FI Evening Grain Comments 11/03/22

PDF Attached

 

The
US dollar was up 151 points as of 2:10 pm CT. This pressured many commodity markets, including soybeans and corn. Meal was sharply lower from soybean oil/meal spreading. Wheat traded two-sided, ending mostly lower. Some traders were bottom picking wheat earlier
today. USDA export sales were near the low end of expectations for corn and soybeans, within for wheat, and below for meal and oil.

 

Weather

Nebraska
will see rain into Friday along with northern KS and parts of OK & TX, and then again Monday. The Midwest will see rain across the northwestern areas today and west central areas Friday before moving into the central areas Saturday before drying down Sunday
int Monday. Brazil’s weather will be good for plantings over the next several days. Rain will favor Bahia and Minas Gerais. Argentina will be dry through Monday. 

 

 

 

World
Weather, INC.

MOST
IMPORTANT WEATHER FOR THE COMING WEEK

• Brazil
  reported unusually cool temperatures Wednesday and early today
• High
  temperatures were in the 60s and 70s Fahrenheit in much of the nation with a few lower 80s in the north
• Such
  temperatures are rare especially at this time of year
• The
  cool weather will prevail for a few more days keeping evaporation rates low and that may help to conserve soil moisture for a while
• Net
  drying is expected in Brazil for the next week except in the far northeast where rain will occur over the next couple of days ending Saturday
• Brazil
  rainfall will resume in its center west and southern crop areas during the middle to latter part of next week
• A
  few showers are possible between now and then, but resulting rainfall will rarely be significant enough to counter evaporation
• Week
  two rainfall will vary from 0.25 to 0.75 inch and local totals of 1.00 to 2.00 inches in some of the center west and far southern parts of the nation
• La
  Nina pattern will keep eastern Argentina, Uruguay and Rio Grande do Sul in a below normal precipitation pattern for a few more weeks
  
• Soil
  moisture is not rated as poorly as one might imagine after two months of below normal rainfall, but a boost in rainfall will be needed soon
• Favorable
  monsoon precipitation should resume in Brazil during the second half of this month with frequent rain from Mato Grosso to northern Parana, Sao Paulo and Minas Gerais
• Some
  of the rainfall may continue lighter than usual, but sufficient amounts will occur to support crop needs
• Argentina
  was dry Wednesday, and it will experience limited rainfall over the next full week
• Showers
  in the November 11-17 period will favor the west and north parts of the nation and amounts are likely to vary greatly benefiting some crop areas more than others
• Temperatures
  are expected to trend warmer than usual and that will raise crop moisture stress for the driest areas in the nation
• Eastern
  Australia will experience restricted rainfall over the next five to seven days favoring runoff and a slow decline in river flows
• Many
  rivers in New South Wales, southern Queensland and Victoria are experiencing high water flows with moderate to major flooding in numerous areas
• River
  flooding and farmland that is under way will not likely end over the coming week, but conditions should be improving
• Better
  harvest weather is expected in Queensland and northern New South Wales in wheat and barley production areas
  
• Rain
  will resume in southeastern Australia late next week and into the following weekend
  
• This
  favors central and southern New South Wales and Victoria
• Queensland
  and northern New South Wales harvest conditions may continue improving Nov. 11-17
• Western
  Australia winter crop conditions are in nearly ideal condition and high yields and good crop quality is likely from that region, but warming is needed
• China’s
  wheat region from the Yellow River Basin and North China Plain into the northern Yangtze River Basin will get rain next week and the moisture will be ideal for improved crop emergence and establishment
• China’s
  rapeseed production areas in the Yangtze River Basin have varying soil conditions with northern parts of the region sufficiently moist to support planting and early crop development
• Southeastern
  parts of China’s rapeseed region is suffering from poor soil moisture and only limited rainfall is forthcoming
• GFS
  computer weather forecast model has suggested improved rain for the Yangtze River Basin Nov. 11-17, but World Weather, Inc. is a little skeptical
• Far
  southern India will continue to receive frequent rainfall over the next ten days to two weeks some areas in Kerala and Tamil Nadu becoming too wet in time
• Good
  weather for summer crop harvesting and winter crop planting is likely the remainder of the nation
• Europe
  weather will support a boost in rainfall in central and western parts of the continent over the next several days, although Spain will not do well and will continue drier than usual in the east
• A
  strong ridge of high pressure is expected over western Europe for a while during the middle to latter part of next week and into the following weekend limiting precipitation across the continent and inducing very warm temperatures
• European
  and Asian temperatures will be warmer than usual during much of the next ten days
  
• An
  exception is expected in a small part of central Asia where temperatures will be near to just slightly cooler biased
• Eastern
  Europe precipitation will be limited in both this week and the that of Nov. 11-17
• South
  Africa rainfall is expected to continue frequent and sufficient to support a boost in topsoil moisture and improved planting of corn, sunseed, soybeans, cotton, rice, sorghum, peanuts and other crops
• Winter
  wheat and canola maturation and harvesting is advancing, but rain may induce some delay to a few areas
• Canada’s
  Prairies will receive at least two additional waves of snow in the coming week to ten days after snow fell Wednesday from southern and eastern Alberta to west-central and northwestern Saskatchewan
• The
  snow will raise the potential for a boost in soil moisture when it melts
• Bitter
  cold air will pool in western Canada the remainder of this week and it will seep into the northern U.S. Plains and far western United States during the weekend and especially next week
• Snow
  cover will increase in Canada’s Prairies during the coming week to ten days
• Warm
  soil temperatures will help limit frost development in the ground so that melting snow in the spring might get into the ground a little better for improved planting moisture in 2023
• The
  snow cover may help improve the potential for colder weather in the U.S. later in November and December
• Ontario
  and Quebec weather will be mostly good for advancing corn and soybean harvesting and winter crop planting during the next ten days
• Precipitation
  days will be limited, and moisture totals should be light
• Little
  change in the U.S. outlook was noted overnight
• Mostly
  dry conditions will prevail in the high Plains region from western Texas through eastern Colorado and western Kansas to western South Dakota during the next ten days
• Rain
  is expected Friday into Sunday from Oklahoma, eastern Texas and Arkansas through Missouri and eastern Kansas to Wisconsin and Illinois
• The
  moisture may give rise to a slight increase in runoff, but no changes of significance are likely for the lower Missouri, Mississippi or Ohio Rivers
• Limited
  rain is expected in eastern U.S. Midwest and Southeastern States during the coming seven days
• Totally
  dry is not likely, but the rain expected will be brief and light
• U.S.
  Delta will receive some rain this weekend with dry weather likely for several days thereafter
• Only
  light amounts of rain are expected, and harvest delays will be brief
• No
  serious threat to unharvested cotton fiber is expected
• Recent
  rain in the U.S. Pacific Northwest was welcome, but much more is needed
• Additional
  rain is expected this weekend into next week
• The
  precipitation should occur in waves disfavoring the Yakima Valley while the mountainous areas are wettest
• A
  tropical or subtropical disturbance is expected near the Greater Antilles in the southwestern Atlantic Ocean and the northeastern Caribbean Sea this weekend that may drift north northwesterly toward the southeastern United States next week
• No
  excessive rain or wind is expected, but the moisture might help moisten the region after recent weeks of drying
• Indonesia,
  Malaysia, southern Vietnam and parts of the Philippines will continue wet over the next ten days with bouts of local flooding possible
• Tropical
  Depression Nalgae was dissipating over Guangdong, China today
• The
  storm produced 2.00 to more than 6.00 inches of rain in the 24-hours ending at dawn today (China time)
  
• Coastal
  areas were wettest
• Key
  crop areas should not have been seriously Impacted
• Tropical
  Storm Lisa moved over northern Guatemala during the night after making landfall Wednesday afternoon and evening in Belize
• The
  storm was moving into southeastern Mexico this morning and it should reach the Gulf of Campeche Friday
• Lisa
  will be downgraded to depression status while over Mexico today and the center of the system will move out over open water in the Gulf of Campeche Friday into the weekend
  
• The
  storm should dissipate over the Bay of Campeche this weekend
• Additional
  heavy rain is expected over Chiapas today with totals of 3.00 to more than 6.00 inches likely
• Hurricane
  Martin was located over open water in the northern Atlantic Ocean 805 miles west northwest of the Azores moving north northeasterly at 46 mph and producing maximum sustained wind speeds of 85 mph
• Martin
  will begin to lose its tropical characteristics today and Friday, but it will be viable mid-latitude storm system producing rough seas, strong wind and heavy rain – over open water
• The
  storm may have some influence on the U.K. next week, but mostly the storm will help produce a warm and moist airflow across the European continent keeping temperatures above normal and inducing some waves of rain in the northwest
• An
  area of disturbed tropical weather near the Greater Antilles late this weekend will have some potential to evolve into a tropical or subtropical depression and movement of this system could bring a little rain to the southeastern United States next week
• The
  system will be closely monitored, but there is no active weather in the Greater Antilles this morning associated with this potential event
• Early
  indications suggest scattered showers and thunderstorms from Florida to Virginia when the system starts to influence North America
  
• 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 fall heavily in the far southeast today into the weekend because of moisture from the weakening Tropical Cyclone Lisa
• Central
  America precipitation is expected to slowly increase from Panama and Costa Rica to Guatemala and Honduras during the coming week  toe ten days
• West-central
  Africa rainfall will occur periodically enough to support southern coffee, cocoa, sugarcane, rice and other crops during the next couple of weeks
• The
  precipitation will be greatest near the coast except in Cameroon where there could be some heavy rain
• East-central
  Africa rainfall will be sufficient to support coffee and cocoa as well as a few other crops
• Rain
  will fall in portions of Ethiopia, Tanzania and Uganda
• Today’s
  Southern Oscillation Index was +18.23 and it will move lower over the next few days

Source:
World Weather INC

 

Bloomberg
Ag Calendar

Thursday,
Nov. 3:

• Indonesian
  Palm Oil Conference in Bali, day 2

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

Friday,
Nov. 4:

• Indonesian
  Palm Oil Conference in Bali, day 3

• FAO
  World Food Price Index
• 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

USDA
export sales were at the low end of expectations for soybeans and corn. Wheat was within expectations. USDA reported meal and oil sales below a range of estimates. Net sales of 830,200 MT for 2022-23 primarily for China (745,000 MT, including 404,300 MT switched
from unknown destinations and decreases of211,300 MT).

 

 

 

Macros

105
Counterparties Take $2.220 Tln At Fed Reverse Repo Op (prev $2.230 Tln, 108 Bids)

US
Initial Jobless Claims Oct 29: 217K (est 220K; prev 217K)

US
Continuing Claims Oct 22: 1485K (est 1450K; prev 1438K)

US
Trade Balance Sep: -$73.3B (est -$72.2; prevR -$65.7B)

US
Nonfarm Productivity Q3 P: 0.3% (est 0.5%; prev -4.1%)

US
Unit Labor Costs Q3 P: 3.5% (est 4.0%; prev 10.2%)

US
S&P Global Services PMI Oct F: 47.8 (est 46.6; prev 46.6)

US
S&P Global Composite PMI Oct F: 48.2 (est 47.3; prev 47.3)

US
ISM Services Index Oct: 54.5 (est 55.3; prev 56.7)

US
Factory Orders Sep: 0.3% (est 0.3%; prev 0.0%)

US
Factory Orders Ex Trans Sep: -0.1% (est 0.0%; prev 0.2%)

US
Durable Goods Orders Sep F: 0.4% (est 0.4%; prev 0.4%)

US
Durables Ex Transportation Sep F: -0.5% (est -0.5%; prev -0.5%)

US
Cap Goods Orders Nondef Ex Air Sep F: -0.4% (est -0.6%; prev -0.7%)

US
Cap Goods Ship Nondef Ex Air Sep F: -0.5% (prev -0.5%)

US
EIA NatGas Storage Change (BCF) 28-Oct: +107 (est +101; prev +52)

–
Salt Dome Cavern NatGas Stocks (BCF): +22 (prev +6)

BOE
Raises Its Key Interest Rate by 0.75 of a Percentage Point

 

Corn

·        
Corn prices traded lower weaker from a very strong USD and lower WTI crude oil. World corn import tender announcements slowed after SK bought corn earlier this week.

·        
USDA export sales were at the low end of expectations and showed a 65,900 ton cancellation by China.

·        
IHS Markit sees the US corn production at 13.981 billion bushels (13.839 previous), above USDA. StoneX estimated the US corn crop at 14.109 billion bushels from previous 14.056 billion (174.5 versus 173.9 previous). USDA is at
13.895 billion. We are using 13.831 billion.

·        
The USDA report is November 9^th, and we look for the US corn yield to be lowered from 171.9 bu/acre to 171.4 based on the last US crop rating. We see USDA trimming US corn exports by 50 million bushels to 2.100 billion.

 

Export
developments.

·        
None reported

 

 

U
of I Farmdoc Daily

Low
Mississippi River Barge Disruptions: Effects on Grain Barge Movement, Basis, and Fertilizer Prices

Arita,
S., V. Breneman, S. Meyer and B. Rippey. “Low Mississippi River Barge Disruptions: Effects on Grain Barge Movement, Basis, and Fertilizer Prices.”
farmdoc daily (12):164, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, November 2, 2022.

https://farmdocdaily.illinois.edu/2022/11/low-mississippi-river-barge-disruptions-effects-on-grain-barge-movement-basis-and-fertilizer-prices.html

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brazil
cash corn prices firmed after China posted their list of approved Brazilian import locations

December
corn, a look at a severe weather event vs. Black Sea conflict

 

Updated
11/3/22

December
corn is seen in a $6.60-$7.15 range. March $6.50-$7.50 range.

 

Soybeans

·        
CBOT
soybeans traded lower from a higher USD and lower outside related markets. Soybeans were up five consecutive days prior to today. Soybean meal ended sharply lower in large part to soybean oil/soybean meal spreading. Soybean oil saw a very wide trading range,
ending mixed (bear spreading).

·        
Brazil’s plan to increase biodiesel blending rates, a slowdown in Argentina crush, and strong demand for US soybean oil for biofuel use have been supporting SBO futures. Malaysia palm oil fell overnight after hitting a 12-week
high on Wednesday.

·        
USDA export sales were at the low end of expectations for soybeans and below for the products.

·        
US soybean exports during September were 78 million bushels, about 5 million higher than expected and compares to 122 million during August and 80 million September 2021.

·        
Brazil’s main road leading to the Paranagua port is no longer being blocked by protesters.

·        
IHS Markit sees the US soybean corn production at 4.313 billion bushels (4.327 previous), above USDA. StoneX estimated the US soybean crop at 4.413 billion bushels from previous 4.442 billion (50.9 versus 51.3 previous). USDA
is at 4.313 billion. We are using 4.309 billion.

·        
CBOT deliveries (Wednesday evening) for November soybeans were 430 contracts with Bunge stopping 419.

·        
At a palm oil conference, GAPKI estimated Indonesia will produce 511.8 million tons of palm oil in 2022, an increase of 500,000 tons from 2021.

·        
LMC International Chairman James Fry estimated Indonesia palm oil production will rise 2 million tons in 2023.

·        
CNGOIC noted China’s soybean crush, via AgriCensus, increased 70,000 tons last week to 1.68 million tons, 210,000 tons below this time a year ago. Soybean arrivals are still below average. Soybean stocks declined 570,000 tons
from the previous week to 2.73 million tons and compares to 2.08 million tons from the previous year, AgriCensus noted. China soybean meal stocks (230,000 tons) are about half of what they were a year ago.

·        
Soybean oil share appreciated to 47.61 percent. Some think it will eventually rise to 49 or even 50 percent.

 

December
soybean oil share

 

 

Export
Developments

·        
China plans to auction off 500,000 tons of soybeans from reserves on November 11.

 

Updated
11/03/22

Soybeans
– January $13.50-$15.00

Soybean
meal – December $390-$430, January $400-$475

Soybean
oil – December 72-77, January wide 64.00-74.00 range

 

 

Wheat

·        
US and EU wheat futures opened lower on follow through selling after Ukraine grain shipments resumed. Prices traded two-sided on bottom picking, despite a sharply higher USD. Chicago ended the day lower, KC mixed and Minneapolis
lower in the nearby contracts.

·        
Seven grain and oilseed ships carrying 290,000 tons left Ukraine early Thursday.

·        
There is still some uncertainty over the safe passage agreement as it is still set to expire November 19.

·        
USDA export sales for all-wheat were within expectations.

·        
Export developments were slow. Iraq bought 150,000 tons of wheat. Jordan is back in next week for barley.

·        
The BA Grains Exchange estimated the Argentina wheat crop at 14 million tons, down from 15.2 million tons previously. USDA is at 17.5 million tons. Look for USDA to lower production next week by 2.5-3.0 million tons. Many private
traders are penciling in 12 to 13 million tons.

·        
Paris December wheat was down 0.50 euro at 340.75 euros a ton. Yesterday the December contract filled Monday’s gap.

·        
Last week USDA reported the initial US winter wheat ratings at a record low (at least since ’88) at 28 percent good/excellent.  But that was with 87 percent of the area planted and only 62 percent emerged. Next week we look for
a 3-point increase as more and more states north and east of the problem states of TX, OK and KS get more accurate readings. Rain over the last seven days across KS, TX, and OK should have also aided crop development.

 

Last
7 days

 

Export
Developments.

·        
Iraq bought about 150,000 tons of wheat from Canada, Lithuania and possibly Australia. Lowest price was for 50,000 tons of Canada wheat at $489.80/ton. Lithuania wheat was sold at $499/ton c&f.

·        
China plana to auction off 40,000 tons of wheat from state reserves on November 9.

·        
Jordan issued an import tender for 120,000 tons of hard milling wheat set to close November 15 for March/April shipment.

·        
Jordan is back in for 120,000 tons of barley for March/April shipment on November 16 for March/April shipment.

 

Rice/Other

·        
None reported

 

Updated
11/3/22

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

KC
– December $9.00-$10.25, March 8.50-$10.50

MN
– December $9.00-$10.30, March $9.00 to $10.50

 

U.S. EXPORT SALES FOR WEEK ENDING  10/27/2022

 

	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	85.7	777.6	1,887.2	37.1	2,575.2	3,272.9	0.0	6.3
SRW	20.9	508.1	600.0	8.1	1,656.9	1,308.4	0.0	6.6
HRS	97.1	1,085.2	1,025.4	63.0	2,532.3	2,427.5	0.0	10.8
WHITE	144.4	923.8	728.7	9.7	1,972.9	1,607.5	0.0	0.3
DURUM	0.0	61.7	72.4	0.2	77.7	77.3	0.0	0.0
TOTAL	348.1	3,356.4	4,313.6	118.1	8,815.1	8,693.6	0.0	24.0
BARLEY	-1.5	10.1	22.8	0.0	3.9	7.3	0.0	0.0
CORN	372.2	10,321.7	25,115.0	450.2	4,145.7	5,893.5	0.0	311.0
SORGHUM	12.2	279.8	2,748.0	9.2	44.1	269.4	0.0	0.0
SOYBEANS	830.2	22,407.1	21,422.7	2,651.8	9,890.7	10,581.3	0.0	0.0
SOY MEAL	122.2	3,316.7	3,769.9	243.0	653.4	912.9	0.6	2.2
SOY OIL	-2.4	23.4	112.7	2.2	6.2	21.1	0.0	0.6
RICE
L G RGH	5.0	73.0	222.3	17.0	115.1	315.9	0.0	0.0
M S RGH	0.0	10.9	6.8	0.6	7.2	2.3	0.0	0.0
L G BRN	0.1	6.0	8.4	0.1	4.1	16.4	0.0	0.0
M&S BR	0.0	4.7	54.3	0.0	2.9	14.4	0.0	0.0
L G MLD	100.1	114.6	86.3	81.7	222.6	218.5	0.0	0.0
M S MLD	14.0	44.9	67.6	1.6	76.1	94.6	0.0	0.0
TOTAL	119.2	254.1	445.6	101.0	428.0	662.1	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	191.8	5,964.2	6,450.3	119.0	2,665.9	2,058.5	11.2	1,101.2
PIMA	1.2	83.6	215.2	0.1	20.3	84.2	0.0	0.9

 

Export Sales Highlights

This
summary is based on reports from exporters for the period October 21-27, 2022.

Wheat:
Net sales of 348,100 metric tons (MT) for 2022/2023 primarily for South Korea (82,100 MT), Indonesia (63,000 MT), Mexico (60,800 MT, including decreases of 100 MT), Taiwan (40,200 MT), and Japan (26,500 MT), were offset by reductions for Vietnam (100 MT). 
Exports of 118,100 MT were primarily to Mexico (59,700 MT), Taiwan (35,700 MT), Trinidad and Tobago (9,700 MT), South Korea (8,600 MT), and Vietnam (3,200 MT). 

Corn: 
Net sales of 372,200 MT for 2022/2023 primarily for Mexico (193,000 MT), Japan (132,100 MT, including 107,100 MT switched from unknown destinations), unknown destinations (69,600 MT), Canada (23,100 MT), and Costa Rica (9,900 MT, including decreases of 1,100
MT), were offset by reductions primarily for China (65,900 MT).  Exports of 450,200 MT were primarily to China (144,300 MT), Mexico (144,200 MT), Japan (107,100 MT), Jamaica (20,000 MT), and Taiwan (13,100 MT). 

Barley: 
Total
net sales reduction of 1,500 MT for 2022/2023 were for Japan.  No exports were reported for the week. 

Sorghum: 
Total net sales of 12,200 MT for 2022/2023 were for Mexico.  Exports of 9,200 MT were to Mexico.

Rice:
 Net
sales of 119,200 MT for 2022/2023 were primarily for the Dominican Republic (77,300 MT), Haiti (15,200 MT), Japan (13,200 MT), Mexico (5,400 MT), and Jordan (4,000 MT). Exports of 101,000 MT were primarily to the Dominican Republic (78,300 MT), Colombia (15,100
MT), Mexico (3,500 MT), Canada (1,300 MT), and Saudi Arabia (1,100 MT).

Soybeans: 
Net sales of 830,200 MT for 2022/2023 primarily for China (745,000 MT, including 404,300 MT switched from unknown destinations and decreases of 211,300 MT), Spain (198,000 MT), the Netherlands (151,000 MT, including 147,500 MT switched from unknown destinations
and decreases of 500 MT), Germany (82,800 MT), and Japan (51,700 MT, including 29,600 MT switched from unknown destinations), were offset by reductions for unknown destinations (525,100 MT) and Bangladesh (55,000 MT).  Exports of 2,651,800 MT were primarily
to China (1,994,900 MT), the Netherlands (151,000 MT), Egypt (125,300 MT), Mexico (108,700 MT), and Germany (82,800 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 29,500 MT were reported for Canada.  Decreases were reported for Canada (68,600 MT). The current exports for own account outstanding balance is 22,500 MT, all Canada.

Export
Adjustments:
Accumulated exports of soybeans to the Netherlands were adjusted down 82,828 MT for week ending October 13^th.  The correct destination for this shipment is Germany.

Soybean
Cake and Meal: 
Net sales of 122,200 MT for 2022/2023 primarily for Mexico (40,400 MT), Morocco (30,000 MT), Canada (17,900 MT), Colombia (14,900 MT), and the Netherlands (9,100 MT, including 7,500 MT switched from Ireland), were offset by reductions primarily for Ireland
(9,700 MT) and unknown destinations (7,100 MT).  Total net sales of 600 MT for 2023/2024 were for Canada.  Exports of 243,000 MT were primarily to the Philippines (49,600 MT), the Dominican Republic (47,400 MT), Ireland (27,800 MT), Mexico (25,200 MT), and
Colombia (25,000 MT).

Soybean
Oil: 
Total net sales reductions of 2,400 MT for 2022/2023 were for Canada.  Exports of 2,200 MT were to Canada (1,600 MT) and Mexico (600 MT).

Cotton: 
Net
sales of 191,800 RB for 2022/2023 primarily for China (122,000 RB), Pakistan (23,200 RB), Turkey (15,800 RB, including decreases of 1,500 RB), Bangladesh (11,000 RB), and Nicaragua (8,800 RB switched from Vietnam), were offset by reductions primarily for Indonesia
(10,400 RB).  Net sales of 11,200 RB for 2023/2024 were reported for Indonesia (10,600 RB) and Japan (600 RB).  Exports of 119,000 RB were primarily to China (43,400 RB), Bangladesh (17,000 RB), Mexico (15,700 RB), Pakistan (12,500 RB), and Turkey (8,500 RB). 
Net sales of Pima totaling 1,200 RB were reported for Indonesia (1,000 RB) and China (200 RB).  Exports of 100 RB were to Japan. 

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

Export
for Own Account:
For 2022/2023, the current exports for own account outstanding balance of 63,900 RB are 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 350,800 pieces for 2022 primarily for China (220,600 whole cattle hides, including decreases of 7,700 pieces), Mexico (64,000 whole cattle hides, including decreases of 2,400 pieces and 12,400 whole cattle hides – late), South Korea (45,400 whole
cattle hides, including decreases of 600 pieces), Thailand (6,900 whole cattle hides, including decreases of 2,100 pieces), and Turkey (3,800 whole cattle hides), were offset by reductions primarily for Brazil (400 pieces) and Vietnam (200 pieces).  Total
net sales of 4,600 calf skins were for Italy.  In addition, total net sales of 1,500 kip skins were for Canada.  Total net sales of 10,800 pieces for 2023 were for China.  Exports of 779,600 whole cattle hides exports were primarily to Mexico (357,900 pieces,
including 12,400 pieces – late), China (314,100 pieces), South Korea (38,000 pieces), Thailand (23,300 pieces), and Brazil (17,300 pieces).  In addition, exports of 5,600 calf skins were to Italy.

Net
sales of 153,900 wet blues for 2022 primarily for China (114,800 unsplit), Italy (19,500 unsplit and 1,800 grain splits, including decreases of 1,100 unsplit and 200 grain splits), Vietnam (8,500 unsplit), India (6,800 unsplit), and South Korea (2,300 grain
splits), were offset by reductions for Hong Kong (2,000 unsplit).  Net sales of 12,700 wet blues for 2023 were reported for Italy (10,700 unsplit) and Hong Kong (2,000 unsplit).  Exports of 194,200 wet blues were primarily to Italy (70,800 unsplit and 4,200
grain splits), China (50,800 unsplit), Vietnam (27,900 unsplit), Thailand (26,100 unsplit), and Hong Kong (5,000 unsplit).  Net sales reductions of 4,500 splits resulting in increases for South Korea (4,800 splits), were more than offset by reductions for
Vietnam (9,300 splits).  Exports of 268,100 pounds were to Vietnam.

Late
Reporting:
For 2022, net sales and exports totaling 12,400 pieces of whole cattle hides were reported late for Mexico.

Beef: 
Net sales of 9,200 MT for 2022 primarily for Japan (3,000 MT, including decreases of 400 MT), South Korea (1,900 MT, including decreases of 600 MT), Taiwan (1,800 MT, including decreases of 100 MT), Canada (1,100 MT, including decreases of 100 MT), and Mexico
(700 MT), were offset by reductions for China (900 MT).  Net sales of 3,800 MT for 2023 were primarily for Japan (2,500 MT).  Exports of 18,000 MT were primarily to South Korea (5,200 MT), Japan (3,900 MT), China (2,800 MT), Mexico
(1,700 MT), and Taiwan (1,300 MT). 

Pork: 
Net sales of 47,900 MT for 2022 primarily for Mexico (12,700 MT, including decreases of 400 MT), China (11,200 MT, including decreases of 400 MT), Japan (9,300 MT, including decreases of 200 MT), Canada (3,900 MT, including decreases of 500 MT), and Australia
(3,600 MT), were offset by reductions for the Philippines (100 MT). 
Net sales of 500 MT for 2023 were for China.  Exports of 30,700 MT were primarily to Mexico (14,100 MT), China (4,700 MT), Japan (3,200 MT), South Korea (2,900 MT), and Canada (1,400 MT).

Late
Reporting:
For 2022, net sales totaling 400 MT of pork were reported late for Panama (100 MT), Vietnam (100 MT), the Dominican Republic (100 MT), and South Korea (100 MT). Exports totaling 200 MT were reported late to the Dominican Republic (100 MT) and South Korea (100
MT).

November
3, 2022,                                         1                 FOREIGN AGRICULTURAL SERVICE/USDA