FI Morning Grain Comments 02/10/22

PDF attached

 

Good
morning. 

 

Private
exporters reported sales of 299,700 metric tons of soybeans received during the reporting period for delivery to unknown destinations.  Of the total, 233,700 metric tons is for delivery during the 2021/2022 marketing year and 66,000 metric tons during the
2022/2023 marketing year.

 

Fresh
contract highs basis March are seen in soybeans, meal and corn this morning. Soybean oil and wheat are trading higher as well. SA was dry over the past day. Brazil’s Conab reported a large decline in their soybean production, by 15 million tons to 125.5 million
tons, 4.7 million below trade expectations, and below 138.2 MMT year ago. USDA is at 134 MMT for comparison.  Dry weather in the southern states of Brazil severely impacted yields. Conab lowered their corn production by 0.8 MMT to 112.34 million tons (USDA
@ 114.0), 2.2 million tons below an average trade guess and up from 87.1 MMT year ago. The Malaysian Palm Oil Board reported end of January stocks at 1.552 million tons, 36,000 tons below an average trade guess and down from December. Palm production during
January slowed more than expected. Exports were higher than expected at 1.158 MMT, but well below 1.424 MMT exported during December. Traders are looking for February daily adjusted exports to improve but that has yet to be seen. Offshore values this morning
was leading CBOT soybean oil about 58 points lower and meal $6.60 short ton higher.

 

 

 

 

 

Weather

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR February 9, 2022

• Argentina,
  southern Brazil and parts of Paraguay will continue to be in a restricted rainfall pattern for the next ten days.
  
• Net
  drying is expected for many areas, although soil moisture remains favorable from Buenos Aires into southern Cordoba and far southern Santa Fe.
  
• Crop
  conditions will stay best in this wetter biased corridor.
• For
  most other areas mentioned above net drying is expected and increased crop moisture stress will result for reproducing and filling summer crops from the heart of Argentina into portions of southern Brazil, Paraguay and Uruguay.
  
• World
  Weather, Inc. still believes this next ten days represents the last of the more stressful days for this year’s crops and that conditions will slowly improve during the last week of February and in March
• .
  Rainfall will not just snap back to normal, but there will be no prolonged periods of dry weather like this again for a while and rainfall may be a little better timed, although slightly light.
  
• In
  the United States, today’s greatest change was the northwestward shift in precipitation during mid-week next week into a larger part of hard red winter wheat country and Iowa.
  
• The
  increased precipitation was likely overdone, and future model runs may push the storm a little more to the southeast once again reducing moisture in the high Plains.
  
• That
  does not mean no precipitation in the dry areas, but much less is expected relative to the model runs today.
  
• No
  other significant changes elsewhere in the world today
• North
  Africa and Spain continue drier than usual
• There
  is no threatening cold for Europe or any part of Asia
• Southern
  China will continue wet
• India’s
  weather will be relatively tranquil
• Eastern
  Australia will continue to dry out
• South
  Africa will see a mix of rain and sunshine favoring crops.
• Seasonal
  rainfall for Ivory Coast and Ghana will occur in March, although some showers will impact coffee and cocoa areas briefly during the latter part of this month. 

Source:
World Weather Inc.

 

 

Source:
World Weather Inc.

 

Bloomberg
Ag Calendar

Thursday,
Feb. 10:

• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• Malaysian
  Palm Oil Board’s data on palm oil reserves, output and exports
• French
  agriculture ministry releases 2022 winter grain and rapeseed planting estimates
• Brazil’s
  Conab report on yield, area and output of corn and soybeans
• Brazil’s
  Unica releases sugar output and cane crush data (tentative)
• IKAR
  grain conference in Moscow
• Vietnam’s
  customs department to publish data on coffee, rice and rubber exports in January
• Malaysia’s
  Feb. 1-10 palm oil exports

Friday,
Feb. 11:

• ICE
  Futures Europe weekly commitments of traders report, ~1:30pm
• CFTC
  commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
• March
  ICE white sugar contract expiry
• HOLIDAY:
  Japan

Source:
Bloomberg and FI

 

 

 

 

USDA
Export Sales

USDA
export sales for soybeans topped expectations, meal was withing, and soybean oil was reported below a range of estimates. Shipments for meal and oil were ok.  Soybean sales included unknown destinations (804,400 MT), China (298,100 MT, including 129,000 MT
switched from unknown destinations and decreases of 5,700 MT).  Corn export sales were at the low end of expectations while wheat was only 84,800 tons for old crop.  Sorghum sales were 140,700 tons.  Pork sales were 18,100 tons. 

 

 

 

Macros

US
CPI (M/M) Jan: 0.6% (est 0.4%; prevR 0.6%)

–
CPI (Y/Y) Jan: 7.5% (est 7.3%; prev 7.0%)

–
Core CPI (M/M) Jan: 0.6% (est 0.5%; prev 0.6%)

–
Core CPI (Y/Y) Jan: 6.0% (est 5.9%; prev 5.5%)

US
Initial Jobless Claims Jan: 223K (est 230K; prev 238K; prevR 239K)

–
Continuing Claims Jan: 1621K (est 1615K; prev 1628K; prevR 1621K)

U.S.
Rate Futures Show Nearly 6 Hikes In 2022 After CPI Data

U.S.
Rate Futures Now See 50% Chance Of 50Bps Hike In March, From 30% Pre CPI Data

 

 

Corn

·        
March corn is trading at a new contract high.

·        
Brazil’s Conab lowered their corn production by 0.8 MMT to 112.34 million tons (USDA @ 114.0), 2.2 million tons below an average trade guess and up from 87.1 MMT year ago.

·        
Fourth day of the Goldman roll.

·        
US ethanol production fell a large 47,000 barrels per day to 994,000. Traders were looking for a 6,000 decline.  Stocks were down 1.055 million barrels, an indication logistics/rail movement improved, to 24.799 million.  Traders
were looking for and increase to 26.122 million. 

·        
(Reuters) – China has suspended imports of beef from Lithuania since Wednesday, the General Administration of Customs said, amid a growing trade spat with the Baltic nation and its Western allies centered on Chinese-claimed Taiwan.
Customs did not give a reason for the suspension.

·        
Baltic Exchange’s Main Index Rises 13.4%, Capesize Jumps 26.7% – Reuters News

 

Export
developments.

·        
Taiwan’s MFIG bought 65,000 tons of corn sourced from Argentina at an estimated premium of 253.42 cents/bu c&f over the July 2022 contract. The lowest U.S. price was 264.41 cents over July. Shipment is between April 1 and 20. 

 

Source:
CEC, Reuters and FI

 

Soybeans

·        
Fresh contract highs basis March are seen in soybeans and soybean meal this morning. Soybean oil is trading higher as well. March soybeans are above $16/bu, first time since May.

·        
SA was dry over the past day.

·        
Brazil’s Conab reported a large decline in their soybean production, by 15 million tons to 125.5 million tons, 4.7 million below trade expectations, and below 138.2 MMT year ago. USDA is at 134 MMT for comparison.  Dry weather
in the southern states of Brazil severely impacted yields.

·        
The Malaysian Palm Oil Board reported end of January stocks at 1.552 million tons, 36,000 tons below an average trade guess and down from December. Stocks are at a 6-month low. December stocks were upward revised 32,000 tons. 
Palm production during January slowed more than expected. Exports were higher than expected at 1.158 MMT, but well below 1.424 MMT exported during December. Traders are looking for February daily adjusted exports to improve but that has yet to be seen.

·        
AmSpec reported Malaysian palm oil exports during the February 1-10 period at 320,508 tons, up slightly from 318,928 tons.  ITS reported a 5% drop to 318,078 tons. Meanwhile SGS reported at 6.5% decline to 304,415 tons.

·        
Malaysia palm futures were 59 MYR lower and cash up $5/ton at $1400.00/ton.

·        
China

·        
Offshore values this morning was leading CBOT soybean oil about 58 points lower and meal $6.60 short ton higher. 

·        
Rotterdam meal values were about $10-$30/ton higher from this time yesterday morning.

 

 

 

Export
Developments

• Private
  exporters reported sales of 299,700 metric tons of soybeans received during the reporting period for delivery to unknown destinations.  Of the total, 233,700 metric tons is for delivery during the 2021/2022 marketing year and 66,000 metric tons during the
  2022/2023 marketing year.
• Iran’s
  SLAL seeks up to 60,000 tons of animal feed barley and 60,000 tons of soybean meal. Shipment for both the barley and soymeal was sought between Feb. 15 and March 15.

 

 

Wheat

·        
US wheat futures are higher from strength in EU wheat futures and rise in soybeans and corn futures. Poor USDA export sales and sharply higher USD may limit gains.      

·        
EU wheat futures are trading up 4.00 euros at 266.75 euros per ton at the time this was written.

·        
Strategie Grains increased their estimate for the 2022-23 EU soft wheat crop to 128.0 million tons from 127.7 million previously and compares to 129.6 million year ago. They lowered their EU soft wheat export forecast to 30.4
million tons from 31.2 million previously. 

·        
Ukraine said the Russian navel drills near the southern coast made navigation in the Black Sea and Azov Sea “virtually impossible.”

·        
Japan’s weather bureau sees a 70% change of the La Nina phenomenon ending this spring (down from 80% last month).

 

Export
Developments.

·        
Japan bought 115,913 tons of food wheat.

• Iran’s
  SLAL seeks up to 60,000 tons of animal feed barley and 60,000 tons of soybean meal. Shipment for both the barley and soymeal was sought between Feb. 15 and March 15.

·        
The Philippines seeks feed wheat from Australia and soybean meal from Argentina on February 11. Amounts are unknown.

·        
Bangladesh seeks 50,000 tons of wheat set to close February 14.

·        
Syria seeks 200,000 tons of wheat on February 14, open for 15 days.

·        
Japan seeks 80,000 tons of feed wheat and 100,000 tons of barley on Feb 16 for arrival by July 28.

·        
Jordan seeks 120,000 tons of feed barley on February 22 for late July through FH September shipment. 

 

Rice/Other

·        
None reported

 

 

USDA Export Sales

U.S. EXPORT SALES FOR WEEK ENDING  2/3/2022

	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	42.6	1,936.6	1,440.2	142.6	4,957.6	6,316.4	28.3	67.8
SRW	1.4	652.4	483.5	59.6	1,907.7	1,224.9	16.1	125.1
HRS	15.6	1,182.3	2,074.9	99.9	3,466.2	4,828.2	5.0	61.0
WHITE	25.3	697.5	2,392.8	78.8	2,379.1	3,585.8	0.0	67.0
DURUM	0.0	54.6	165.4	0.0	113.1	492.5	-1.0	47.0
TOTAL	84.8	4,523.4	6,556.9	380.9	12,823.7	16,447.8	48.4	367.9
BARLEY	-2.0	13.8	11.6	1.3	14.7	19.0	0.0	0.0
CORN	589.1	24,997.3	35,972.7	1,149.4	20,715.1	21,582.5	0.0	1,452.0
SORGHUM	140.7	4,112.6	3,167.7	158.1	2,244.1	2,763.3	0.0	53.0
SOYBEANS	1,596.2	9,162.9	9,722.6	1,301.4	37,662.8	49,460.7	894.6	2,973.3
SOY MEAL	241.4	3,226.6	2,959.6	278.5	4,495.4	4,503.1	-2.2	134.7
SOY OIL	2.9	169.4	207.4	11.9	318.2	376.3	-0.2	0.0
RICE
L G RGH	128.3	306.7	276.6	36.9	708.4	872.6	0.0	0.0
M S RGH	0.0	9.6	11.8	0.3	4.1	17.1	0.0	0.0
L G BRN	0.0	19.9	13.1	0.2	28.6	23.4	0.0	0.0
M&S BR	0.1	67.4	52.7	1.0	18.0	54.1	0.0	0.0
L G MLD	36.9	83.8	90.4	30.0	465.4	351.9	0.0	0.0
M S MLD	27.7	180.1	205.8	2.6	216.2	268.6	0.0	0.0
TOTAL	193.0	667.5	650.5	71.0	1,440.8	1,587.8	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	185.2	7,973.2	5,893.1	299.7	4,202.8	7,148.2	96.1	1,809.8
PIMA	5.3	199.1	273.2	20.9	200.7	401.0	4.1	12.6

 

 

This
summary is based on reports from exporters for the period January 28, 2022 – February 3, 2022

Wheat:  Net
sales of 84,800 metric tons (MT) for 2021/2022 were up 48 percent from the previous week, but down 75 percent from the prior 4-week average.  Increases primarily for the Philippines (34,600 MT, including decreases of 400 MT), Mexico (33,100 MT, including decreases
of 11,400 MT), Panama (24,300 MT, including 25,700 MT switched from El Salvador and decreases of 1,700 MT), unknown destinations (11,400 MT), and Costa Rica (10,400 MT, including 10,100 MT switched from Guatemala), were offset by reductions primarily for Japan
(23,500 MT), El Salvador (19,800 MT), and Guatemala (15,200 MT).  Net sales of 48,400 MT for 2022/2023 reported for Japan (25,000 MT), Guatemala (14,400 MT), and Mexico (10,000 MT), were offset by reductions for unknown destinations (1,000 MT).  Exports of
380,900 MT were down 1 percent from the previous week, but up 9 percent from the prior 4-week average.  The destinations were primarily to South Korea (97,600 MT), Japan (96,200 MT), Mexico (87,400 MT), Panama (25,300 MT), and Singapore (24,200 MT). 

Corn: 
Net sales of 589,100 MT for 2021/2022 were down 50 percent from the previous week and 43 percent from the prior 4-week average.  Increases primarily for Mexico (370,600 MT, including decreases of 20,300 MT), Japan (347,500 MT, including 156,200 MT switched
from unknown destinations and decreases of 2,500 MT), Colombia (135,000 MT, including 132,000 MT switched from unknown destinations and decreases of 6,500 MT), Canada (68,000 MT, including decreases of 1,800 MT), and the Dominican Republic (51,700 MT), were
offset by reductions primarily for China (375,200 MT) and unknown destinations (144,500 MT).  Exports of 1,149,400 MT were down 2 percent from the previous week and 6 percent from the prior 4-week average.  The destinations were primarily to Japan (331,100
MT), China (208,800 MT), Canada (168,100 MT), Mexico (165,100 MT), and Colombia (149,700 MT).

Optional
Origin Sales: 
For 2021/2022, options were exercised to export 125,000 MT to unknown destinations from the United States. The current outstanding balance of 215,800 MT is for unknown destinations (110,000 MT), South Korea (65,000 MT), Italy (31,800
MT), and Saudi Arabia (9,000 MT).  For 2022/2023, the current outstanding balance of 1,500 MT is for Italy.

Barley: 
Total net sales reductions of 2,000 MT for 2021/2022–a marketing-year low–were unchanged from the previous week and from the prior 4-week average.  The destination was  Japan.  Exports of 1,300 MT–a marketing-year high–were up 49 percent from the previous
week and up noticeably from the prior 4-week average.  The destination was to Japan.

Sorghum: 
Net sales of 140,700 MT for 2021/2022 were up 74 percent from the previous week, but down 38 percent from the prior 4-week average.  Increases reported for China (248,700 MT, including 111,000 MT switched from unknown destinations) and Eritrea (3,000), were
offset by reductions for unknown destinations (111,000 MT).  Exports of 158,100 MT were up 28 percent from the previous week and 34 percent from the prior 4-week average.  The destinations were to China (124,600 MT), Eritrea (33,000 MT), and Mexico (500 MT).

Rice: 
Net sales of 193,000 MT for 2021/2022–a marketing-year high–were up 23 percent from the previous week and up noticeably from the prior 4-week average.  Increases primarily for Colombia (120,000 MT, including 22,000 MT switched from Mexico), Haiti (41,500
MT), Panama (27,400 MT), Japan (25,100 MT), and Canada (1,100 MT, including decreases of 900 MT), were offset by reductions primarily for Mexico (19,500 MT) and the United Kingdom (4,400 MT).  Exports of 71,000 MT were up 5 percent from the previous week and
67 percent from the prior 4-week average.  The destinations were primarily to Panama (27,400 MT), Haiti (26,300 MT), Mexico (5,600 MT), Honduras (5,000 MT), and Canada (2,200 MT).

Exports
for Own Account:
For 2021/2022, the current exports for own account outstanding balance is 100 MT, all Canada.

Soybeans: 
Net sales of 1,596,200 MT for 2021/2022 were up 46 percent from the previous week and 81 percent from the prior 4-week average.  Increases primarily for unknown destinations (804,400 MT), China (298,100 MT, including 129,000 MT switched from unknown destinations
and decreases of 5,700 MT), Mexico (211,100 MT, including decreases of 900 MT), Egypt (81,700 MT), and Saudi Arabia (69,000 MT, including 28,000 MT switched from unknown destinations), were offset by reductions primarily for the United Kingdom (60,000 MT). 
Net sales of 894,600 MT for 2022/2023 were primarily for unknown destinations (433,000 MT), China (316,000 MT), Algeria (84,000 MT), and the United Kingdom (60,000 MT).  Exports of 1,301,400 MT were down 2 percent from the previous week and 9 percent from
the prior 4-week average.  The destinations were primarily to China (726,600 MT), Japan (137,900 MT, including 51,700 MT – late), Mexico (110,100 MT), Egypt (93,700 MT), and Bangladesh (59,400 MT).  

Export
for Own Account:
For 2021/2022, the current exports for own account outstanding balance is 3,000 MT, all Canada.

Late
Reporting:
For 2021/2022, exports totaling 51,700 MT of soybeans were reported late to Japan.

Soybean
Cake and Meal: 
Net sales of 241,400 MT for 2021/2022 were down 60 percent from the previous week and 29 percent from the prior 4-week average.  Increases primarily for Venezuela (50,000 MT), the Philippines (47,000 MT, including 45,000 MT switched from Slovenia), Ireland
(40,000 MT), Saudi Arabia (30,000 MT), and Guatemala (27,100 MT, including decreases of 5,000 MT), were offset by reductions primarily for Slovenia (45,000 MT).  Net sales reductions of 2,200 MT for 2022/2023 resulting in increases for Canada (1,700 MT), were
more than offset by reductions for Spain (3,900 MT).  Exports of 278,500 MT were unchanged from the previous week, but up 4 percent from the prior 4-week average.  The destinations were primarily to the Philippines (50,000 MT), Vietnam (48,700 MT), Mexico
(33,700 MT), Ecuador (32,700 MT), and Colombia (30,100 MT). 

Optional
Origin Sales: 
For 2021/2022, decreases of 50,000 MT were reported for Venezuela.

Export
Adjustments: 
Accumulated exports of soybean cake and meal to Laos were adjusted down 211 MT for week ending January 6^th
and 317 MT for week ending January 27^th.  The correct destination for these shipments is Cambodia.

Soybean
Oil: 
Net sales of 2,900 MT for 2021/2022 were down 31 percent from the previous week and 74 percent from the prior 4-week average.  Increases were  reported for Venezuela (2,500 MT) and Canada (400 MT).  Total net sales reductions of 200 MT for 2022/2023 were for
Canada.  Exports of 11,900 MT were up noticeably from the previous week, but down 58 percent from the prior 4-week average.  The destinations were primarily to Venezuela (3,500 MT), Colombia (3,500 MT), Guatemala (1,500 MT), Nicaragua (1,200 MT), and Honduras
(1,000 MT). 

Cotton: 
Net sales of 185,200 RB for 2021/2022 were down 44 percent from the previous week and 47 percent from the prior 4-week average.  Increases primarily for China (100,800 RB, including decreases of 100 RB), Pakistan (20,600 RB), Vietnam (14,000 RB), Mexico (12,300
RB, including decreases of 600 RB), and Turkey (12,200 RB, including decreases of 9,200 RB), were offset by reductions for Colombia (1,500 RB).  Net sales of 96,100 RB for 2022/2023 were primarily for Pakistan (43,100 RB), Mexico (28,300 RB), Indonesia (11,000
RB), the Philippines (7,000 RB), and Guatemala (4,100 RB).  Exports of 299,700 RB were down 1 percent from the previous week, but up 38 percent from the prior 4-week average.  The destinations were primarily to China (153,700 RB), Vietnam (33,900 RB), Mexico
(23,800 RB), Pakistan (22,200 RB), and Turkey (21,000 RB).  Net sales of Pima totaling 5,300 RB were down 34 percent from the previous week, but up 19 percent from the prior 4-week average.  Increases primarily for China (3,600 RB, including decreases of 100
RB), Bangladesh (800 RB), Egypt (300 RB), Pakistan (200 RB), and Brazil (200 RB), were offset by reductions for Japan (100 RB).  Net sales of 4,100 RB for 2022/2023 were reported for Italy (4,000 RB) and Thailand (100 RB).  Exports of 20,900 RB–a marketing-year
high–were up 49 percent from the previous week and up noticeably from the prior 4-week average.  The destinations were primarily to China (8,500 RB), India (8,400 RB), Pakistan (1,500 RB), Vietnam (1,100 RB), and Peru (600 RB). 

Optional
Origin Sales: 
For 2021/2022, the current outstanding balance of 61,600 RB is for Vietnam (52,800 RB) and Pakistan (8,800 RB).

Exports
for Own Account: 
For 2021/2022, the current exports for own account outstanding balance is 100 RB, all Vietnam.

Hides
and Skins: 
Net sales of 271,000 pieces for 2022 were down 51 percent from the previous week and 75 percent from the prior 4-week average.  Increases primarily for South Korea (84,500 whole cattle hides, including decreases of 1,600 pieces), China (80,800 whole cattle
hides, including decreases of 74,700 pieces), Thailand (44,500 whole cattle hides, including decreases of 700 pieces), Italy (39,600 whole cattle hides, including decreases of 200 pieces), and Mexico (8,800 whole cattle hides, including decreases of 7,400
pieces), were offset by reductions primarily for Egypt (2,900 pieces).  In addition, total net sales of 2,600 kip skins were reported for China.  Exports of 325,300 pieces were down 9 percent from the previous and 7 percent from the prior 4-week average. 
Whole cattle hides exports were primarily to China (236,100 pieces), South Korea (34,000 pieces), Mexico (20,100 pieces), Thailand (14,500 pieces), and Brazil (3,800 pieces).  In addition, exports of 5,500 calf skins were to Italy.

Net
sales of 30,000 wet blues for 2022 were down 70 percent from the previous week and 89 percent from the prior 4-week average.  Increases primarily for the Dominican Republic (7,200 unsplit and 7,200 grain splits), Italy (12,700 unsplit, including decreases
of 200 grain splits), Brazil (5,000 unsplit), Thailand (4,900 unsplit, including decreases of 400 unsplit), and Vietnam (1,300 unsplit), were offset by reductions primarily for China (8,800 unsplit).  Total net sales of 1,000 wet blues for 2023 were
for
Mexico.  Exports of 71,600 wet blues were down 58 percent from the previous and 49 percent from the prior 4-week average.  The destinations were to Vietnam (29,100 unsplit), China (15,000 unsplit), Italy (6,700 grain splits and 5,600 unsplit), Thailand (5,600
unsplit), and Mexico (4,300 unsplit).  Net sales of 47,000 splits were reported for Vietnam (33,100 pounds, including decreases of 4,800 pounds) and South Korea (13,900 pounds).  Exports of 377,700 pounds were to Vietnam.

Beef:
 Net sales of 19,500 MT for 2022 were down 3 percent from the previous week and 63 percent from the prior 4-week average.  Increases primarily for Japan (8,600 MT, including decreases of 300 MT), South Korea (7,300 MT, including decreases of 400 MT), Canada
(1,000 MT, including decreases of 300 MT), Taiwan (900 MT, including decreases of 100 MT), and Mexico (800 MT), were offset by reductions for China (300 MT), Panama (100 MT), and Chile (100 MT).  Exports of 14,600 MT were down 14 percent from the previous
week, but up 2 percent from the prior 4-week average.  The destinations were primarily to South Korea (4,500 MT), Japan (3,500 MT), China (2,400 MT), Mexico (1,100 MT), and Taiwan (1,100 MT). 

Pork: 
Net sales of 18,100 MT for 2022 were down 40 percent from the previous week and 71 percent from the prior 4-week average.  Increases were primarily for Mexico (10,500 MT, including decreases of 900 MT), Japan (2,000 MT, including decreases of 300 MT), Canada
(1,400 MT, including decreases of 500 MT), Colombia (1,200 MT), and South Korea (1,000 MT, including decreases of 300 MT).  Exports of 30,400 MT were down 6 percent from the previous week, but up 3 percent from the prior 4-week average.  The destinations were
primarily to Mexico (14,500 MT), Japan (4,600 MT), China (4,300 MT), South Korea (2,200 MT), and Canada (1,600 MT).