FI Morning Grain Comments 03/16/23

PDF attached

 

Good
morning.

 

European
meal prices are unavailable. Foreign prices are therefore not included.

 

USDA
export sales for the complex, corn and wheat were within expectations. Sorghum sales were a marketing year high.

 

WTI
is slightly higher, USD lower, and equities mixed. Ongoing global recession concerns and additional bank troubles are keeping traders nervous. Soybeans, nearby soybean meal, and soybean oil are higher on technical buying after soybeans and meal eased yesterday.
Soybean spreads are firm. Yesterday there were rumors China may have bought US soybeans. Palm oil futures fell to a one-month low. Spreads for corn futures continue to widen today with nearby positions higher and deferred months lower, after China confirmed
they large amount of corn from the US. US wheat futures fell early Thursday after rising to one-week highs yesterday.

 

 

 

 

Weather

 

WORLD
WEATHER HIGHLIGHTS FOR MARCH 16, 2023

• Cordoba
  to Entre Rios, Argentina and farther east to southern Rio Grande do Sul, Brazil is advertised to receive heavy rain early next week by both the GFS and ECMWF forecast models today
• This
  event may be overdone, although it does have some potential to provide relief to chronic dryness in a portion of central Argentina
• Confidence
  is low today and the official forecast will decrease the model advertised rain totals, but the system will be closely monitored
• Outside
  of the above change in South America, Argentina and Brazil’s weather today relative to that advertised Wednesday has not changed
• Not
  much change occurred in the U.S. either
• Hard
  red winter wheat areas continue to miss most of the “significant” precipitation events over the next ten days
• U.S.
  Midwest, Delta and southeastern states will be sufficiently wet for a while
• Another
  storm in the upper Midwest will produce snow today with a follow up system possible during mid-week next week
• California
  will continue to see waves of precipitation maintaining a very significant mountain snowpack and runoff potential
• Flood
  potentials remain high in the Red River Basin of the North for next month because of a deep snowpack and very little melting likely over the next two weeks
• Europe
  will go back into a dry and warm weather mode for the coming week to ten days with eastern parts of the continent driest and warmest
• Rain
  will return to the west in the last days of March
• China’s
  Yangtze River Basin will get abundant rain in the next ten days while other areas are mostly dry
  
• Eastern
  Australia will continue dry biased for a while as will South Africa and portions of North Africa
• India’s
  shower activity in the coming five to six days will raise some concern over crop quality

Source:
World Weather, INC.

 

Bloomberg
Ag calendar

Thursday,
March 16:

• IGC
  grains market report
• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• Eurasian
  agri- commodities conference, Kazakhstan, day 2
• Port
  of Rouen data on French grain exports

Friday,
March 17:

• ICE
  Futures Europe weekly commitments of traders report
• CFTC
  commitments of traders weekly report on positions for various US futures and options, 3:30pm
• FranceAgriMer’s
  weekly crop conditions reports
• USDA
  cattle on feed

Source:
Bloomberg and FI

 

 

 

 

Macros

US
Initial Jobless Claims: 192K (exp 205K; prevR 212K)

Continuing
Claims: 1684K (exp 1720K; prevR 1713K)

US
Housing Starts Feb: 1450K (exp 1310K; prevR 1321K)

Housing
Starts (M/M) Feb: 9.8% (exp 0.1%; prevR -2.0%)

US
Building Permits Feb: 1524K (exp 1343K; prev 1339K)

Building
Permits (M/M) Feb: 13.8% (exp 0.3%; 0.1%)

US
Import Price Index (M/M) Feb: -0.1% (exp -0.2%; prevR -0.4%)

Import
Price Index Ex Petroleum (M/M) Feb: -0.4% (exp 0.1%; prevR 0.3%)

Import
Price Index (Y/Y) Feb: 0.2% (exp -1.1%; prevR 0.5%)

Global
Crude Oil Production Fell To A 7-Month Low In January – IEF Citing JODI

US
Philadelphia Fed Business Outlook March: -23.2 (exp -15.0; prev -24.3)

Canadian
Wholesale Trade Sales (M/M) Jan: 2.4% (exp 3.0%; prevR -0.7%)

 

 

Corn

·        
Spreads for corn futures continue
to widen today with nearby positions higher and deferred months lower, after China confirmed they large amount of corn from the US.

·        
Uruguay confirmed bird flu disease cases are spreading.

·        
EIA’s Annual Energy Outlook 2023 will be released today.
https://www.eia.gov/todayinenergy/detail.php?id=55860&src=email

·        
Weekly US ethanol production increased a less than expected 4,000 barrels per day and stocks increased a large 1.074 million. For comparison, a
Bloomberg poll looked for weekly US ethanol production to be up 10,000 thousand and stocks up 58,000 barrels.

·        
Bloomberg: US Cattle on Feed Placements Seen Falling 6.6%. February placements onto feedlots seen falling y/y to 1.75m head, according to a Bloomberg survey of ten analysts. That would be the sixth y/y decline in a row. Reuters
estimates below.  Due out Friday after the close.

·        
US corn export sales were withing expectations. Sorghum net sales of 293,300 tons were a marketing-year high.

 

U
of I: Further Perspective on Trends in the Operational Efficiency of the U.S. Ethanol Industry

Irwin,
S. “Further Perspective on Trends in the Operational Efficiency of the U.S. Ethanol Industry.”
farmdoc
daily
(13):47, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, March 15, 2023.

Further
Perspective on Trends in the Operational Efficiency of the U.S. Ethanol Industry – farmdoc daily (illinois.edu)

 

Export
developments.

• Algeria
  passed on 35,000 tons of corn for April 1-15 shipment.

 

 

 

 

Soybeans

·        
Soybeans, nearby soybean meal, and soybean oil are higher on technical buying after soybeans and meal eased yesterday. Soybean spreads are firm. Yesterday there were rumors China may have bought US soybeans. Palm oil futures fell
to a one-month low.

·        
NOPA February crush was near expectations but soybean oil stocks fell from end of January. We raised our product crush for the US 2022-23 crop year by 3 million bushels to 2.230 billion bushels, ten million above USDA. February
crush came in above last year.

·        
Argentina’s head of the CIARA oilseed and grain processing chamber said the crush industry is in a crisis and crush rates are running at their lowest level in a quarter century. 2022 soybean product exports amounted to $18.5 billion.
70% of crush capacity is idled. Producer sales of soybean In February were 622,300 tons, well below 1.7 million tons year earlier.

·        
Brazil’s Paranagua port authorities denied soybean shipping delays although average wait time is about 35 days that is expected to increase by the end of April. Reuters noted 56 ships await offshore to approach the port while
100 vessels are due to arrive by April 24 to load or unload various cargos.

·        
Malaysia June palm futures were down 34 ringgit to 3,933 and June cash was down $20 at $925.00/ton. 

• China
  soybeans were up down 0.1%, meal down 0.3%, SBO down 2.0% and palm oil futures off 0.9%.

·        
Nearby Rotterdam vegetable oils were
unchanged to 20 euros lower.

 

Export
Developments

·        
Yesterday Turkey’s TMO bought 18,000 tons of sunflower oil at $1,026.89, $1,025.00, and $1,043 a ton.
Delivery was sought between March 22 and April 28 to the ports of Iskenderun/Mersin or Tekirdag.

 

Wheat

·        
US wheat futures fell early Thursday after rising to one-week highs yesterday. Traders are looking for direction over the Black Sea grain export deal extension. Turkey was the latest country to request the extension to last at
least 120 days rather than tentative 60 days.

·        
Egypt is in for wheat for April 15-25 shipment.

·        
Paris May wheat was lower by 3.50 euros earlier at 268.50 per ton.

·        
US HRW wheat areas will see restricted rain over the next week.

·        
Traders need to monitor the ENSO pattern later this year as it could threaten Australia’s wheat production and India’s crops. There is a 50 percent change of El Nino by the Northern Hemisphere fall quarter.

·        
China is open to additional negotiations with Australia to buy beef and barley. They have already been purchasing wheat.

·        
Russia is currently loading wheat for Yemen, Saudi Arabia, Sudan, Oman, Egypt and Algeria.

 

Export
Developments.

·        
Egypt seeks wheat for April 15-25 shipment. Lowest offer was $279.50/ton for Ukraine origin. Payment will be made via 180-day letters of credit and offers should be submitted on a fob.

·        
Japan bought 73,518 tons of food wheat from US, Canada, and Australia. Original details as follows:

·        
Thailand seeks 21,000 tons of feed barley for July shipment.

·        
Jordan seeks 120,000 tons of feed barley on March 22.

·        
Jordan seeks 120,000 tons of milling wheat on March 21 for Sep-Oct shipment.

·        
China plans to auction off 140,000 tons of wheat from state reserves on March 22.

 

Rice/Other

·        
(Reuters) – Cotton stocks in India could fall by nearly 16% in 2022/23 from a year earlier to their lowest level in nearly two decades as adverse weather curtailed crop yields, a leading trade body said on Thursday. Lower stockpiles
will limit exports from the world’s biggest producer in the next marketing year starting from Oct. 1 and support global prices CTc1. It could also lift domestic prices MCOTc1 and weigh on the margin of local textile companies. Cotton stocks at the end of 2022/23
marketing year could fall to 2.69 million bales, the lowest since 2003/04, the Cotton Association of India (CAI) said. India is likely to produce 31.3 million bales of cotton in the current season ending on Sept. 30, down 2.6% from an earlier estimate, the
CAI said.

·        
South Korea seeks 121,800 tons of rice, most of it from China, on March 21.

 

 

 

 

 

Export
Sales Highlights

This
summary is based on reports from exporters for the period March 3-9, 2023.

Wheat: 
Net sales of 336,700 metric tons (MT) for 2022/2023 were up 26 percent from the previous week and 23 percent from the prior 4-week average. Increases primarily for the Philippines (121,900 MT), Japan (81,400 MT), Mexico (49,100 MT), Vietnam (35,600 MT, including
32,900 MT switched from unknown destinations), and Malaysia (19,500 MT, including 18,600 MT switched from unknown destinations and decreases of 200 MT), were offset by reductions for the Leeward-Windward Islands (20,000 MT), Guatemala (16,000 MT), unknown
destinations (11,300 MT), and Ecuador (5,500 MT). Net sales of 155,900 MT for 2023/2024 were reported for unknown destinations (136,000 MT), Ecuador (8,500 MT), Costa Rica (8,000 MT), Peru (3,000 MT), and Panama (400 MT). Exports of 250,700 MT were down 34
percent from the previous week and 45 percent from the prior 4-week average. The destinations were primarily to Mexico (48,100 MT, including 11,000 MT – late), the Philippines (32,900 MT), Honduras (29,700 MT), Japan (25,200 MT), and Malaysia (19,600 MT).

Late
Reporting: 
For 2022/2023, exports of 11,000 MT were reported late to Mexico.

Corn: 
Net sales of 1,236,200 MT for 2022/2023 were down 13 percent from the previous week, but up 28 percent from the prior 4-week average. Increases primarily for Japan (499,500 MT, including 177,400 MT switched from unknown destinations and decreases of 2,000
MT), Colombia (209,800 MT, including 90,000 MT switched from unknown destinations and decreases of 10,100 MT), Mexico (199,100 MT, including decreases of 300 MT), South Korea (120,000 MT, including decreases of 65,000 MT), and China (73,200 MT, including 65,000
MT switched from unknown destinations and decreases of 1,500 MT), were offset by reductions for unknown destinations (74,400 MT), Guatemala (16,000 MT), and the Leeward-Windward Islands (10,000 MT). Net sales of 183,500 MT for 2023/2024 were reported for Japan
(143,500 MT) and Mexico (40,000 MT). Exports of 1,164,900 MT–a marketing-year high–were up 11 percent from the previous week and 52 percent from the prior 4-week average. The destinations were primarily to Japan (336,100 MT), Mexico (260,600 MT), Colombia
(181,100 MT), China (127,800 MT), and Morocco (66,000 MT).

Optional
Origin Sales: 
For 2022/2023, options were exercised to export 50,000 MT to South Korea from other than the United States. The current outstanding balance of 140,000 MT were for South Korea (100,000 MT) and Egypt (40,000 MT).

Late
Reporting: 
For 2022/2023, net sales totaling 55,900 MT of corn were reported late for the Netherlands (50,500 MT), Taiwan (5,200 MT), and Hong Kong (200 MT). Exports of 9,600 MT were late to Taiwan (5,200 MT), the Netherlands (4,200 MT), and Hong Kong (200 MT).

Barley: 
No net sales or exports were reported for the week.

Sorghum: 
Net sales of 293,300 MT for 2022/2023–a marketing-year high–were up 89 percent from the previous week and up noticeably from the prior 4-week average. Increases were reported for unknown destinations (178,000 MT) and China (115,300 MT, including decreases
of 700 MT). Total net sales of 63,000 MT for 2023/2024 were for China. Exports of 72,300 MT were up 47 percent from the previous week and 27 percent from the prior 4-week average. The destination was to China.

Rice: 
Net sales of 25,800 MT for 2022/2023 were down 82 percent from the previous week and 59 percent from the prior 4-week average. Increases were primarily for Japan (13,000 MT), Mexico (10,200 MT), Saudi Arabia (1,200 MT), Canada (1,000 MT), and Belgium (100
MT). Total net sales of 13,000 MT for 2023/2024 were for Japan. Exports of 10,400 MT were down 94 percent from the previous week and 86 percent from the prior 4-week average. The destinations were primarily to Mexico (5,900 MT), Canada (3,100 MT), Jordan (600
MT), Saudi Arabia (200 MT), and the United Kingdom (200 MT).

Soybeans: 
Net sales of 665,000 MT for 2022/2023 were up noticeably from the previous week and from the prior 4-week average. Increases primarily for China (208,100 MT, including decreases of 67,900 MT), Germany (121,500 MT, including 62,000 MT switched from unknown
destinations), Indonesia (60,700 MT, including 14,700 MT – late), Thailand (59,900 MT, including decreases of 100 MT and 58,700 MT – late), and the Netherlands (57,400 MT, including 60,000 MT switched from unknown destinations and decreases of 2,600 MT), were
offset by reductions primarily for Egypt (1,400 MT). Net sales of 66,100 MT for 2023/2024 were reported for unknown destinations (66,000 MT) and South Korea (100 MT). Exports of 773,500 MT were up 33 percent from the previous week, but down 37 percent from
the prior 4-week average. The destinations were primarily to China (196,200 MT), Mexico (136,900 MT), Germany (121,500 MT), the Netherlands (57,400 MT), and Japan (56,800 MT). 

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

Exports
for Own Account:  For
2022/2023, the current exports for own account outstanding balance of 1,600 MT are for Canada (1,500 MT) and Taiwan (100 MT).

Export
Adjustments:  Accumulated
exports of soybeans to the Netherlands were adjusted down 52,262 MT for week ending February 23rd. The correct destination for this shipment is Germany. 

Late
Reporting: 
For 2022/2023, late net sales of 127,100 MT of soybeans were primarily for Thailand (58,700 MT), Malaysia (20,100 MT), Indonesia (14,700 MT), the Philippines (12,700 MT), Taiwan (12,200 MT), Vietnam (4,900 MT), Cambodia (2,200 MT), and Bangladesh (1,000 MT).
Exports of 54,900 MT were late to Malaysia (16,600 MT), Taiwan (12,200 MT), Indonesia (9,700 MT), the Philippines (6,700 MT), Thailand (4,800 MT), Vietnam (4,000 MT), Cambodia (600 MT), and Senegal (300 MT).

Soybean
Cake and Meal: 
Net sales of 220,100 MT for 2022/2023 were down 31 percent from the previous week, but up 6 percent from the prior 4-week average. Increases primarily for the Philippines (44,100 MT, including decreases of 900 MT), the Dominican Republic (39,100 MT), Ecuador
(33,000 MT, including 30,000 MT switched from unknown destinations), Canada (32,200 MT, including decreases of 100 MT), and Sri Lanka (16,500 MT, including 12,700 MT – late), were offset by reductions primarily for unknown destinations (33,000 MT) and Belgium
(700 MT). Total net sales of 35,000 MT for 2023/2024 were for Ireland. Exports of 337,600 MT–a marketing-year high–were up 27 percent from the previous week and 48 percent from the prior 4-week average. The destinations were primarily to Ecuador (60,200
MT), Vietnam (52,000 MT), Colombia (48,600 MT), the Philippines (21,600 MT), and the Dominican Republic (18,900 MT).

Late
Reporting: 
For 2022/2023, net sales totaling 24,600 MT of soybean cake and meal were reported late for Sri Lanka (12,700 MT), Taiwan (4,500 MT), Indonesia (3,800 MT), Burma (3,200 MT), and Hong Kong (400 MT). Exports of 23,000 MT were late to Sri Lanka (12,700 MT), Taiwan
(4,500 MT), Burma (3,200 MT), Indonesia (2,300 MT), and Hong Kong (300 MT).

Soybean
Oil: 
Net sales of 3,900 MT for 2022/2023 were down 47 percent from the previous week and 3 percent from the prior 4-week average. Increases were primarily for Mexico (2,500 MT). Exports of 400 MT were down 31 percent from the previous week and 79 percent from the
prior 4-week average. The destination was to Canada.

Cotton: 
Net sales of 225,500 RB for 2022/2023 were up 97 percent from the previous week, but down 3 percent from the prior 4-week average. Increases were primarily for Vietnam (120,200 RB, including 8,400 RB switched from China and 1,000 RB switched from South Korea),
China (35,800 RB), Turkey (16,900 RB, including decreases of 3,200 RB), Pakistan (10,400 RB, including decreases of 5,300 RB), and South Korea (10,100 RB, including decreases of 100 RB). Net sales of 12,800 RB for 2023/2024 were reported for Turkey (4,400
RB), Pakistan (4,400 RB), and South Korea (4,000 RB). Exports of 273,900 RB were down 5 percent from the previous week, but up 25 percent from the prior 4-week average. The destinations were primarily to Vietnam (78,000 RB), China (51,800 RB), Pakistan (38,200
RB), Turkey (29,900 RB), and Indonesia (13,700 RB). Net sales of Pima totaling 7,600 RB for 2022/2023–a marketing-year high–were up 99 percent from the previous week and up noticeably from the prior 4-week average. Increases primarily for China (2,900 RB),
Vietnam (2,400 RB), Egypt (1,300 RB), Thailand (800 RB, including 200 RB switched from Japan), and Turkey (400 RB), were offset by reductions for Japan (400 RB). Exports of 1,500 RB were down 49 percent from the previous week and 64 percent from the prior
4-week average. The destinations were primarily to Thailand (600 RB), Bangladesh (300 RB), China (300 RB), and Indonesia (200 RB).

Optional
Origin Sales:  For
2022/2023, the current outstanding balance of 7,300 RB, all Malaysia.

Exports
for Own Account:  For
2022/2023, new exports for own account totaling 26,600 RB were to Vietnam (16,400 RB) and China (10,200 RB). Exports for own account totaling 39,700 RB primarily to Vietnam (36,700 RB) were applied to new or outstanding sales. The current exports for own account
outstanding balance of 100,800 RB are for China (74,400 RB), Vietnam (14,000 RB), Pakistan (5,000 RB), Turkey (3,500 RB), South Korea (2,400 RB), and India (1,500 RB).

Hides
and Skins: 
Net sales of 337,500 pieces for 2023 were up 13 percent from the previous week, but down 21 percent from the prior 4-week average. Increases primarily for China (208,000 whole cattle hides, including decreases of 37,500 pieces), Mexico (51,600 whole cattle
hides, including decreases of 8,400 pieces), South Korea (28,600 whole cattle hides, including decreases of 1,000 pieces), Italy (27,100 whole cattle hides, including decreases of 500 pieces), and Indonesia (6,100 while cattle hides), were offset by reductions
for Brazil (100 pieces). Total net sales of 11,100 calf skins were for Italy. In addition, net sales reductions of 400 kip skins resulting in increases for Japan (200 kips skins), were more than offset by reductions for China (600 pieces). Exports of 455,000
pieces were up 24 percent from the previous week and 2 percent from the prior 4-week average. Whole cattle hides exports were primarily to China (285,900 pieces), South Korea (60,700 pieces), Mexico (48,400 pieces), Thailand (18,800 pieces), and Brazil (14,300
pieces). Exports of 5,100 kip skins were to China.

 

Net
sales of 86,400 wet blues for 2023 were down 37 percent from the previous week and 29 percent from the prior 4-week average. Increases were primarily for China (39,100 unsplit), Vietnam (28,000 unsplit), Taiwan (8,100 unsplit), Hong Kong (5,000 unsplit), and
Brazil (2,000 unsplit, including decreases of 100 grain split). Exports of 158,600 wet blues were up 30 percent from the previous week and 6 percent from the prior 4-week average. The destinations were primarily to China (40,900 unsplit), Italy (40,200 unsplit),
Vietnam (33,000 unsplit), Thailand (22,500 unsplit), and Hong Kong (7,000 unsplit). Net sales reductions of 900 splits resulting in increases for Taiwan (2,300 pounds), were more than offset by reductions for Hong Kong (3,300 pounds). Exports of 43,300 pounds
were to Taiwan.

 

Beef: 
Net sales of 17,700 MT for 2023 were up noticeably from the previous week and up 24 percent from the prior 4-week average. Increases primarily for South Korea (5,300 MT, including decreases of 400 MT), Japan (3,200 MT, including decreases of 300 MT), Taiwan
(2,600 MT, including decreases of 100 MT), Hong Kong (1,900 MT, including decreases of 100 MT), and China (1,600 MT, including decreases of 100 MT), were offset by reductions for Chile (100 MT). Exports of 15,900 MT were up 22 percent from the previous week
and 2 percent from the prior 4-week average. The destinations were primarily to South Korea (4,400 MT), Japan (3,900 MT), China (2,600 MT), Mexico (1,300 MT), and Taiwan (1,000 MT).

Pork: 
Net sales of 35,600 MT for 2023 were up 62 percent from the previous week, but down 5 percent from the prior 4-week average. Increases were primarily for Mexico (9,900 MT, including decreases of 300 MT), Japan (6,400 MT, including decreases of 200 MT), China
(5,000 MT, including decreases of 100 MT), South Korea (4,100 MT, including decreases of 1,100 MT), and Canada (2,800 MT, including decreases of 400 MT). Exports of 29,800 MT were down 2 percent from the previous week and 1 percent from the prior 4-week average.
The destinations were primarily to Mexico (13,500 MT), Japan (3,800 MT), China (3,500 MT), South Korea (2,700 MT), and Canada (1,600 MT).

 

U.S. EXPORT SALES FOR WEEK ENDING  3/9/2023

	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	69.6	691.4	1,705.4	60.7	4,118.3	5,720.6	0.0	112.3
SRW	13.2	524.6	621.6	69.8	2,186.9	2,149.0	155.7	374.3
HRS	138.6	1,030.2	1,080.9	62.0	4,374.9	4,006.9	0.2	89.5
WHITE	95.2	907.9	527.9	39.3	3,568.6	2,734.5	0.0	43.2
DURUM	20.0	44.7	18.8	18.9	290.5	169.7	0.0	36.9
TOTAL	336.7	3,198.9	3,954.5	250.7	14,539.2	14,780.7	155.9	656.2
BARLEY	0.0	3.9	13.8	0.0	8.0	14.7	0.0	6.0
CORN	1,236.2	14,639.5	23,232.1	1,164.9	17,246.7	28,806.5	183.5	1,859.4
SORGHUM	293.3	908.1	3,536.3	72.3	593.3	3,246.5	63.0	63.0
SOYBEANS	665.0	6,495.9	11,298.5	773.5	42,839.0	42,325.5	66.1	1,546.2
SOY MEAL	220.1	2,814.2	3,098.6	337.6	5,451.2	5,693.2	35.0	264.0
SOY OIL	3.9	30.8	188.6	0.4	32.4	415.8	0.0	0.6
RICE
L G RGH	8.0	157.2	242.3	3.1	417.2	890.5	0.0	0.0
M S RGH	1.4	32.1	8.3	1.4	19.8	5.3	0.0	5.0
L G BRN	0.1	4.2	17.0	0.3	14.6	32.7	0.0	0.0
M&S BR	0.1	35.8	43.9	0.0	8.8	42.2	0.0	0.0
L G MLD	2.4	105.4	67.4	3.5	440.0	558.0	0.0	0.0
M S MLD	13.8	141.2	204.1	2.2	177.4	252.9	13.0	13.0
TOTAL	25.8	475.9	583.1	10.4	1,077.6	1,781.5	13.0	18.0
COTTON		THOUSAND RUNNING BALES
UPLAND	225.5	4,920.6	7,806.0	273.9	5,948.3	5,849.7	12.8	1,338.7
PIMA	7.6	46.3	163.6	1.5	101.3	264.7	0.0	3.5