FI Evening Grain Comments 12/08/22

PDF Attached

 

Private
exporters reported the following sales activity:

118,000
metric tons of soybeans for delivery to China during the 2022/2023 marketing year

718,000
metric tons of soybeans for delivery to unknown destinations during the 2022/2023 marketing year

 

Soybean
meal made new contract highs in the nearby contracts. Soybeans were supported by additional US export demand and good export sales. Soybean oil traded two-sided. Corn was higher in the nearby contracts following strength in soybean meal. Chicago wheat closed
lower on lack of direction.

 

Weather

Argentina
will see light rain today bias southern Cordoba, southern Buenos Aires, and northern Cordoba through Saturday. Brazil will see additional rain this week. Europe will see two storms over the next week. US rainfall improves for the Midwest and Delta.

 

 

 

World
Weather, INC.

MOST
IMPORTANT WEATHER FOR THE DAY

• NWS
  updated its ENSO outlook today suggesting La Nina would continue into winter, but neutral ENSO conditions were probably for the latter part of winter and early spring
• These
  changes are consistent with the World Weather special report on La Nina earlier this week
• If
  you missed that report there were details within it as to how diminishing La Nina would impact world weather
• Argentina
  was excessively hot again Wednesday with extreme highs of 95 to 106 degrees Fahrenheit common, but extremes of 108 to 113 occurred in Santiago del Estero
• Serious
  crop moisture and heat stress was noted across the nation, but especially in the central and north where it has been hottest and driest
• Argentina’s
  outlook favors two waves of rain through Monday and into Tuesday of next week that will offer “some” relief to dryness and crop moisture stress
• Resulting
  rainfall will only provide temporary relief and the greatest rain may fall in cotton areas rather than key grain and oilseed production areas
• Temperatures
  will cool down briefly Friday and Saturday with the first wave of rain
• Short
  term heating is expected again Sunday into Monday, but the second wave of rain Monday into Tuesday will bring temperatures back down near normal
• Argentina’s
  weather next week will be drier biased in the second half of the week, but there will be potential for scattered showers December 16-22
• Resulting
  rainfall will not be greater than usual, but the higher frequency of showers may help restrict crop moisture stress during that period of time
• Argentina’s
  bottom line is certainly very stressful today due to hot and dry conditions in the central and north and that will continue today. Relief in the central and north Friday into Monday will bring down the temperatures and induce some rainfall that will not restore
  normal soil moisture but should offer a short term bout of improvement to crop and field conditions. In the meantime, southern Argentina will continue to dry down raising the potential for a little moisture stress there as well. The second week of the forecast
  will bring in just enough shower activity to prevent the most serious stress of this week from returning, but greater rain will still be needed.
  
• Brazil
  weather is still expected to be well mixed with periods of rain and sunshine over the next two weeks
  
• Sufficient
  rainfall is expected to support most crops, although a close watch on southern Brazil will be warranted since rainfall may prove to be a little erratic and light at times
• No
  widespread problems with dryness are expected, but a few pockets of dryness may evolve over time
• Temperatures
  will stay in a mostly seasonable range during the next two weeks
• Tropical
  Cyclone Mandous formed in the Bay of Bengal Wednesday and overnight
• The
  storm will reach the lower east coast of India south of Chennai tonight and Friday
  
• Rapid
  weakening is expected as the storm moves inland
• Heavy
  rain will occur in southern Andhra Pradesh and northeastern Tamil Nadu with lighter rain expected in the interior south and some west-central crop areas Friday through the weekend
• Damage
  to crops should be low, but some flooding could negatively impact a few rice areas
• Sugarcane
  should not be seriously impacted
• Open
  boll cotton fiber quality may be decreased, but no serious impact on crop condition or production is expected
• Tropical
  disturbance southeast of the Philippines today will become better organized and will impact the central and northern portions of the nation Friday through the weekend
• Some
  excessive rain and flooding is expected in Luzon and Samar Islands with lighter rain in other areas
• Damage
  to crops should be low, but there will be some concern over flooding in rice areas
• Well
  below normal temperatures will occur in northern Europe over the coming week
• Freezes
  became widespread this morning in northern and central Europe and additional cooling is expected through the weekend and into early next week
• Extreme
  lows in the teens and 20s are likely in the North and Baltic Sea regions with some temperatures in Scandinavia dropping below zero Fahrenheit
• Stronger
  heating fuel demand will occur through the forecast period
• Southern
  Europe will continue to see near to above normal temperatures
• Southern
  Europe will experience increasing storminess over the weekend and especially next week with at least one and probably two winter storms expected producing heavy snow and rain
  
• The
  first significant snow event is expected from the aps to Poland, Belarus and the Baltic States early next week
  
• A
  second winter storm will occur from southeastern Europe into western Russia and Ukraine later next week and into the following weekend
• Travel
  delays and livestock stress will result along with greater heating needs as time moves along
• U.S.
  northern Plains and upper Midwest are still advertised to be wetter early next week
  
• The
  storm is being fueled by warm temperatures in the eastern United States, cold air in Canada and the northwestern U.S. and an influx of moisture from the Gulf of Mexico
• The
  system seems to be a little too intense, but World Weather, Inc. sees the potential for a significant event as an active weather pattern begins to evolve
• Blizzard
  conditions will develop in the northern Plains and some significant moisture could impact the upper Midwest, but the event is too far out in time to have strong confidence in the details
• Snowfall
  could easily range from 6 to 12 inches with local totals of 18-22 inches, but the system is still five days away leaving plenty of opportunity for change
• Runoff
  from this storm system could offer a little improvement on Mississippi River flow, but frequent follow up precipitation would be necessary to make a bigger difference
• Tennessee
  River Basin rainfall continued Wednesday with parts of Kentucky and Tennessee reporting 0.60 to 1.31inches maintaining saturated soil conditions and raising river water levels on the Tennessee River
• Lower
  Mississippi River water levels should increase this weekend and next week as a result of the frequent rain in the Tennessee River Basin
  
• Some
  cropland will experience areas of standing water
• U.S.
  lower Delta and southeastern states will receive little to no rain through Saturday, but may get some moisture later this weekend and next week to offer a short term boost in topsoil moisture
• U.S.
  hard red winter wheat areas will be mostly dry in the west-central Plains during the next ten days leaving winter crops poorly established and vulnerable to extreme weather this winter – at least until significant snow accumulates
• The
  coldest weather expected in the region will come next week
• Central
  and northern California will receive more rain and mountain snow Friday through Sunday
• The
  increasing snowpack will help improve runoff in the spring and summer
• Late
  week precipitation is expected in the Cascade Mountains and coastal areas of Washington and Oregon resulting in greater mountain snowpack
• Restricted
  precipitation is likely east of the Mountains
• Additional
  precipitation is expected in the same areas during the weekend with some of that reaching California’s northern Sierra Nevada
• Russia’s
  New Lands were still quite cold overnight, but not as cold as Monday night
• Some
  snow-free areas of Russia’s Southern region reported lows in the single digits and teens Fahrenheit
• Most
  of the temperatures were not cold enough to induce crop damage
• Warming
  is expected over the next several days
• South
  Africa weather is not likely to deviate very far from nearly ideal conditions during the next ten days
• Routinely
  occurring rainfall and seasonably warm temperatures will promote the best possible environment for ongoing field operations and crop development
  
• Some
  greater than usual rainfall is expected in the coming ten days
• India
  weather is expected to be mostly good early this week with limited precipitation and seasonable temperatures
• 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 Tropical Storm Mandous  moving inland tonight and Friday
• See
  the Tropical Cyclone Mandous bullet above on page 2
• 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
• A
  couple of tropical waves in a strong easterly monsoon flow are expected during the next couple of weeks
• One
  of these tropical waves has potential to become a tropical cyclone that will impact the northern Philippines this weekend
• Heavy
  rain and local flooding may result – see page 2 bullet regarding this event
• Southeastern
  China will receive erratic rainfall during the next two weeks maintaining moisture abundance in the Yangtze River Basin and southern coastal provinces
• Most
  of the precipitation will be quite light allowing runoff from previous rain to continue which may help reduce the risk of flooding when the next bout of heavier rain arrives
• 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
• Ontario
  and Quebec will receive additional waves of snow and rain that will maintain moisture abundance in the region
• Canada’s
  Prairies will experience a more seasonably cool temperature regime over the coming week before colder weather returns again in the Dec. 16-23  period
• Waves
  of light snow will occur, but resulting precipitation will be low relative to normal
• North
  Africa will get rain periodically over the next ten days, although it may not be well distributed in some areas
• Greater
  rain is 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 a favorable mix of weather during the coming two weeks
• A
  boost in precipitation is needed in western sorghum and cotton production areas in Queensland and New South Wales to maintain the best possible production potential
• Brief
  periods of light precipitation are expected in winter crop harvest areas where some disruption to fieldwork may occur, but most of the disruptions will be short termed enough to have a low impact
• Mexico’s
  rain is expected to be very erratic and light over the next two weeks which is not unusual for this time of year
• Any
  precipitation that falls will be good for winter rice and citrus, but may disrupt some summer farming activity
• Most
  of the precipitation will be light and have little to no impact of significance
• 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
• Net
  drying is likely in most coffee, cocoa, rice, sugarcane and cotton production areas away from the coast which is normal for this time of year
  
• 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, southern Kenya and Uganda while it is more sporadic and light in Ethiopia
• Monday’s
  Southern Oscillation Index was +9.51 and it will move erratically lower over the next few days
  

Source:
World Weather INC

 

Bloomberg
Ag Calendar

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

 

 

 

 

Brazil’s
Conab
reported a slightly bullish crop production report, for soybeans and corn. Brazil’s December update lowered the soybean crop by 100,000 tons to 153.5 million, 100,000 tons below an average trade guess and 28 million above year ago. Brazil corn production was
estimated by Conab at 125.8 million tons, 600,000 tons below November, 1.9 million tons below an average trade guess and 12.7 million above 2021-22. Most of the reduction for all corn were in the southern states of RGDS, Santa Catarina, Parana and Goias.

 

 

USDA
export sales

Good
export sales were posted for soybeans that included China (839,600 MT, including 396,000 MT switched from unknown destinations and decreases of108,200 MT), Mexico (143,300 MT, including 47,500 MT switched from unknown destinations and decreases of 300 MT)
and Germany (140,400 MT). Soybean meal sales were within expectations and soybean oil poor. Shipments of meal were ok. Corn export sales improved from the previous week and were within expectations. All-wheat sales were within expectations but slow for this
time of year. Pork sales were 7,900 tons. US soybean commitments are running near year ago level and at a rate that should reach USDA’s export projection while corn commitments are very slow and suggest USDA maybe too high on their export projection.

 

 

 

Macros

US
Initial Jobless Claims Dec 3: 230K (est 230K; prev 225K)

US
Continuing Claims Nov 26: 1671K (est 1618K; prev 1608K)

Keystone
Pipeline Shut Down After Oil Leak Detected – BNN BBG

US
EIA NatGas Storage Change (BCF) 02-Dec: -21 (est -31; prev -81)

–
Salt Dome Cavern NatGas Stocks (BCF): +13 (prev -4)

 

Corn

·        
Corn futures traded
mostly higher. Nearby contracts were initially supported by strength in US energy prices and higher wheat, but both WTI crude oil and Chicago wheat sold off. Another leg up in soybean meal underpinned nearby CBOT corn.

·        
South Korea bought additional SA corn.
US corn export sales are off to a slow start this crop season and we look for USDA to lower their US export forecast on Friday by at least 50 million bushels.

·        
Brazil 2022-23 corn production was estimated by Conab at 125.8 million tons, 600,000 tons below November, 1.9 million tons below an average trade guess and 12.7 million above 2021-22. Most of the reduction for all corn were in
the southern states of RGDS, Santa Catarina, Parana and Goias.

·        
Argentina corn planting was 32.7% complete, 7 points below a year ago, according to the BA Grains Exchange. Argentina’s AgMin reported corn sales were 72.8% for the current crop, below 75.3% a year ago.

 

 

Export
developments.

·        
South Korea’s NOFI group bought 69,000 tons of corn from South America for up to 138,000 tons sought for Jan 10-Feb 10 shipment, at $329.99 per ton.

 

Updated
12/6/22

March
corn $6.00-$7.15 range. May
$5.80-$7.10

 

Soybeans

·        
January soybean futures hit their highest level since September 21 during the session and settled 14.25 cents higher. January soybean meal was up $7.10 and January soybean oil 35 points higher. An increase in soybean export demand
and ongoing drought concerns for Argentina and southern Brazil continues to support the market. USDA announced about 54 million bushels had been sold to China and unknown destinations since Monday.

·        
USDA export sales were good at 1.716 million tons, well above 693,800 tons previous week. Soybean commitments so far for the 2022-23 crop year total 38.874 million tons, slightly above 38,740 million year ago. After the 24-H announcements
this week, US soybean export commitments are running at least 40.35 million tons. USDA’s export projection is 55.7 million tons for 2022-23.

·        
USDA this morning reported 118,000 tons of soybeans sold to China and 718,000 tons to unknown destinations.

·        
Brazil’s Conab December supply update lowered the soybean crop by 100,000 tons to 153.5 million, 100,000 tons below an average trade guess and 28 million above year ago.

·        
Abiove looks for Brazil soybean production to end up near 153.5 million tons, up from 127.9 million in 2021-22.

·        
Argentina was closed for holiday.

·        
Yesterday the Buenos Aires Grains Exchange warned the soybean area could be cut from the drought. Only 37.1% of the planned soybean area of 16.7 million hectares was planted. 

·        
Argentina’s AgMin reported soybean sales were 74.2% for the current crop, still behind 76.9% a year ago. During the November 28 through December 6 period, 2.4 million tons of soybeans were sold.

 

 

Export
Developments

·        
South Korea’s Agro-Fisheries & Food Trade Corp. seeks 25,000 tons of non-GMO soybeans. The deadline is Dec. 13, for arrival between December 2023 and June 2024.

·        
Under the 24-hour announcement system, private exporters reported the following:

• 118,000
  metric tons of soybeans for delivery to China during the 2022/2023 marketing year
• 718,000
  metric tons of soybeans for delivery to unknown destinations during the 2022-23

 

 

January
soybean meal

Source:
Reuters

 

Updated
12/6/22

Soybeans
– January $14.00-$15.15, March $14.15-$15.25

Soybean
meal – January $425-$480, March $4.00-$500

Soybean
oil – January 57.00-68.50 range,
March 55.00-69.00

 

Wheat

·        
US wheat futures traded two-sided on lack of direction. Chicago and KC ended lower on poor USDA export sales. MN was higher on steady global demand for high protein wheat and persistent dryness across the northern Great Plains. 
Cheaper Black Sea supplies against EU and US wheat along with large crop prospects for Australia continue to weigh on trade sentiment.

·        
For USDA’s December S&D update, look for little change in US demand. Global stocks are expected to nudge lower in large part to a reduction in Argentina and Canadian production, partially offset by Australia.

·        
Paris March wheat was lower by 0.50 euro at 307.25 euros a ton, near a multi month low.

·        
All-wheat export inspections were within expectations but poor for this time of year. Hard Red Spring commitments are running at 4.156 million tons, above 3.903 million at this time year ago, but below a 5-year average of 4.680
billion tons. White and Durum wheat commitments are also above the year ago pace. Hard Red Winter was 3.715 million tons, below 5.770 million year earlier.

 

 

Export
Developments.

o  
The Philippines seeks 110,000 tons of feed wheat on Friday for shipment between February and May.

·        
Japan bought 154,957 tons of wheat later this week for arrival by March 5. Original details as follows:

 

Rice/Other

·        
Bangladesh seeks 50,000 tons of rice on December 21 for shipment with 40 days of contract signing.

 

Updated
12/6/22

Chicago
– March $7.00 to $8.50

KC
– March 7.75-$9.75

MN
– March $8.25 to $10.00

 

 

 

U.S. EXPORT SALES FOR WEEK ENDING  12/1/2022

 

	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	76.9	868.5	1,963.1	45.8	2,846.2	3,806.6	0.0	6.3
SRW	28.5	550.6	632.7	7.0	1,690.0	1,502.7	0.0	13.6
HRS	16.4	1,302.5	1,123.4	84.6	2,853.1	2,779.8	0.0	10.8
WHITE	66.9	1,075.9	765.9	87.4	2,233.8	1,851.5	0.0	0.3
DURUM	1.1	91.7	35.9	32.6	129.1	97.2	0.0	0.0
TOTAL	189.9	3,889.2	4,521.1	257.4	9,752.2	10,037.9	0.0	31.0
BARLEY	0.0	6.1	21.5	0.5	5.5	9.0	0.0	0.0
CORN	691.6	12,370.6	26,011.4	900.1	6,673.4	10,551.3	0.0	969.0
SORGHUM	3.5	186.4	3,417.3	72.0	174.1	931.0	0.0	0.0
SOYBEANS	1,716.2	17,700.8	15,300.6	2,247.6	21,173.1	23,439.4	30.0	40.0
SOY MEAL	226.2	3,579.8	3,473.6	260.9	1,755.4	2,156.3	15.0	18.3
SOY OIL	0.5	18.8	185.3	0.4	11.9	123.1	0.0	0.6
RICE
L G RGH	27.7	142.3	170.9	1.0	135.1	523.6	0.0	0.0
M S RGH	3.0	14.7	6.5	0.5	10.2	2.6	0.0	0.0
L G BRN	0.1	6.4	4.5	0.4	6.7	25.3	0.0	0.0
M&S BR	0.2	9.8	68.5	0.3	4.7	14.8	0.0	0.0
L G MLD	18.3	122.8	59.2	2.9	206.3	321.9	0.0	0.0
M S MLD	28.5	94.2	66.9	3.9	91.1	124.7	0.0	0.0
TOTAL	77.7	390.2	376.5	8.9	454.1	1,012.9	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	32.6	5,352.4	7,220.4	141.1	3,381.2	2,507.5	26.4	1,170.5
PIMA	1.4	77.2	240.5	6.9	36.1	117.7	0.2	1.1

 

 

Export Sales Highlights

This summary is based on reports from exporters for the
period November 25-December 1, 2022.

Wheat:
Net sales of 189,900 metric tons (MT) for 2022/2023 were primarily for China (65,000 MT), Iraq (50,000 MT), Mexico (34,200 MT, including decreases of 100 MT), Italy (15,700 MT, including decreases of 400 MT), and Haiti (7,000 MT).  Exports of 257,400 MT were
primarily to the Philippines (110,000 MT), Japan (35,000 MT), Algeria (32,600 MT), Mexico (31,700 MT), and Nigeria (30,000 MT). 

Corn: 
Net sales of 691,600 MT for 2022/2023 primarily for Mexico (333,100 MT, including decreases of 32,400 MT), China (204,900 MT, including 189,200 MT switched from unknown destinations), Costa Rica (122,300 MT), Guatemala (32,100 MT), and Honduras (28,800 MT),
were offset by reductions for unknown destinations (108,700 MT).  Exports of 900,100 MT were primarily to China (474,900 MT), Mexico (344,200 MT), Japan (39,300 MT), Canada (24,400 MT), and Taiwan (6,300 MT). 

Barley: 
No net sales were reported for the week.  Exports of 500 MT were to Japan.

Sorghum: 
Net sales of 3,500 MT for 2022/2023 primarily for China (71,400 MT, including 68,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (68,000 MT).  Exports of 72,000 MT were to China (71,400 MT) and Mexico (600 MT).

Rice:
 Net
sales of 77,700 MT for 2022/2023 primarily for Jordan (27,400 MT), Panama (27,000 MT), Haiti (15,200 MT), Mexico (5,000 MT), and Canada (2,200 MT), were offset by reductions for Morocco (400 MT) and Colombia (100 MT).  Exports of 8,900 MT were primarily to
Mexico (2,900 MT), South Korea (2,600 MT), Canada (2,400 MT), Saudi Arabia (300 MT), and Germany (100 MT).

Export Adjustments:
Accumulated exports of long grain, milled rice to Jordan were adjusted down 3,628 MT.  Of the total 710 MT for
week ending August 25^th, 353 MT September 22^nd, 990 MT October 13^th, 877 MT October 27^th, and 698 MT November 3^rd.  This class of rice was reported in error.  The correct class is medium, short and other
classes, milled rice and included in this week’s report.

Soybeans: 
Net sales of 1,716,200 MT for 2022/2023 primarily for China (839,600 MT, including 396,000 MT switched from unknown destinations and decreases of 108,200 MT), Mexico (143,300 MT, including 47,500 MT switched from unknown destinations and decreases of 300 MT),
Germany (140,400 MT), Indonesia (120,800 MT, including 110,000 MT switched from unknown destinations and decreases of 100 MT), and unknown destinations (108,400 MT), were offset by reductions for Honduras (5,000 MT).  Total net sales of 30,000 MT for 2023/2024
were for China.  Exports of 2,247,600 MT were primarily to China (1,669,700 MT), Germany (140,400 MT), Indonesia (125,800 MT), Taiwan (96,400 MT), and Mexico (78,900 MT). 

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

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

Export Adjustments: 
Accumulated exports of soybeans to the Netherlands were adjusted down 140,400 MT.  Of the total 69,925 MT for week ending November 17^th and 70,475 MT November 24^th.  The correct destination for these shipments is Germany. 

Soybean Cake and Meal: 
Net sales of 226,200 MT for 2022/2023 primarily for Mexico (104,800 MT, including decreases of 400 MT), Japan (24,300 MT, including decreases of 700 MT), Honduras (16,300 MT), unknown destinations (14,500 MT), and Nicaragua (13,900 MT), were offset by reductions
primarily for Ireland (7,500 MT) and Colombia (1,100 MT).  Total net sales of 15,000 MT for 2023/2024 were for Mexico.  Exports of 260,900 MT were primarily to Japan (100,600 MT), the Philippines (49,100 MT), Mexico (34,500 MT), the Dominican Republic (26,100
MT), and the Netherlands (21,000 MT).

Soybean Oil: 
Net sales of 500 MT for 2022/2023 were for Canada.  Exports of 400 MT were to Canada.

Cotton: 
Net sales of 32,600 RB for 2022/2023 primarily for China (11,000
RB, including decreases of 100 RB), Bangladesh (7,300 RB, including decreases of 100 RB), Turkey (6,500 RB), Vietnam (4,300 RB, including 3,100 RB switched from Taiwan and 1,300 RB switched from South Korea), and Pakistan (3,400 RB, including decreases of
2,200 RB), were offset by reductions primarily for Thailand (1,700 RB) and South Korea (1,300 RB).  Net sales of 26,400 RB for 2023/2024 were reported for Pakistan (22,000 RB) and Turkey (4,400 RB).  Exports of 141,100 RB were primarily to China (59,900 RB),
Pakistan (36,200 RB), Mexico (10,000 RB), El Salvador (7,000 RB), and Vietnam (5,600 RB).  Net sales of Pima totaling 1,400 RB primarily for China (1,100 RB, including 900 RB switched from Germany), Thailand (900 RB), Guatemala (600 RB), South Korea (300 RB),
and Japan (200 RB), were offset by reductions for Germany (900 RB) and India (800 RB).  Total net sales of 200 RB for 2023/2024 were for Guatemala.  Exports of 6,900 RB were primarily to India (2,600 RB), Indonesia (1,300 RB), Thailand (1,000 RB), Turkey (900
RB), and China (900 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
13,700 RB were to China.  Exports for own account totaling 4,400 RB to China were applied to new or outstanding sales.  The current exports for own account outstanding balance of 115,000 RB are for China (71,100 RB), Vietnam (23,900 RB), Pakistan (18,100 RB),
India (1,500 RB), and Indonesia (400 RB). 

Hides and Skins: 
Net sales of 488,000 pieces for 2022 primarily for China (340,500 whole cattle hides, including decreases of 18,200 pieces), Mexico (57,700 whole cattle hides, including decreases of 2,100 pieces), South Korea (51,200 whole cattle hides, including decreases
of 4,500 pieces), Turkey (38,000 whole cattle hides), and Taiwan (2,100 whole cattle hides), were offset by reductions for Brazil (400 pieces) and Canada (100 pieces).  Total net sales reductions of 2,200 calf skins were for China.  In addition, total net
sales reductions of 1,500-kip skins were for Canada.  Net sales of 48,400 pieces for 2023 were primarily for China (37,100 whole cattle hides) and South Korea (7,800 whole cattle hides).  Exports of 591,300 whole cattle hides exports were primarily to China
(394,000 pieces), Mexico (76,900 pieces), South Korea (56,000 pieces), Turkey (32,900 pieces), and Brazil (13,900 pieces).

Net sales of 10,800
wet blues for 2022 primarily for Mexico (7,900 unsplit and 6,400 grain splits), Japan (4,800 grain splits), South Korea (3,600 grain splits), China (1,800 unsplit), and Vietnam (200 unsplit), were offset by reductions primarily for Hong Kong (9,000 unsplit),
Thailand (2,800 unsplit), and Italy (1,900 grain splits and 100 unsplit).  Net sales of 213,400 wet blues for 2023 were reported for Italy (188,600 unsplit and 1,900 grain splits), Hong Kong (9,000 unsplit), China (7,500 unsplit), the Dominican Republic (3,200
unsplit), and Thailand (3,200 unsplit).  Exports of 84,200 wet blues were primarily to Italy (14,800 unsplit and 3,600 grain splits), Thailand (18,000 unsplit), Hong Kong (13,000 unsplit), Vietnam (9,100 unsplit), and Mexico (3,500 unsplit and 3,200 grain
splits).  Net sales reductions of 160,100 splits resulting in increases for Canada (3,800 pounds),
were more than offset by reductions for South Korea (163,900 pounds). 
Total net sales of 156,000 splits for 2023 were for South Korea.  Exports of 118,200 splits were to South Korea.

Beef: 
Net sales of 1,600 MT for 2022 primarily for China (4,800 MT, including decreases of 300 MT), Japan (1,600 MT, including decreases of 1,100 MT), Mexico (900 MT, including decreases of 100 MT), Canada (500 MT, including decreases of 200 MT), and Taiwan (400
MT, including decreases of 200 MT), were offset by reductions primarily for South Korea (7,900 MT).  Net sales of 16,300 MT for 2023 were primarily for South Korea (13,100 MT), Japan (1,300 MT), Hong Kong (700 MT), China (300 MT), and
Guatemala (300 MT).  Exports of 16,900 MT were primarily to South Korea (5,100 MT), Japan (4,300 MT), Mexico (1,900 MT), China (1,600 MT), and Taiwan (1,300 MT). 

Pork: 
Net sales reductions of 7,900 MT for 2022 resulting in increases for Mexico (3,100 MT, including decreases of 4,000 MT), China (900 MT, including decreases of 300 MT), Honduras (200 MT), the Dominican Republic (200 MT, including decreases of 200 MT), and Chile
(100 MT), were more than offset by reductions primarily for Japan (4,400 MT), Australia (3,400 MT), South Korea (2,300 MT), and Canada (2,200 MT). 
Net sales of 2,400 MT for 2023 were primarily for Colombia (1,300 MT), Japan (500 MT), South Korea (200 MT), and Nicaragua (200 MT). 
Exports of 32,500 MT were primarily to Mexico (15,900 MT), China (4,700 MT), Japan (3,300 MT), South Korea (2,100 MT), and Canada (1,900 MT).