FI Morning Grain Comments 01/12/23

PDF attached

 

Good
morning.  USDA report day.

 

US
CPI was mostly in line with expectations at 6.5%, lowest since October 2021. Initial jobless claims were slightly below an average trade guess. WTI is higher, USD down 63 points and US equities mostly higher. USDA export sales were below average for this time
of year. Product sales were poor, meal shipments good, and soybean sales within expectations. Grain sales were poor. The CBOT soybean complex and corn futures are higher while wheat is mixed in pre-report trading. Argentina crop concerns are driving soybeans
and corn higher. Several grain import tenders were triggered overnight. Conab updated their soybean production estimate – down 800,000 from the previous month to 152.71 million tons and 200,000 tons below trade expectations. Corn production was 125.06 million
tons, also down 800,000 from last month and 2.0 million tons below an average trade guess.

 

 

 

Weather

The
US CPC looks for La Nina to transition to a neutral ENSO even during the February through April period. The morning weather forecast improved for parts of the US Midwest, Delta, Brazil while turned slightly unfavorable for Argentina. Argentina will see some
light rain across Cordoba and Santa Fe today through early Friday.

 

 

World
Weather, INC.

MOST
IMPORTANT WEATHER FOR THE COMING WEEK

• Northern
  portions of U.S. hard red winter wheat areas will have opportunity for dryness relief from a couple of weather systems expected next week and into the following weekend
• The
  precipitation events will not bring moisture to the southwestern Plains leaving the Texas Panhandle, far western Oklahoma and southwestern Kansas without much meaningful moisture
• Precipitation
  will be possible in Nebraska, northern and eastern Kansas, eastern Oklahoma and northeastern Colorado
• Changes
  in the advertised precipitation events will likely occur in future model runs, but the odds do favor at least some precipitation in the areas mentioned
• Today’s
  forecast model runs may be a little aggressive with precipitation amounts in a part of the central Plains with the first storm next week likely to have a greater impact on the northeastern Plains and upper Midwest than the west-central high Plains
• U.S.
  northeastern Plains, upper Midwest precipitation will increase during mid- to late week next week favoring the Dakotas and Minnesota with snow and some rain
• The
  event will be similar to that which occurred in late December
• U.S.
  eastern Midwest, Delta and southeastern states will experience periodic rainfall during the next two weeks supporting a rise in soil moisture
• Some
  of the eastern Midwest that has not seen normal rain in recent months will do better during this period of time and a boost in subsoil moisture and runoff potential may evolve gradually over time
• The
  Tennessee River Basin will be wettest and will have the greatest runoff potential
• U.S.
  West and South Texas precipitation will be limited over the next two weeks
• Greater
  precipitation will be needed later this winter and especially during spring to bolster soil moisture for improved planting conditions
• In
  the meantime, moisture is needed to support wheat development
• California’s
  stormy weather pattern will continue into early next week, but a high pressure ridge is expected next week that will shut down the precipitation for a while
• California’s
  Sierra Nevada snow water equivalents have reached 81% of the April 1 norm in the north, 104% of the April 1 norm in central areas and 123% of the norm in the south
• Compared
  to normal for January 11 the snow water equivalents are varying from 184-269%
• Northwestern
  U.S. Plains and Canada’s Prairies precipitation will be limited for a while in this coming week to ten days
• North
  America temperatures will be warmer than usual for another week except in the western U.S. where readings will be near to below average
• Colder
  weather is expected in central and eastern parts of North America during the final days of January and early February
• This
  change should also induce below average precipitation in the western and central parts of the nation
  
• Argentina’s
  weather outlook changed little in this first ten days of the outlook today
• Rain
  will fall in northern Argentina today and early Friday with a few showers lingering in central areas early today
• Restricted
  rainfall is expected across the nation from this weekend through the middle part of next week
  
• Random
  showers and thunderstorms are expected favoring the west and northern parts of the nation
  
• Central
  and southern Argentina (outside of western Cordoba) will be drier biased during the coming ten days
• Argentina’s
  late month weather may stimulate a little more rainfall, but a general soaking rain is still not likely to evolve leaving some ongoing crop concerns
  
• Argentina
  temperatures will heat up once again next week with above normal readings inducing another round crop moisture stress in areas that fail to get much moisture through the weekend
• Brazil
  weather will include a good distribution of rain during the next ten days
• Relief
  from recent dryness is expected in Rio Grande do Sul, but greater precipitation will be needed to ensure dryness does not return at some point later this month
• Central
  and northern parts of Brazil will see the highest degree of repetition in rainfall during the coming ten days
• Areas
  that have been too wet in the past week to ten days will see less intensive rainfall and improved soil condition should evolve next week
• Early
  harvest weather should improve, but periodic rainfall is expected and that may disrupt fieldwork periodically
• Safrinha
  corn and cotton prospects are very good for center west and center south Brazil this year
• India
  needs improved rainfall for its winter crops, but not much moisture is expected outside of the far north and extreme south for at least another week to ten days
• Most
  of the nation’s greatest rain will continue from Uttarakhand northward into Jammu and Kashmir during the next two weeks
  
• Some
  light showers will occur briefly from northern Uttar Pradesh to Punjab with two week rain totals no more than 0.50 inch and many areas getting less than 0.25 inch
• Any
  rain will be welcome, but more is needed
• Western
  and central Europe will be stormy in this coming week followed by a drier week of weather
• Temperatures
  will be warmer than usual over the two weeks, although less anomalously warm in the second week
  
• Soil
  moisture continues to improve in many areas, although moisture deficits remain in eastern Spain and the lower Danube River Basin
• Eastern
  China will receive light rain and snow over the next few days and then trend drier again next week.
  
• The
  moisture will be great for winter wheat and rapeseed, although crops will remain dormant or semi-dormant for a while
• The
  moisture should be available in the spring to support early season crop development
• Central
  Philippines received heavy rain again Wednesday and early today
• Some
  flooding has occurred recently because of frequent bouts of excessive moisture
• A
  strong monsoonal flow pattern will promote additional bouts of rainy weather throughout the central and eastern parts of the nation during the next two weeks
• Additional
  flooding is expected periodically
• North
  Africa rain potentials are expected to improve during the second week of the forecast resulting in a possible boost in topsoil moisture Jan. 19-25
• The
  moisture is needed to improve conditions for spring crop development
• Russia’s
  New Lands will be drier and warmer over the next week to ten days
• Recent
  bitter cold has had a low impact on winter crops because of adequate snow cover
• Far
  western Russia, Belarus and the Baltic States will experience waves of snow and rain during the next ten days resulting in a boost in both snow cover and spring runoff potential
• Limited
  precipitation is expected in other winter crop areas in the western CIS
• Australia
  summer crop areas in southern Queensland and parts of New South Wales would benefit from greater rain
• Dryland
  western production areas in Queensland need rain more than any other area today and not much is expected for another week
• Rain
  has increased recently in central Queensland benefitting some corn, soybean, cotton and other crops along with some sugarcane
• January
  19-25 is expected to trend wetter in southern Queensland and New South Wales, although confidence in the details is low today
• South
  Africa will receive very little rain during the next few days and then some showers will begin late this weekend into early next week in south-central and southeastern parts of the nation
  
• The
  precipitation may be a little erratic and light initially raising the need for greater rainfall later this month and into February
• The
  second week outlook is wetter today than that of Wednesday
• Southeast
  Asia (Indonesia and Malaysia in particular) rainfall has diminished because of the suppressed phase of Madden Julian Oscillation and that will continue for a little while longer
  
• Soil
  moisture will decrease for a while until rainfall increases again which may not occur until late this month
• Totally
  dry weather is unlikely and the showers expected will help slow drying rates and key crop conditions very good
• Western
  Turkey is receiving some rain and snow and more is needed
• Central
  and eastern parts of the nation are relatively dry
• Most
  of the wheat and other winter crops are rated favorably due to good autumn precipitation, but there is need for greater precipitation in all of the nation
• Middle
  East rainfall is expected to be favorably mixed over the next ten days although the resulting precipitation should be mostly light to locally moderate
• Some
  rain will return to central and eastern Turkey next week ending a ten day period of dry weather
• Iraq
  and Syria will not get much precipitation for a while and the same may occur in Jordan and few neighboring areas
  
• East-central
  Africa precipitation is expected to be abundant in Tanzania over the next ten days to two weeks while that which occurs in Uganda, southwestern Kenya and Ethiopia is more sporadic and light.
  
• Coffee
  and cocoa conditions should remain favorable in all production areas, despite the anomalies
• West-central
  Africa dryness will continue through the next ten days to two weeks
• Dry
  conditions are normal at this time of year
• No
  excessive heat is expected in this coming week, although warmer than usual conditions are beginning to evolve and may continue into the latter part of this month
• Vietnam
  central and lower coastal areas may receive bouts of rain in the coming week with some of it possibly reaching into the Central Highlands
• Light
  showers were noted in these same areas Tuesday and early today
• Today’s
  Southern Oscillation Index was +21.44 and the index is expected to begin a steady fall over the next week to ten days

Source:
Bloomberg and FI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Macros

US
CPI (M/M) Dec: -0.1% (exp -0.1%; prev 0.1%)

–         
CPI Core (M/M) Dec: 0.3% (exp 0.3%; prev 0.2%)

–         
CPI (Y/Y) Dec: 6.5% (exp 6.5%; prev 7.1%)

–         
CPI Core (Y/Y) Dec: 5.7% (exp 5.7%; prev 6.0%)

US
Initial Jobless Claims Jan-7: 205K (exp 215K; R prev 206K)

–         
Continuing Claims Dec-31: 1643M (exp 1710K; R prev 1697K)

US
Real Average Hourly Earnings (Y/Y) Dec: -1.7% (R prev -2.1%)

–         
Real Average Weekly Earnings (Y/Y) Dec: -3.1% (R prev -3.3%)

Early
Thursday: US Short-Term Interest Rate Futures Now Up On The Day

–         
Traders See Quarter-Point Rate Hike In February As Overwhelmingly Likely

Spot
Gold Tops $1,900 An Ounce For First Time Since May

 

 

USDA
export sales

Soybean
sales of 717,400 tons were within expectations. More than half of the 676,600 tons of soybean booked by China were switched from unknown. Soybean meal sales were poor at only 3,300 tons but shipments were good at 314,500 tons. Soybean oil sales were only 600,000
tons and shipments the same amount. Corn export sales were well below expectation at 255,700 tons and all-wheat were a low 90,800 tons. Mexico was active for corn. China switched a cargo of wheat and couple cargoes of corn from unknown destinations.

 

 

Corn

·        
CBOT corn futures
are
higher led by the nearby contracts on Argentina crop concerns and renewed hopes US exports will increase over the medium term as Brazil supplies start to dry up.

·        
The trade is looking for a conservative decrease for the Argentina corn production, but many analysts are already well below the USDA trade guess (Reuters) of 52 million tons for final output. USDA December was 55 million tons.

·        
Brazil’s Conab corn production was reported at 125.06 million tons, down 800,000 from last month and 2.0 million tons below an average trade guess.

·        
The IGC lowered its forecast for 2022-23 global corn production by five million tons to 1.161 billion tons in large part to a cut to Ukraine’s crop.

·        
The Baltic Dry Index fell 6.4% to 976 points.

 

Export
developments.

·        
South Korea’s NOFI group bought 133,000 tons of corn at $338.88/ton for April 15 and April 25 arrival.

 

Soybeans

·        
CBOT soybeans
are higher on Argentina crop concerns and higher products, despite poor USDA export sales. Yesterday Brazil soybean premiums were higher on talk of a few cargoes of Brazil soybeans sold to Argentina.

·        
Conab updated their soybean production estimate. It was down 800,000 from the previous month to 152.71 million tons and 200,000 tons below trade expectations.

·        
Late yesterday Argentina’s Rosario Grains exchange drastically lowered their Argentina soybean crop to 37 million tons from a previous forecast of 49 million tons and took corn down to 45 million tons from 55 million previous.
Some trade estimates are below the exchange projections.

·        
India palm oil imports during December were 1.1 million tons from 565,943 tons year ago and sunflower oil imports were 194,009 tons from 258,449 tons year ago. India soybean oil imports were 252,525 tons, down from 392,471 tons
year ago. Note inspection services reported that India imported a much less amount of palm oil from a year ago for the first 10 days of January.

·        
March palm futures were unchanged at 3911 ringgit cash down $5.00 at $940.00.

·        
China soybean futures were down 0.2%, meal 1.5% higher, soybean oil up 0.3%, and palm down 0.1%.

·        
Nearby Rotterdam vegetable oils were
unchanged to 33 euros higher from early yesterday morning. Rotterdam meal was 7-25 euros higher.  Rotterdam cash prices have been choppy this week in part to lack of offers.

·        
Offshore values were leading SBO higher by about 117 points earlier this morning and meal $6.00 short ton
higher.

 

 

Export
Developments

·        
South Korea bought 12,000 tons of soybean meal from China at $602/ton c&f for arrival by April 30.

·        
Turkey seeks about 24,000 tons of sunflower oil on January 13 for February 15 to March 20 delivery.

 

Wheat

·        
US wheat futures are mixed on pre-report positioning, despite an uptick in global import interest.

·        
The IGC raised its forecast for 2022-23 global wheat production by five million tons to a record 796 million, and up from 781 million tons year ago.

·        
Paris March wheat was down 1.50 euros earlier at 292.50 per ton.

 

Export
Developments.

·        
Turkey’s state grain board TMO started buying wheat with about 565,000 tons initially bought, sourced from the Black Sea region for February through March shipment. Prices widely ranged from $326.70 c&f to $333.00/ton.

·        
South Korean flour millers bought 80,000 tons of wheat from the US for shipment between March 16 and April 15.

·        
South Korea’s NOFI group bought 133,000 tons of corn at $338.88/ton for April 15 and April 25 arrival.

·        
Japan bought 89,735 tons of food wheat. Original tender details:

·        
Egypt ended up buying 120,000 tons of wheat at $337/ton c&f for Feb 10-25 shipment.

·        
Taiwan is in for 45,200 tons of US wheat on January 13 for March shipment. Wheat types sought include dark northern spring, hard red winter and white wheat.

 

Rice/Other

·        
(Bloomberg) — US 2022-23 production seen slightly lower than USDA’s previous estimate, according to the avg in a Bloomberg survey of eight analysts.

-Production
seen down 96,000 bales, while exports seen down 131,000 bales

-Ending
stocks seen mostly unchanged at 3.5m bales

-World
production seen down by 151,000 bales

 

 

USDA
export sales

U.S.
EXPORT SALES FOR WEEK ENDING  1/5/2023 

 

	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	32.2	953.7	2,041.2	20.2	3,194.5	4,318.3	0.0	69.3
SRW	10.1	626.8	679.9	15.5	1,763.7	1,698.0	0.0	41.6
HRS	-0.1	1,295.6	1,259.6	54.2	3,227.4	3,076.6	0.0	49.8
WHITE	25.2	1,207.7	805.6	84.9	2,501.7	2,101.3	0.0	0.3
DURUM	23.4	121.2	54.2	18.9	168.4	112.7	1.5	1.5
TOTAL	90.8	4,205.0	4,840.5	193.6	10,855.7	11,307.0	1.5	162.5
BARLEY	0.0	4.9	19.0	0.3	6.7	11.5	0.0	0.0
CORN	255.7	11,612.2	25,790.0	387.1	10,384.0	15,664.6	22.4	1,161.4
SORGHUM	0.0	140.9	3,576.3	0.2	220.0	1,752.6	0.0	0.0
SOYBEANS	717.4	14,741.4	10,803.7	1,620.7	29,662.1	31,633.7	66.0	397.0
SOY MEAL	3.3	3,191.1	2,880.4	314.5	3,012.1	3,350.0	0.0	18.3
SOY OIL	0.6	18.2	232.6	0.6	19.5	205.1	0.0	0.6
RICE
L G RGH	5.1	127.1	175.4	0.5	192.0	584.0	0.0	0.0
M S RGH	0.0	13.4	10.5	0.3	13.5	3.2	0.0	0.0
L G BRN	0.0	8.1	3.7	0.3	7.8	27.3	0.0	0.0
M&S BR	29.2	36.8	67.7	0.1	7.1	16.5	0.0	0.0
L G MLD	14.0	148.8	64.7	17.2	297.9	404.6	0.0	0.0
M S MLD	14.5	148.3	100.7	2.1	101.6	181.6	0.0	0.0
TOTAL	62.7	482.4	422.7	20.5	619.9	1,217.1	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	72.6	4,841.0	7,789.8	150.5	4,018.0	3,204.4	0.0	1,203.1
PIMA	3.3	62.1	225.2	6.3	61.1	154.0	0.0	1.1

 

 

 

 

Export
Sales Highlights

This
summary is based on reports from exporters for the period December 30, 2022 – January 5, 2023.

Wheat: 
Net sales of 90,800 metric tons (MT) for 2022/2023 were up 93 percent from the previous week, but down 73 percent from the prior 4-week average. Increases primarily for China (66,000 MT, including 65,000 MT switched from unknown destinations), the Philippines
(23,200 MT, including decreases of 22,000 MT), Italy (18,900 MT), South Africa (7,700 MT, including 8,000 MT switched from unknown destinations and decreases of 300 MT), and Panama (6,000 MT), were offset by reductions for unknown destinations (43,000 MT)
and Thailand (3,600 MT). Total net sales of 1,500 MT for 2023/2024 were for Panama. Exports of 193,600 MT were up noticeably from the previous week, but down 15 percent from the prior 4-week average. The destinations were primarily to China (66,000 MT), the
Philippines (35,200 MT), Japan (26,200 MT), Mexico (24,500 MT), and Italy (18,900 MT).

Corn: 
Net sales of 255,700 MT for 2022/2023 were down 20 percent from the previous week and 62 percent from the prior 4-week average. Increases primarily for Mexico (223,500 MT, including decreases of 4,800 MT), China (138,600 MT, including 136,000 MT switched from
unknown destinations and decreases of 800 MT), Canada (33,400 MT), Nicaragua (6,100 MT), and Taiwan (5,200 MT, including 1,000 MT switched from Hong Kong and decreases of 300 MT), were offset by reductions for unknown destinations (110,600 MT), Honduras (42,500
MT), and Hong Kong (1,000 MT). Total net sales of 22,400 MT for 2023/2024 were for Mexico. Exports of 387,100 MT were down 49 percent from the previous week and 53 percent from the prior 4-week average. The destinations were primarily to Mexico (213,700 MT),
China (138,600 MT), Canada (23,100 MT), Jamaica (4,700 MT), and Taiwan (4,200 MT).

 

Barley: 
No net sales were reported for the week. Exports of 300 MT were unchanged from the previous week and up 25 percent from the prior 4-week average. The destination was Japan. 

 

Sorghum: 
No net sales were reported for the week. Exports of 200 MT–a marketing-year low– were down 82 percent from the previous week and 98 percent from the prior 4-week average. The destination was to Mexico.

 

Rice: 
Net sales of 62,700 MT for 2022/2023 were up noticeably from the previous week and 29 percent from the prior 4-week average. Increases were primarily for South Korea (34,100 MT), Haiti (13,400 MT, including deceases of 3,600 MT), Jordan (8,000 MT), Honduras
(5,100 MT), and Mexico (900 MT). Exports of 20,500 MT were down 59 percent from the previous week and 44 percent from the prior 4-week average. The destinations were primarily to Haiti (15,100 MT), Mexico (2,200 MT), Canada (1,500 MT), Saudi Arabia (500 MT),
and South Korea (400 MT).

 

Soybeans: 
Net sales of 717,400 MT for 2022/2023 were down 1 percent from the previous week and 41 percent from the prior 4-week average. Increases primarily for China (676,600 MT, including 372,000 MT switched from unknown destinations, 52,000 MT switched from Pakistan,
and decreases of 10,800 MT), Germany (142,600 MT), Mexico (100,400 MT, including decreases of 1,800 MT), Bangladesh (57,200 MT, including 55,000 MT switched from unknown destinations), and Spain (46,900 MT, including 41,000 MT switched from unknown destinations),
were offset by reductions primarily for unknown destinations (348,800 MT). Total net sales of 66,000 MT for 2023/2024 were for Pakistan. Exports of 1,620,700 MT were up 10 percent from the previous week, but down 7 percent from the prior 4-week average. The
destinations were primarily to China (1,134,800 MT), Germany (142,600 MT), Mexico (66,700 MT), Bangladesh (57,200 MT), and Spain (46,900 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 1,500 MT, all Canada.

Export
Adjustments:  Accumulated
exports of soybeans to the Netherlands were adjusted down 142,556 MT for week ending December 22^nd. The correct destination for this shipment is Germany.

Soybean
Cake and Meal: 
Net sales of 3,300 MT for 2022/2023–a marketing-year low–were down 96 percent from the previous week and 99 percent from the prior 4-week average.  Increases primarily for France (64,700 MT, including 60,000 MT switched from unknown destinations), Venezuela
(11,000 MT switched from unknown destinations), Honduras (7,100 MT), Vietnam (5,000 MT), and the Philippines (4,000 MT, including decreases of 500 MT), were offset by reductions primarily for unknown destinations (80,000 MT), Ecuador (6,800 MT), Costa Rica
(6,500 MT), and Morocco (6,000 MT). Exports of 314,500 MT were up 43 percent from the previous week and 34 percent from the prior 4-week average. The destinations were primarily to France (64,700 MT), the Philippines (50,000 MT), Mexico (32,400 MT), Japan
(27,700 MT), and Burma (27,500 MT).

Soybean
Oil: 
Net sales of 600 MT for 2022/2023 were up 74 percent from the previous week, but down 61 percent from the prior 4-week average. Increases were reported for Canada (400 MT) and Mexico (200 MT). Exports of 600 MT were up 14 percent from the previous week, but
down 66 percent from the prior 4-week average. The destinations were to Canada (400 MT) and Mexico (200 MT).

Cotton: 
Net sales of 72,600 RB for 2022/2023 were up 83 percent from the previous week and up noticeably from the prior 4-week average. Increases primarily for Turkey (19,600 RB), China (16,400 RB), Vietnam (11,800 RB, including 200 RB switched from Japan and decreases
of 400 RB), Pakistan (9,200 RB), Indonesia (6,900 RB, including 100 RB switched from Japan), were offset by reductions for Peru (1,400 RB). Exports of 150,500 RB were up 61 percent from the previous week and 24 percent from the prior 4-week average. The destinations
were primarily to Pakistan (45,100 RB), China (44,200 RB), Vietnam (11,400 RB), Mexico (10,900 RB), and Bangladesh (8,600 RB). Net sales of Pima totaling 3,300 RB for 2022/2023 were down noticeably from the previous week, but up 78 percent from the prior 4-week
average. Increases were reported for Vietnam (1,800 RB), China (1,100 RB), and India (400 RB). Exports of 6,300 RB were up 85 percent from the previous week and 28 percent from the prior 4-week average.  The destinations were primarily to Turkey (2,900 RB),
Vietnam (1,300 RB), Egypt (700 RB), India (400 RB), and China (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 1,800 RB were to China. Exports for own account totaling 700 RB to Vietnam were applied to new or outstanding sales. The current exports for own account outstanding balance of 120,400 RB are for China (90,100
RB), Vietnam (21,900 RB), Pakistan (6,500 RB), India (1,500 RB), and Indonesia (400 RB).

Hides
and Skins: 
Net sales for the 2023 marketing year, which began January 1^st, totaled 329,000 pieces, primarily for China (209,300 whole cattle hides, including decreases of 30,600 pieces), South Korea (79,200 whole cattle hides, including decreases of 300 pieces),
Mexico (18,900 whole cattle hides, including decreases of 7,500 pieces), and Turkey (18,900 whole cattle hides), were offset by reductions for Italy (1,900 pieces) and Indonesia (100 pieces). Net sales of 400 calf skins resulted in increases for China (1,800
calf skins, including decreases of 2,500 calf skins), were offset by reductions for Italy (1,400 calf skins). In addition, total net sales reductions of 200 kips skins were for China. Net sales reductions of 1,500 pieces, net sales of 5,600 calf skins, and
total net sales of 2,300 kip skins were carried over from the 2022 marketing year, which ended December 31^st. Exports for the period ending December 31^st of 179,500 pieces brought accumulated exports to 22,214,900 pieces, up 11 percent
from the prior year’s total of 20,003,400 pieces. The destinations were primarily to China (120,200 pieces), South Korea (25,800 pieces), and Thailand (8,800 pieces). Exports of 7,500 calf skins were to Italy (5,700 calf skins) and China (1,800 calf skins). 
In addition, total exports of 1,000 kip skins were to China.

 

Net
sales for 2023 marketing year, which began January 1^st, totaled 94,900 wet blues primarily for Hong Kong (35,000 unsplit), China (20,800 unsplit), Vietnam (9,600 unsplit), Thailand (9,000 unsplit), and Italy (7,800 unsplit, including decreases of
200 unsplit). Net sales reductions of 100 unsplit were carried over from the 2022 marketing year which ended on December 31^st. Exports for the period ending December 31^st of 20,200 wet blues brought accumulated exports to 7,125,200 wet
blues, up 3 percent prior year total of 6,929,900 wet blues. The primary destinations were primarily to Italy (4,500 unsplit), Hong Kong (4,000 unsplit), India (2,900 unsplit), Vietnam (2,300 unsplit), and Thailand (2,000 unsplit). Net sales of splits totaling
180,500 pounds for 2023 marketing year for Vietnam (187,400 pounds, including decreases of 5,900 pounds), were offset by reductions for Hong Kong (6,900 pounds). Accumulated exports of splits in 2022 totaled 18,600,500 pounds, down 5 percent from the prior
year’s total of 19,559,400 pounds. Exports of 36,500 pounds were to Vietnam.

 

Beef: 
Net sales for 2023 marketing year, which began January 1^st, totaled 13,300 MT primarily for Japan (4,800 MT, including decreases of 600 MT), China (3,400 MT, including decreases of 100 MT), South Korea (1,700 MT, including decreases of 700 MT),
Mexico (900 MT, including decreases of 100 MT), and Taiwan (700 MT, including decreases of 100 MT), were offset by reductions for Chile (100 MT). Net sales of 600 MT were carried over from the 2022 marketing year, which ended December 31^st. Exports
for the period ending December 31^st of 4,300 MT brought accumulated exports to 942,000 MT, up 2 percent from the prior year total of 925,100 MT. The primary destinations were to South Korea (1,300 MT), Japan (1,200 MT), China (500 MT), Mexico (400
MT), and Taiwan (200 MT).

 

Pork: 
Net sales for 2023 marketing year, which began January 1^st, totaled 13,100 MT were primarily for Mexico (4,700 MT, including decreases of 300 MT), Japan (3,500 MT, including decreases of 400 MT), South Korea (1,400 MT, including decreases of 700
MT), Canada (800 MT, including decreases of 400 MT), and the Dominican Republic (600 MT, including decreases of 100 MT). Net sales of 4,000 MT were carried over from the 2022 marketing year, which ended December 31^st. Exports of the period ending
December 31^st of 9,700 MT brought accumulated exports to 1,502,900 MT, down 16 percent from the prior year total of 1,791,700 MT. The primarily destinations were to Mexico (6,000 MT), Japan (1,300 MT), South Korea (600 MT), China (500 MT), and Canada
(400 MT).