT, including decreases of 300 MT), Canada (28,400 MT), Japan (18,200 MT, including 14,700 MT switched from unknown
destinations), and Trinidad and Tobago (11,000 MT, including 4,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (65,700 MT) and Colombia (14,000 MT).  Exports of 619,000 MT were primarily to Mexico (316,400 MT),
China (218,600 MT), Japan (55,600 MT), Jamaica (7,200 MT), and Canada (6,000 MT). 

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

Sorghum: 
Total net sales of 1,000 MT for 2022/2023 were for Mexico.  Exports of 1,500 MT were primarily to Mexico (1,300 MT).

Rice:
 Net
sales of 39,500 MT for 2022/2023 were primarily for Colombia (16,000 MT), Nicaragua (13,000 MT), El Salvador (5,600 MT), Guatemala (2,200 MT), and Canada (1,100 MT, including decreases of 100 MT).  Exports of 32,900 MT were primarily to Nicaragua (23,900 MT),
Mexico (3,100 MT), South Korea (2,900 MT), Canada (2,200 MT), and Taiwan (600 MT).

Soybeans: 
Net sales of 1,026,400 MT for 2022/2023 primarily for China (1,115,600 MT, including 664,000 MT switched from unknown destinations and decreases of 10,000 MT), Japan (119,300 MT, including 85,300 MT switched from unknown destinations and decreases of 300 MT),
Pakistan (68,000 MT, including 66,000 MT switched from unknown destinations), Mexico (63,600 MT, including decreases of 7,000 MT), and Egypt (58,200 MT), were offset by reductions primarily for unknown destinations (487,000 MT).  Exports of 2,748,600 MT were
primarily to China (2,151,300 MT), Mexico (184,400 MT), Japan (153,500 MT), Pakistan (68,000 MT), and Algeria (45,000 MT). 

Optional
Origin Sales:
For 2022/2023, the current outstanding balance of 300 MT, all South Korea.

Export
for Own Account:
For 2022/2023, new optional origin sales of 55,200 MT were reported for Canada.  The current exports for own account outstanding balance is 61,500 MT, all Canada.

Soybean
Cake and Meal: 
Net sales of 217,200 MT for 2022/2023 primarily for Mexico (99,900 MT), Canada (40,500 MT, including decreases of 400 MT), Venezuela (25,000 MT), Colombia (18,000 MT), and Honduras (16,600 MT, including decreases of 28,000 MT), were offset by reductions for
Morocco (2,500 MT), unknown destinations (2,400 MT), El Salvador (1,900 MT), Belgium (600 MT), and Nepal (500 MT).  Total net sales of 200 MT for 2023/2024 were for Canada.  Exports of 138,500 MT were primarily to Mexico (42,700 MT), Japan (33,800 MT), Canada
(23,900 MT), Morocco (21,500 MT), and El Salvador (4,600 MT).

Soybean
Oil: 
Net sales of 2,500 MT for 2022/2023 were for Canada.  Exports of 1,500 MT were primarily to Canada (1,100 MT).

Cotton: 
Net
sales of 68,400 RB for 2022/2023 primarily for Pakistan (53,200 RB, including decreases of 700 RB), Vietnam (36,200 RB, including 20,700 RB switched from China and 200 RB switched from South Korea), Taiwan (14,500 RB, including 8,800 RB switched from China),
Turkey (9,500 RB, including decreases of 1,300 RB), and Ecuador (3,800 RB, including decreases of 100 RB), were offset by reductions primarily for China (49,900 RB) and Indonesia (8,000 RB).  Net sales of 7,100 RB for 2023/2024 were reported for Pakistan (6,600
RB) and Japan (500 RB).  Exports of 177,600 RB were primarily to China (85,000 RB), Mexico (21,200 RB), Pakistan (19,100 RB), Turkey (13,200 RB), and Vietnam (11,800 RB).  Net sales reductions of Pima totaling 700 RB resulting in increases for Vietnam (900
RB), Bangladesh (100 RB), and Honduras (100 RB switched from Mexico), were more than offset by reductions for China (1,600 RB), India (100 RB), and Mexico (100 RB).  Exports of 1,700 RB were primarily to Turkey (500 RB), India (300 RB), China (300 RB), South
Korea (300 RB), and Pakistan (200 RB).  

Optional
Origin Sales:
For 2022/2023, the current outstanding balance of 9,300 RB is for Malaysia.

Export
for Own Account:
For 2022/2023, 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 401,800 pieces for 2022 primarily for China (279,700 whole cattle hides, including decreases of 7,100 pieces), South Korea (50,600 whole cattle hides, including decreases of 1,200 pieces), Thailand (38,600 whole cattle hides, including decreases
of 3,400 pieces), Mexico (14,700 whole cattle hides, including decreases of 2,400 pieces), and Turkey (6,400 whole cattle hides, including decreases of 100 pieces), were offset by reductions for Vietnam (100 pieces).  Net sales of 10,800 pieces for 2023 were
reported for China (7,200 whole cattle hides) and Taiwan (3,600 whole cattle hides).  Total net sales of 1,000 calf skins were for Italy.  In addition, net sales reductions of 500 kip skins resulting in increases for Italy (400 kip skins), were more than offset
by reductions for Belgium (700 kip skins) and Canada (200 kip skins).  Exports of 345,600 whole cattle hides exports were primarily to China (212,900 pieces), South Korea (51,400 pieces), Mexico (31,200 pieces), Thailand (18,200 pieces), and Indonesia (10,300
pieces).  In addition, exports of 6,300 kip skins were to Belgium (5,000 kip skins) and Canada (1,300 kip skins).

Net
sales of 204,400 wet blues for 2022 primarily for China (102,000 unsplit), Vietnam (44,300 unsplit, including decreases of 100 unsplit), Thailand (34,100 unsplit), Italy (12,600 unsplit and 300 grain splits, including decreases of 400 unsplit and 200 grain
splits), and Hong Kong (5,000 unsplit), were offset by reductions for Haiti (800 unsplit).  Net sales of 32,200 wet blues for 2023 were reported for Vietnam (27,200 unsplit) and Hong Kong (5,000 unsplit).  Exports of 162,900 wet blues were primarily to Italy
(44,600 unsplit and 6,200 grain splits), Vietnam (49,700 unsplit), China (44,100 unsplit), Hong Kong (5,000 unsplit), and India (2,300 unsplit and 2,200 grain splits).  Net sales reductions of 316,700 splits resulting in increases for China (44,200 pounds),
were more than offset by reductions for Vietnam (359,700 pounds) and South Korea (1,200 pounds).  Exports of 121,100 pounds were to Vietnam (79,900 pounds) and China (41,200 pounds).

Beef: 
Net sales of 14,100 MT for 2022 were primarily for South Korea (4,600 MT, including decreases of 600 MT), Japan (2,700 MT, including decreases of 400 MT), China (2,600 MT, including decreases of 100 MT), Mexico (1,000 MT), and Taiwan (800 MT,
including decreases of 100 MT).  Net sales of 1,900 MT for 2023 were reported for South Korea (1,200 MT), Japan (500 MT), Indonesia (100 MT), and Taiwan (100 MT).  Exports of 17,400 MT were primarily to Japan (4,600 MT), South Korea (4,500 MT), China (3,000
MT), Mexico (1,500 MT), and Taiwan (1,000 MT). 

Pork: 
Net sales of 20,300 MT for 2022 primarily for Mexico (16,900 MT, including decreases of 300 MT), China (5,600 MT, including decreases of 100 MT), South Korea (1,400 MT, including decreases of 200 MT), Colombia (900 MT, including decreases of 100 MT), and the
Dominican Republic (800 MT), were offset by reductions for Australia (3,500 MT), Japan (2,600 MT), and Canada (400 MT). 
Exports of 30,700 MT were primarily to Mexico (14,300 MT), China (4,200 MT), Japan (3,500 MT), South Korea (2,500 MT), and Canada (2,100 MT).