FI Evening Grain Comments 12/01/22

PDF Attached

 

Attached
is our updated US soybean complex S&D’s.  USDA reported private exporters reported sales of 114,300 metric tons of corn for delivery to Mexico during the 2022/2023 marketing year.

 

US
EPA announced a smaller than expected proposed increase in 2023 renewable fuel blending obligations. The trade reaction was bearish for soybean oil and lessor extent corn. We heard mixed views over the announcement of the RVO’s. Soybeans followed soybean oil
lower. Soybean meal traded two-sided, ending higher on product spreading, firmer Argentina soybean meal premiums and ideas the US crush could slow. CBOT crush traded sharply lower. Wheat traded lower on slow USDA export sales.
https://www.epa.gov/renewable-fuel-standard-program/proposed-renewable-fuel-standards-2023-2024-and-2025 

 

 

 

EPA
is also proposing new regulations governing the generation of qualifying renewable electricity made from renewable biomass that is used for transportation fuel in electric vehicles.

 

CBOT
limits for the soybean complex expand tonight into Friday. https://www.cmegroup.com/trading/price-limits.html

 

 

Weather

The
weather outlook was mostly unchanged. Argentina will see rain across northeastern Buenos Aires then Santa Catarina & Entre Rios before drying down over the weekend. Brazil’s northern areas are favorable while net drying is occurring across parts of the southern
and western growing areas. Rain will fall across Brazil’s northern and eastern areas through Friday and expand into central and western areas this weekend. The US Great Plains will be mostly dry for the remainder of the week with exception of weekend event
across southern OK and northern TX. The Midwest will be active over the next few days while the WCB will be mostly dry.

 

 

World
Weather, INC.

MOST
IMPORTANT WEATHER FOR THE COMING WEEK

• Russia
  and Ukraine will experience colder weather in the next week to ten days, but there is not likely to be a viable threat of crop damage to snow-free areas in winter wheat country
• Northern
  and eastern Europe will be cooler than usual for a while in the next two weeks raising some demand for supplemental heating fuel, but the impact on winter crops will be minimal
• Southern
  Europe is poised to become stormier during the weekend and on into mid-month with waves of snow and rain expected causing travel issues and stressing livestock
• Northern
  Europe precipitation is advertised to be restricted over the next ten days
• Argentina
  crop weather will continue drier than usual over the next ten days and perhaps longer
• Temperatures
  will become very warm to hot again this weekend and especially next week with extreme highs back into the 90s and over 100 degrees Fahrenheit
• Crop
  stress is still expected to be serious in many central and northern crop areas where soil moisture is poorest and where temperatures will be hottest
• Argentina’s
  southern crop areas are in fair condition, but much more rain is needed to maintain the best sorghum, sunseed, corn, sorghum and soybean planting and development conditions
• Brazil
  is still advertised to receive routinely occurring rainfall during the next two weeks supporting relatively good crop development potential
• A
  boost in rainfall is still needed in southern Mato Grosso, Bolivia, northern Mato Grosso do Sul, western Sao Paulo and parts of Goias where less than usual rainfall has occurred recently
• Critically
  dry conditions are not present, but a moisture boost should prove ideal for stimulating better crop development ahead of reproduction
• Portions
  of northeastern Brazil will be plenty wet if not a little too wet during the next ten days to two weeks  and some break in the rainfall would be welcome
• South
  Africa weather is not likely to deviate very far from nearly ideal conditions during the next two weeks
• Routinely
  occurring rainfall and seasonably warm temperatures will promote the best possible environment for ongoing field operations and crop development
  
• India
  weather is expected to be mostly good for the next two weeks
• Net
  drying is expected in the central and north favoring winter crop planting, emergence and establishment while also supporting summer crop harvesting
• Far
  southern India will receive some periodic showers in this coming week with a tropical disturbance possible in the second week of the outlook
  
• The
  tropical system could produce some heavy rainfall in a few areas, but mostly after December 7
• Southeast
  Asia weather will continue to generate frequent rainfall that will be sufficient in maintaining wet field and paddy conditions
• Excessive
  rainfall will be limited to localized areas each day
• Southeastern
  China will receive periodically rainfall during the next two weeks maintaining moisture abundance in the Yangtze River Basin and southern coastal provinces
• The
  moisture will be good for future rapeseed development and for early rice planting which is still several weeks away
• Winter
  crop conditions in northern China are rated favorably with little change likely anytime soon
• Recent
  colder weather has pushed some of the northern wheat crop into dormancy
• U.S.
  weather has not changed much recently with hard red winter wheat production areas still too dry and unlikely to see much change
• Oklahoma
  and some northern crop areas of Texas continue to have favorable soil moisture and crop establishment has been improving
• Drought
  in Kansas, Colorado and Nebraska remains a concern for 2023 production, but World Weather, Inc. still believes rainfall will improve during the first half of 2023
• U.S.
  Tennessee River Basin and Delta will receive additional waves of rain next week that will return excessive moisture possibly hurting production potential for wheat in low lying areas, but more importantly the risk of flooding will be rising
• California
  is still poised to receive frequent rain and mountain snow in the coming week resulting in improving snowpack that might eventually improve spring runoff potentials and protect water supply
• U.S.
  upper Midwest and northern Plains will experience waves of snow during the next ten days and rounds of cold air will occur as well
• Florida,
  southern Georgia, South Carolina and southeastern Alabama will experience limited precipitation and low soil moisture over the next ten days to two weeks
  
• Ontario
  and Quebec will receive additional waves of snow and rain that will maintain moisture abundance in the region
• Canada’s
  Prairies will continue to experience cold weather and brief bouts of snow during the next couple of weeks
• North
  Africa will get rain periodically over the next ten days, although it may not be well distributed in some areas
• Greater
  rain will soon be needed in parts of Morocco and northwestern Algeria which have been driest recently
• The
  moisture will be well timed and good for wheat and barley emergence and establishment after recent dryness
• Australia
  will experience favorable drying conditions during the coming week
• Recent
  rain in eastern Queensland was great for sorghum, cotton and sugarcane produced near the coast, but most other areas were unaffected by much precipitation
• A
  drier weather bias is expected to prevail through the next ten days which is exactly what is needed for proper maturation and harvest progress in winter wheat, barley and canola production areas in the south
• A
  boost in precipitation is needed in western sorghum and cotton production areas to maintain the best possible production potential
• Mexico’s
  rains have largely diminished for the season and good crop maturation and harvest weather is expected for a while, but there is potential for a boost in southern and eastern Mexico rainfall over the next several days
• The
  moisture will be good for winter rice and citrus, but may disrupt some farming activity
• Central
  America precipitation is expected to continue periodically during the next ten days, but no large region of excessive rain is expected this week
• Panama,
  Costa Rica and portions of southern and eastern Nicaragua will be wettest with rain totals rising above normal
• Nicaragua
  and Honduras will experience lighter than usual precipitation
• West-central
  Africa rainfall should be mostly confined to southernmost coffee and cocoa production areas
• The
  precipitation will be greatest near the coast
• Some
  of the precipitation may drift northward this weekend and next week
• East-central
  Africa rainfall will be sufficient to support coffee and cocoa as well as a few other crops
• Rain
  will fall abundantly in Tanzania, southwestern Kenya and Uganda while it is more sporadic and light in Ethiopia
• Today’s
  Southern Oscillation Index was +4.67 and it will move higher over the next few days

Source:
World Weather INC

 

Bloomberg
Ag Calendar

Thursday,
Dec. 1:

• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• Port
  of Rouen data on French grain exports
• Australia
  commodity index
• USDA
  soybean crush, DDGS production, corn for ethanol, 3pm

Friday,
Dec. 2:

• FAO
  World Food Price Index
• Canada’s
  StatCan to release wheat, canola and barley production data, 8:30am
• ICE
  Futures Europe weekly commitments of traders report
• CFTC
  commitments of traders weekly report on positions for various US futures and options
• FranceAgriMer
  weekly update on crop conditions

Monday,
Dec. 5:

• USDA
  export inspections – corn, soybeans, wheat, 11am
• US
  crop harvesting for corn and cotton; winter wheat planting and condition, 4pm
• New
  Zealand commodity prices
• Malaysia’s
  Dec. 1-5 palm oil exports
• HOLIDAY:
  Thailand

Tuesday,
Dec. 6:

• EU
  weekly grain, oilseed import and export data
• Australian
  crop report & Abares agricultural commodities
• Purdue
  Agriculture Sentiment, 9:30am
• New
  Zealand global dairy trade auction

Wednesday,
Dec. 7:

• China’s
  first batch of November trade data, including soybean, edible oil, rubber and meat imports
• EIA
  weekly US ethanol inventories, production, 10:30am

Thursday,
Dec. 8:

• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• Port
  of Rouen data on French grain exports
• Vietnam’s
  customs releases Nov. coffee, rice and rubber export data
• EU
  Agricultural Outlook conference, Dec. 8-9, Brussels
• Brazil’s
  Conab data on area, yield and output of corn and soybeans
• HOLIDAY:
  Argentina, Chile

Friday,
Dec. 9:

• USDA’s
  World Agricultural Supply and Demand Estimates (WASDE), 12pm
• China’s
  agriculture ministry (CASDE) releases monthly report on supply and demand for corn and soybeans
• ICE
  Futures Europe weekly commitments of traders report
• CFTC
  commitments of traders weekly report on positions for various US futures and options
• FranceAgriMer
  weekly update on crop conditions
• Cane
  crush and sugar production data by Brazil’s Unica (tentative)
• HOLIDAY:
  Argentina

Source:
Bloomberg and FI

 

Selected
Brazil commodities exports:

Commodity                  
   November 2022      November 2021

CRUDE
OIL (TNS)                8,526,204             3,623,593

IRON
ORE (TNS)                 29,976,676            28,786,375

SOYBEANS
(TNS)                 2,640,907             2,587,139

CORN
(TNS)                     6,058,945             2,392,522

GREEN
COFFEE(TNS)              216,443               175,104

SUGAR
(TNS)                    4,074,709             2,662,110

BEEF
(TNS)                     148,843               81,174

POULTRY
(TNS)                  346,708               305,887

PULP
(TNS)                     1,750,948             1,430,162

 

USDA
Export Sales

USDA
export sales for all-wheat and SBO came in below expectations. Soybeans, soybean meal and corn were at the low end of a range of trade expectations. It was another week of large reductions for the unknown category for soybeans of 702,900 tons.

 

Soybean
sales showed sales of 693,800 tons for 2022-23 that included China 927,400 tons, including524,000 MT switched from unknown destinations and decreases of 70,200. The Netherlands included 177,900 tons, including 209,500 tons switched from unknown destinations
and decreases of 1,000. Iraq included 44,100 tons, including 42,000 tons switched from the Netherlands.

 

Soybean
meal sales were 185,200 tons, well below 516,400 tons previous week, and shipments were 234,200 tons. Soybean oil sales were net reductions of 2,300 tons and shipments only 2,500 tons.

 

Corn
export sales were 602,700 tons for 2022-23, primarily for Mexico (387,100 MT, including decreases of 2,700 MT), unknown destinations (78,500 MT), Hong Kong (34,000 MT), and Japan (27,700 MT, including 25,100 MT switched from unknown destinations). 

 

All-wheat
export sales of 155,500 tons were primarily for Algeria (58,300 MT, including decreases 1,700 MT),Mexico (32,800 MT, including decreases of 2,000 MT), Japan (26,700 MT), Nigeria (25,000 MT), and South Korea (6,100 MT).

 

Net
pork sales of 20,100 tons for 2022 were primarily for Mexico (11,800 MT, including decreases of 400 MT), Japan (4,000 MT, including decreases of 200 MT), South Korea (1,800 MT, including decreases of 100 MT). Pork sales have been very good this quarter.

 

 

 

Due
out Friday @ 7:30 am CT

 

Macros

93
Counterparties Take $2.050 Tln At Fed Reverse Repo Op (Prev $2.116 Tln, 102 Bids)

US
Initial Jobless Claims Nov 26: 225K (est 235K; prev 240K)

US
Continuing Claims Nov 26: 1608K (est 1570K; prev 1551K)

US
Personal Income Oct: 0.7% (est 0.4%; prev 0.4%)

US
Personal Spending Oct: 0.8% (est 0.8%; prev 0.6%)

US
Real Personal Spending Oct: 0.5% (est 0.5%; prev 0.3%)

US
PCE Deflator (M/M) Oct: 0.3% (est 0.4%; prev 0.3%)

US
PCE Deflator (Y/Y) Oct: 6.0% (est 6.0%; prev 6.2%)

US
PCE Core Deflator (M/M) Oct: 0.2% (est 0.3%; prev 0.5%)

US
PCE Core Deflator (Y/Y) Oct: 5.0% (est 5.0%; prev 5.1%)

S&P
Global US Manufacturing PMI Nov F: 47.7 (est 47.6; prev 47.6)

 

EU
Governments Tentatively Agree On $60 /Per Barrel Price Cap On Russian Seaborne Oil, Poland Has Until 1500 GMT To Agree – EU Diplomat

Adjustment
Mechanism Would Keep Price Cap On Russian Seaborne Oil 5% Below Market Price Based On IEA Figures

If
Poland Agrees, EU Governments Will Approve The Deal In Written Procedure By Friday

 

US
ISM Manufacturing Nov: 49.0 (est 49.7; prev 50.2)

–
Prices Paid: 43.0 (est 45.9; prev 46.6)

–
New Orders: 47.2 (est 48.5; prev 49.2)

–
Employment: 48.4 (est 50.0; prev 50.0)

US
Construction Spending (M/M) Oct: -0.3% (est -0.3%; prev R 0.1%)

 

Corn

·        
Corn futures ended
lower despite higher WTI crude oil and the USD plunging more than 110 points by 1 pm CT.  USDA export sales for corn were near the low end of a range of expectations.

·        
US RVO headlines for conventional biofuel of 15 billion for 2023 and modest increase for 2024 was in line with projections, but the large selloff in soybean oil in reaction to the RVO announcement spilled over into corn.

·        
The US House passed a bill to avert the rail strike. It now goes to the Senate.

·        
USDA reported corn for ethanol use for the month of October at a slightly better than expected 449 million bushels, above 383 million during September and below 468 million year ago. We left our 2022-23 crop-year corn for ethanol
use estimate unchanged at 5.250 billion bushels, 25 million below USDA.

 

 

Export
developments.

·        
USDA reported private exporters reported sales of 114,300 tons of corn for delivery to Mexico during the 2022-23 marketing year.

·        
South Korea’s KFA bought 65,000 tons of South America or South American corn in a private deal for March arrival at $334.98/ton c&f.

·        
In another tender, South Korea’s KFA bought 69,000 tons of South America or South American corn in a private deal for Dec 20-Jan 20 shipment at $334.98/ton c&f.

 

 

Updated
11/30/22

March
corn $6.10-$7.15 range.

 

Soybeans

·        
CBOT soybean
oil traded limit lower for the January through May 2023 contracts after EPA
announced a modest increase for their proposed total mandate for 2023. Traders were looking for a 1.0-1.5-billion-gallon increase.
Synthetic
soybean closed for January at 66.09, BOH at 65.00 and BOK at 64.15 (estimated). This puts the synthetic January crush around $2.22 (down 18 cents), March $1.99 (down 13.75) & May $1.77 (down 5.25).

·        
Soybeans ended 39.75 cents lower basis the January and meal $3.20-$4.40 short ton higher. Argentina meal premiums firmed earlier today.

·        
CBOT limits for the soybean complex expand tonight into Friday.
https://www.cmegroup.com/trading/price-limits.html

·        
Funds sold an estimated net 19,000 soybeans, bought 2,000 soybean meal and sold 15,000 soybean oil.

·        
Selected major China cities are easing covid restrictions in part to the anger associated with the lockdowns.

·        
There were rumors China bought 6-7 cargoes of Argentine soybeans for export in late December through January. Some traders put that amount lower than mentioned above. Argentine farmers sold an estimated 1.2 million tons of soybeans
in the past 3 days.

·        
Traders interpreted the mandates is different ways. The food industry did chalk up a win. Some thought it was bearish for soybean oil futures while others thought it had little impact on the US soybean oil balance sheet and/or
USDA 2022-23 soybean crush estimate. There is a chance SBO for biofuel use could fall short of expectations because of the large RIN pool. With mandates lower than expected, that means there are less mandates needed to buy, which could in turn pressure RIN
prices, thus squeezing biofuel producer margins.

·        
Some traders/end users don’t see a major downturn in US crushings, at least for first half 2023. Many crushers are already covered through at least May, with some already partially hedged with new crop. Meanwhile, crush margins
are very good for the rest of 2022-23, even after the large drop during today’s trade. July crush, for example, settled at $1.6350, a favorable level. New crop Nov/Dec is at around $1.75. For the new renewable plants coming online, it is unlikely that industry
will back off on production after heavy investment and contracting far out for feedstock. US retail diesel prices are high. Even if margins are compressed, the net impact on biofuel production might be as bad as it seems.

·        
Note the EPA is also proposing new regulations governing the generation of qualifying renewable electricity made from renewable biomass that is used for transportation fuel in electric vehicles.

·        
For our US soybean oil balance sheet, we lowered our soybean oil for biodiesel use by 500 million pounds to 12.000 billion, 200 million pounds above USDA and above 10.348 billion pounds for 2021-22.
We took food use up 300 million pounds to 14.350 billion, below 14.465 billion pounds year earlier, and lowered imports by 300 million pounds to 600 million, 100 million below USDA. Our 2022-23 US soybean oil ending stocks estimate is projected at 1.864
billion, slightly above USDA’s 1.859 billion estimate.

·        
Attached is our update US soybean complex S&D’s.

·        
USDA reported the October US soybean crush at 196.6 million bushels, 0.6 million above an average trade guess above 167.6 million in September and 300,000 bushels below October 2021. Recall NOPA reported the other crush below
trade expectations. Daily adjusted the crush was running at 6.34 million bushels per day, above 5.59 million during September and below 6.35 million below year ago. The daily rate suggest crusher were running near capacity.  December 2021 was the monthly record
for the daily crush at 6.39 million bushels per day. Soybean oil stocks at the end of October were 2.094 billion pounds, above 1.991 million the month earlier and down from 2.386 billion at the end of October 2021. Soybean meal stocks at the end of October
were 378,000 short tons, above 311,000 at the end of 2021-22 and below 411,000 year earlier. The October soybean meal yield was 46.82, above 46.63 year earlier. Our October-September crop year product crush is estimated at 2.246 billion bushels, one million
above USDA.

 

 

Export
Developments

·        
None reported

 

Updated
11/30/22

Soybeans
– January $14.00-$15.15

Soybean
meal – January $380-$450

Soybean
oil – January 68.00-74.00 range

 

Wheat

·        
US wheat futures ended lower from technical selling despite a sharply lower USD. Paris wheat hit a three-month low in part to a higher euro. USDA export sales were disappointing. US export developments have been quiet this week
until Taiwan floated an import tender for 42,750 tons of US origin wheat. Global import demand is steady with Algeria and Thailand picking up wheat. Black Sea origin remains competitive.

·        
Paris March wheat was lower by 3.00 euros at 313 euros a ton.

 

Export
Developments.

·        
Taiwan seeks 42,750 tons of US wheat on December 7 for Jan 25-Feb 8 shipment.

·        
Thailand bought about 123,000 tons of feed wheat from Australia at around $349/ton c&f for January (63k) and June shipment (60k).

·        
Turkey bought 495,000 tons of feed barley for Jan through Feb shipment. Ukrainian and Russian was thought to be origin. Prices ranged from $302.80 to $312.00 c&f.

·        
Algeria’s OAIC bought between 450,000 to 500,000 tons of optional origin milling wheat between $354.00 to $355.50 a ton (c&f) for January shipment.

·        
China plans to auction off 40,000 tons of wheat from reserves on December 7. 

·        
Pakistan started getting offers for 500,000 tons of wheat. The lowest price offered was believed to be $372.00 a ton c&f for Russian origin.

 

Rice/Other

·        
None reported

 

Updated
11/30/22

Chicago
– March $7.65 to $9.50

KC
– March 8.50-$10.25

MN
– March $7.75 to $10.25

 

 

USDA Export Sales

U.S. EXPORT SALES FOR WEEK ENDING  11/24/2022

 

	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	37.5	837.4	1,979.3	91.9	2,800.4	3,709.5	0.0	6.3
SRW	9.6	529.1	601.3	5.0	1,683.0	1,478.7	7.0	13.6
HRS	18.9	1,370.7	1,113.7	128.0	2,768.5	2,729.3	0.0	10.8
WHITE	31.2	1,096.5	748.0	27.6	2,146.3	1,810.1	0.0	0.3
DURUM	58.3	123.2	52.4	18.8	96.5	96.8	0.0	0.0
TOTAL	155.5	3,956.8	4,494.6	271.2	9,494.8	9,824.5	7.0	31.0
BARLEY	0.0	6.6	21.6	0.8	5.0	8.5	0.0	0.0
CORN	602.7	12,579.1	25,783.6	344.5	5,773.3	9,646.7	30.0	969.0
SORGHUM	5.1	254.8	3,278.9	1.8	102.1	754.3	0.0	0.0
SOYBEANS	693.8	18,232.3	16,096.7	2,117.0	19,065.8	21,070.4	0.0	10.0
SOY MEAL	185.2	3,614.5	3,576.3	234.2	1,494.5	1,851.1	-15.7	3.3
SOY OIL	-2.3	18.8	211.7	2.5	11.5	91.4	0.0	0.6
RICE
L G RGH	4.0	115.6	165.6	12.6	134.1	494.7	0.0	0.0
M S RGH	0.0	12.2	6.5	0.3	9.7	2.6	0.0	0.0
L G BRN	0.1	6.7	1.8	0.4	6.3	24.7	0.0	0.0
M&S BR	0.0	9.9	68.5	0.2	4.5	14.8	0.0	0.0
L G MLD	7.8	107.5	66.0	8.5	207.0	306.2	0.0	0.0
M S MLD	13.3	69.5	80.4	1.5	87.3	108.9	0.0	0.0
TOTAL	25.3	321.5	388.7	23.5	448.8	951.8	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	16.5	5,460.9	6,952.6	139.5	3,240.1	2,392.7	11.0	1,144.1
PIMA	1.8	82.6	242.2	1.3	29.2	109.0	0.0	0.9

 

 

This
summary is based on reports from exporters for the period November 18-24, 2022.

Wheat:
Net sales of 155,500 metric tons (MT) for 2022/2023 primarily for Algeria (58,300 MT, including decreases 1,700 MT), Mexico (32,800 MT, including decreases of 2,000 MT), Japan (26,700 MT), Nigeria (25,000 MT), and South Korea (6,100 MT), were offset by reductions
for Barbados (2,100 MT), Spain (900 MT), and Leeward and Winward Islands (100 MT).  Total net sales of 7,000 MT for 2023/2024 were for Mexico.  Exports of 271,200 MT were primarily to Taiwan (84,800 MT), Mexico (73,600 MT), South Korea (39,400 MT), Spain (19,100
MT), and Algeria (18,800 MT). 

Corn: 
Net sales of 602,700 MT for 2022/2023 were primarily for Mexico (387,100 MT, including decreases of 2,700 MT), unknown destinations (78,500 MT), Hong Kong (34,000 MT), Japan (27,700 MT, including 25,100 MT switched from unknown destinations), and Colombia
(27,200 MT).  Total net sales of 30,000 MT for 2023/2024 were for Mexico.  Exports of 344,500 MT were primarily to Mexico (193,100 MT), China (77,100 MT), Japan (25,100 MT), Canada (17,800 MT), and Honduras (8,300 MT). 

Barley: 
No net sales were reported for the week.  Exports of 800 MT were to Japan. 

Sorghum: 
Total net sales of 5,100 MT for 2022/2023 were for Mexico.  Exports of 1,800 MT were to Mexico.

Rice:
 Net
sales of 25,300 MT for 2022/2023 were primarily for Japan (13,000 MT), Haiti (7,100 MT, including decreases of 100 MT), Honduras (3,900 MT), Belgium (300 MT), and Canada (200 MT, including decreases of 800 MT).  Exports of 23,500 MT were primarily to Colombia
(11,400 MT), Haiti (7,100 MT), Canada (1,900 MT), Mexico (1,700 MT), and Saudi Arabia (500 MT).

Soybeans: 
Net sales of 693,800 MT for 2022/2023 primarily for China (927,400 MT, including 524,000 MT switched from unknown destinations and decreases of 70,200 MT), the Netherlands (177,900 MT, including 209,500 MT switched from unknown destinations and decreases of
1,000 MT), the United Kingdom (66,000 MT, including 60,000 MT switched from unknown destinations), Mexico (56,200 MT, including decreases of 2,900 MT), and Iraq (44,100 MT, including 42,000 MT switched from the Netherlands), were offset by reductions primarily
for unknown destinations (702,900 MT).  Exports of 2,117,000 MT were primarily to China (1,510,400 MT), the Netherlands (219,900 MT), Spain (95,100 MT), the United Kingdom (66,000 MT), and Mexico (55,800 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 exports for own account totaling 25,000 MT were to Canada.  Exports for own account totaling 66,000 MT to Canada were applied to new or outstanding sales.  The current exports for own account outstanding balance is 6,300 MT, all Canada.

Soybean
Cake and Meal: 
Net sales of 185,200 MT for 2022/2023 primarily for Colombia (83,000 MT), Denmark (45,000 MT), Canada (24,700 MT), Mexico (18,000 MT), and Ecuador (8,000 MT), were offset by reductions for the Philippines (16,400 MT) and Guatemala (2,600 MT).  Total net sales
reductions of 15,700 MT for 2023/2024 were for Canada.  Exports of 234,200 MT were primarily to Vietnam (53,300 MT), Mexico (49,300 MT), Colombia (48,100 MT), Ecuador (36,400 MT), and Canada (18,100 MT).

Soybean
Oil: 
Net sales reductions of 2,300 MT for 2022/2023 resulting in increases for Canada (100 MT), were more than offset by reductions for Mexico (2,400 MT).  Exports of 2,500 MT were to Mexico (2,200 MT) and Canada (300 MT).

Cotton: 
Net
sales of 16,500 RB for 2022/2023 primarily for India (5,700 RB), Indonesia (4,200 RB, including decreases of 500 RB), Pakistan (3,500 RB, including decreases of 2,200 RB), Peru (2,600 RB), and Vietnam (2,200 RB), were offset by reductions primarily for Turkey
(8,500 RB).  Total net sales of 11,000 RB for 2023/2024 were for Turkey.  Exports of 139,500 RB were primarily to China (38,300 RB), Pakistan (31,900 RB), Bangladesh (15,200 RB), Turkey (8,400 RB), and Mexico (8,100 RB).  Net sales of Pima totaling 1,800 RB
were primarily for China (1,800 RB, including 400 RB switched from Germany) and Thailand (400 RB), were offset by reductions for Germany (400 RB).  Exports of 1,300 RB were primarily to China (500 RB) and Taiwan (400 RB).  

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

Export
for Own Account:
For 2022/2023, new exports for own account totaling 6,600 RB were to China.  The current exports for own account outstanding balance of 105,700 RB are for China (61,800 RB), Vietnam (23,900 RB), Pakistan (18,100 RB), India (1,500 RB), and Indonesia (400 RB). 

Hides
and Skins: 
Net sales of 472,000 pieces for 2022 reported for China (338,200 whole cattle hides, including decreases of 10,600 pieces), Mexico (94,400 whole cattle hides, including  decreases of 2,700 pieces), South Korea (24,200 whole cattle hides, including decreases
of 6,600 pieces), Brazil (9,800 whole cattle hides, including decreases of 100 pieces), and Colombia (3,400 whole cattle hides), were offset by reductions for Indonesia (1,200 pieces), Thailand (800 pieces), and Turkey (100 pieces).  Net sales of 2,900 calf
skins reported for Italy (7,200 calf skins), were offset by reductions for China (4,300 calf skins).  In addition, net sales of 1,100 kip skins reported for China (1,300 kip skins), were offset by reductions for Belgium (200 kip skins).  Net sales of 46,300
pieces for 2023 reported for China (45,100 whole cattle hides) and South Korea (4,000 whole cattle hides), were offset by reductions for Brazil (2,800 pieces).  Exports of 424,000 whole cattle hides exports were primarily to China (301,300 pieces), Mexico
(38,500 pieces), South Korea (26,700 pieces), Thailand (22,800 pieces), and Indonesia (14,300 pieces).  In addition, exports of 1,300 kip skins were to Belgium.

Net
sales of 19,900 wet blues for 2022 primarily for China (12,500 unsplit, including decreases of 100 unsplit), Thailand (3,400 unsplit), Vietnam (2,400 unsplit), Italy (1,700 unsplit, including decreases of 2,000 unsplit), and India (900 unsplit), were offset
by reductions for Brazil (1,000 unsplit).  Net sales of 7,000 wet blues for 2023 were reported for Thailand (4,000 unsplit), Italy (2,000 unsplit), and Brazil (1,000 unsplit).  Exports of 167,100 wet blues were primarily to China (74,500 unsplit), Italy (30,000
unsplit and 1,800 grain splits), Vietnam (26,100 unsplit), Thailand (24,300 unsplit), and Taiwan (4,700 unsplit).  No net sales of splits were reported for week.  Exports of 56,000 splits were to China.

Beef: 
Net sales of 15,400 MT for 2022 primarily for China (7,200 MT, including decreases of 100 MT), Japan (2,600 MT, including decreases of 500 MT), Canada (1,900 MT, including decreases of 100 MT), South Korea (1,700 MT, including decreases of 400 MT), and Mexico
(800 MT, including decreases of 100 MT), were offset by reductions for Brazil (100 MT).  Net sales of 2,000 MT for 2023 were reported for Mexico (900 MT), Japan (500 MT), China (300 MT), Taiwan (200 MT), and Guatemala (100 MT). 
Exports of 15,800 MT were primarily to Japan (4,200 MT), South Korea (4,000 MT), China (3,000 MT), Mexico (1,400 MT), and Canada (800 MT). 

Pork: 
Net sales of 20,100 MT for 2022 were primarily for Mexico (11,800 MT, including decreases of 400 MT), Japan (4,000 MT, including decreases of 200 MT), South Korea (1,800 MT, including decreases of 100 MT), the Dominican Republic (900 MT, including decreases
of 100 MT), and Canada (500 MT, including decreases of 400 MT). 
Net sales of 3,800 MT for 2023 were primarily for Canada (1,200 MT), Colombia (1,000 MT), China (500 MT), Honduras (300 MT), and South Korea (200 MT). 
Exports of 29,700 MT were primarily to Mexico (14,900 MT), China (4,100 MT), Japan (3,000 MT), South Korea (1,900 MT), and Canada (1,800 MT).