FI Morning Grain Comments 04/13/23

PDF attached

 

Good
morning. 

 

USDA
24-H: Private exporters reported sales of 327,000 metric tons of corn for delivery to China. Of the total, 191,000 metric tons is for delivery during the 2022/2023 marketing year and 136,000 metric tons is for delivery during the 2023/2024 marketing year.

 

 

USD
is lower, WTI crude lower and US equities higher. Soybeans are higher from strong soybean meal futures while soybean oil is lower following weaker palm oil and other related vegetable oil markets. South American soybean meal prices in Rotterdam are sharply
higher from this time yesterday morning. USDA export sales for the soybean complex was at or below expectations.
Brazil’s
Conab reported an upward revision to soybean production by 2.2 million tons to 153.63 million tons, near trade expectations.
Offshore
values were leading SBO higher by about 54 points this morning and meal $2.80 short ton higher. Corn futures are mixed on light follow through bull spreading. 
The
Conab Brazil corn production was disappointing as output increased only 200,000 tons from the previous month to 124.88 million tons, 2.7 million tons below a Bloomberg trade guess.
US
wheat futures are lower with a reversal in bull spreads. Profit taking is likely after prices were higher over the past three consecutive days. Algeria’s durum wheat import tender results should be out today. 

 

Fund
estimates as of April 12

 

 

Weather

 

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR APRIL 13, 2023

• Fort
  Lauderdale, Fl. reported 25.60 inches of rain Wednesday surpassing its previous one day record of 14.59 inches set April 25, 1979 (22.60 inches in 7 hours)
  
• Intense
  tropical cyclone Ilsa was moving into northwestern Australia today producing maximum sustained wind speeds of 150 mph offshore earlier today and will come inland with speeds near 143 mph. The storm was 74 miles north northeast of Port Hedland, Western Australia
  at 1030 GMT today and its center was expected to pass 81 miles to the east of the port city around 1400 GMT today. Hurricane force wind speeds were occurring out 40-45 miles from center of the storm. The storm is a Category 4 hurricane equivalent storm based
  on the Saffir Simpson Scale
• European
  forecast model produces a deep upper level low pressure center in the center of the United States April 20-22 that could bring some notable cooling to the central and eastern parts of nation and significant rain to the upper Midwest, but this feature seems
  overdone and is not matched by the Ensemble or by any of the recent GFS model runs
• 00z
  GFS model run did not have this feature, but the latest 06z GFS model is much colder in the eastern half of the nation for April
  
• U.S.
  southeastern states will experience another wave of significant rain later today and Friday with some follow up rain during the weekend keeping the ground quite wet
• U.S.
  Delta will not be quite so wet
• U.S.
  west-central and southwestern Plains will remain drier biased for the next ten days
• U.S.
  wheat areas in Nebraska and Kansas may get rain in the second week of the forecast – lightest in the west
• Rain
  and wet snow in U.S. Red River Basin of the North Friday and Saturday will aggravate flooding resulting from melting snow
• Snow
  and rain today and Friday in southern Saskatchewan, Canada will improve topsoil moisture in one of the Prairies driest areas, but no relief from dryness is likely in southern or east-central Alberta for much of the next ten days
• Mato
  Grosso, Brazil rainfall with be periodic, although light in the next ten days while Safrinha crop areas to the south in Mato Grosso do Sul, Parana and Sao Paulo are plenty wet
• Argentina
  soil moisture is low again in central parts of the nation and rainfall should be limited for the next ten days in some of the drier areas favoring crop maturation and harvest progress
• China’s
  Yangtze River Basin and areas southward to the coastal provinces will experience waves of  heavy rain next week that may lead to some flooding; this would impact rice and southern rapeseed areas as well as a few other crops like sugarcane, citrus and minor
  corn
• Yunnan,
  China remains in drought with little change likely over the next ten days
• Spain
  and North Africa dryness will continue over the next ten days
• Ukraine,
  Russia’s Southern Region and Kazakhstan will receive rain through the weekend maintaining favorable moisture for winter and spring crops, though fieldwork will be on hold for a while
• Cotton
  areas from Mali to Burkina Faso and northern Ivory Coast will be drier than usual for the next ten days
• Lighter
  than usual rainfall continues in Mainland areas of Southeast Asia; including parts of Thailand and Vietnam
• Negative
  phase of Madden Julian Oscillation will suppress rainfall in parts of Indonesia and Malaysia, although it will not be dry

Source:
World Weather, INC.

 

Bloomberg
Ag calendar

Thursday,
April 13:

• China’s
  1st batch of March trade data, including soybean, edible oil, rubber and meat & offal imports
• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• Brazil’s
  CONAB publishes production, area and yield data for corn and soybeans
• FranceAgriMer
  monthly grains balance sheet
• Port
  of Rouen data on French grain exports
• HOLIDAY:
  Thailand

Friday,
April 14:

• 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 condition report
• HOLIDAY:
  India, Thailand

Source:
Bloomberg and FI

 

 

 

Brazil’s
Conab
reported an upward revision to soybean production by 2.2 million tons to 153.63 million tons, near trade expectations. For comparison, USDA is at 154.0 MMT versus 130.5 MMT year earlier. The Conab Brazil corn production was disappointing as output increased
only 200,000 tons from the previous month to 124.88 million tons, 2.7 million tons below a Bloomberg trade guess. For comparison, USDA is at 125.0 MMT versus 116.0 MMT year earlier.

 

 

USDA
export sales

Soybean
and soybean meal export
sales were within expectations but soybean oil for 2022-23 were negative 4,000 tons. Shipments were just below 200,000 tons for meal and only 1,700 tons were shipped for soybean oil. The soybean sales included many countries switching from unknown destinations.
New-crop soybean sales of 66,000 tons were for China.

 

USDA
export sales for corn of 527,700 tons were near the lower end of a range of expectations. Mexico and Japan were the primary buyers, China sales of 140,800 tons included 136,000 tons switched from unknown.

Pork
sales were good at 27,100 tons. Sorghum sales of 65,000 tons were for China.

 

USDA
export sales for all wheat of 135,700 tons old crop and 67,800 tons new-crop were near the lower end of a range of trade expectations.

 

 

 

Macros

US
PPI Final Demand (M/M) Mar: -0.5% (est 0.0%; prev -0.1%)

US
PPI Ex Food And Energy (M/M) Mar: -0.1% (est 0.2%; prev 0.0%)

US
PPI Final Demand (Y/Y) Mar: 2.7% (est 3.0%; prev 4.6%)

US
PPI Ex Food And Energy (Y/Y) Mar: 3.4% (est 3.4%; prev 4.4%)

US
Initial Jobless Claims Apr 8: 239K (est 235K; prev 228K)

US
Continuing Claims Apr 1: 1810K (est 1835K; prev 1823K)

 

Corn

·        
Corn futures are mixed on light follow through bull spreading.  US new-crop corn plantings are moving along nicely across the central US. A note from Dale Gustafson on a drive between St. Louis to Topeka, KS, mentioned a lot of
planters in the fields and creeks mostly dry or with very little water in them.

·        
Argentina’s Rosario grains exchange estimated the Argentina corn production at 32 million tons, down from 35 million tons previously estimated.
Their
2022 forecast was 55 million tons.

·        
Today is day 4 of the Goldman Roll.

·        
US ethanol production dropped a more than expected 44,000 barrels to 959,000, largest weekly decline since late December. 959,000 barrels per day is the lowest since the week ending January 6. Ethanol stocks declined by 8,000
barrels, the 4th consecutive weekly decline.

·        
The USDA Broiler Report showed eggs set up slightly and chicks placed down 1 percent. Cumulative placements were up slightly from the same period a year earlier.

 

Export
developments.

·        
USDA 24-H: Private exporters reported sales of 327,000 metric tons of corn for delivery to China. Of the total, 191,000 metric tons is for delivery during the 2022/2023 marketing year and 136,000 metric tons is for delivery during
the 2023/2024 marketing year.

·        
Russia sent 2,800 tons of corn to North Korea so far this year.

 

 

 

Soybeans

·        
Soybeans are higher from strong soybean meal futures while soybean oil is lower following weaker palm oil and other related vegetable oil markets. SA soybean meal prices in Rotterdam are sharply higher from this time yesterday
morning.  USDA export sales were within to below expectations for the complex.

·        
Argentina’s Rosario grains exchange estimated the Argentina soybean production at 23 million tons, down from 27 million tons previously estimated. Their 2022 forecast was 47 million tons.

·        
China March soybean imports were 6.85 million tons, down from February but up 7.9% from a year earlier. Jan-Mar imports totaled 23 million tons, up 13.5% from a year earlier. Imports could slow after May from weaker demand for
meal amid poor hog margins.

·        
Malaysia June palm futures were down 62 ringgit to 3,713 and June cash was lower by $10.00 at
$905.00/ton.

·        
China May soybean futures were up 0.2%, meal up 1.3%, SBO down 0.9% and palm oil futures down 2.0%.

·        
Nearby Rotterdam vegetable oils were 10-15 euros lower this time yesterday morning and meal 7.50-12.50 higher.

·        
Offshore values were leading SBO higher by about 54 points this morning and meal $2.80 short ton higher.

·        
Abiove raised their estimate of Brazil’s soybean exports for 2023 by 1.4 million tons to 93.7 million tons. They also took meal exports up by 300,000 tons to 21 million. Soybean production was left unchanged at 153.6 million tons.
Stocks were lowered to 9.6 million from 11 million.

·        
European Union soybean imports so far for the 2022-23 season at 9.47 million tons by April 9, down 13% from 10.86 million a year earlier.  EU rapeseed imports reached 6.36 million tons, up 59%.  Soybean meal imports were 12.17
million tons, down nearly 5%.

 

U
of I: Renewable Diesel and Biodiesel Supply Trends over 2011-2022

Gerveni,
M., T. Hubbs and S. Irwin. “Renewable Diesel and Biodiesel Supply Trends over 2011-2022.”
farmdoc daily (13):68, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, April 12, 2023.

https://farmdocdaily.illinois.edu/2023/04/renewable-diesel-and-biodiesel-supply-trends-over-2011-2022.html

 

Export
Developments

• None
  reported

 

Wheat

·        
US wheat futures
are lower with a reversal in bull spreads. Profit taking is likely after prices gained over the past three days. News is light. 

·        
Algeria’s durum wheat import tender results should be out today. 

·        
Warm temperatures continue to melt the snowpack across the northern Great Plains that should result in flooding.

·        
FranceAgriMer lowered its forecast for French soft wheat exports outside the EU for the current season to 10.40 million tons from 10.45 million projected in March, still 18.5% above year ago. Within the EU, they are at 6.43 million
tons, down from 6.51 million previously and 19.7% below 2021-22.

·        
European Union soft wheat exports since July 1, 2022, reached 23.83 million tons by April 9, up from 22.08 million tons a year earlier.

 

 

Export
Developments.

·        
Algeria seeks at least 50,000 tons of durum wheat, for May-June shipment. The tender is still open.

·        
China will auction off 40,000 tons of wheat on April 19.

·        
Taiwan Flour Millers Association bought 52,850 tons of million wheat from the US for May 31-June 14 shipment via PNW.

-34,500
tons of dark northern spring wheat with a minimum 14.5% protein content bought at an estimated $352.00 a ton FOB

-11,100
tons of hard red winter wheat of a minimum 12.5% protein content bought at $364.38 a ton FOB

-7,250
tons of soft/white wheat of a minimum 8.5% and maximum 10% protein bought at $283.63 a ton

·        
Japan bought 78,548 tons of food wheat from the US and Canada for June shipment.

·        
The Philippines seek 150,000 tons of feed wheat on April 14 for arrival between June 15 and July 30.

·        
Jordan seeks 120,000 tons of feed barley on April 19 for October through November 15 shipment.

·        
Jordan seeks 120,000 tons of wheat on April 18 for Oct-FH Nov shipment.

 

Rice/Other

·        
Reuters: ZHENGZHOU COMMODITY EXCHANGE: WILL ADJUST MARGIN REQUIREMENT OF SUGAR FUTURES CONTRACTS FOR JULY AND SEPTEMBER DELIVERY TO 9%, TRADING LIMITS TO 8% FROM SETTLEMENT ON APRIL 19

 

 

 

U.S. EXPORT SALES FOR WEEK ENDING  4/6/2023  

 

	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	46.2	595.7	1,334.1	65.8	4,374.2	6,214.4	12.4	122.0
SRW	-5.3	454.5	487.1	28.1	2,364.9	2,347.8	40.0	451.8
HRS	56.1	882.9	816.9	62.0	4,658.7	4,504.1	15.5	110.4
WHITE	35.1	603.3	438.6	95.9	3,970.6	2,905.7	0.0	43.2
DURUM	3.5	52.1	15.5	28.5	319.6	174.1	0.0	36.9
TOTAL	135.7	2,588.5	3,092.2	280.2	15,688.0	16,146.1	67.8	764.2
BARLEY	0.0	3.3	5.8	0.0	8.2	14.7	0.0	6.0
CORN	527.7	16,442.9	20,395.9	917.0	21,296.6	35,373.5	0.0	2,000.4
SORGHUM	65.0	692.9	2,538.3	52.4	871.7	4,219.8	0.0	63.0
SOYBEANS	364.5	4,530.5	11,507.4	684.0	45,750.3	45,128.2	66.0	1,766.9
SOY MEAL	255.2	2,742.5	2,961.7	198.5	6,522.5	6,435.0	37.5	343.5
SOY OIL	-0.4	67.4	145.2	1.7	35.7	500.4	0.0	0.6
RICE
L G RGH	16.8	114.4	179.3	22.3	501.4	1,002.7	0.0	0.0
M S RGH	0.0	32.3	2.7	0.0	20.6	11.4	0.0	5.0
L G BRN	0.4	4.9	6.1	0.2	15.7	44.2	0.0	0.0
M&S BR	0.0	35.7	23.9	0.0	9.0	62.6	0.0	0.0
L G MLD	17.5	182.5	83.7	8.3	480.1	604.4	0.0	0.0
M S MLD	1.0	127.6	237.0	2.6	198.7	265.8	0.0	13.0
TOTAL	35.7	497.4	532.8	33.5	1,225.5	1,991.0	0.0	18.0
COTTON		THOUSAND RUNNING BALES
UPLAND	143.2	4,617.6	6,906.6	334.6	7,146.5	7,412.8	11.1	1,399.4
PIMA	32.3	89.8	134.5	8.9	126.2	312.9	0.0	4.7

 

Export Sales Highlights

This summary is based on reports from exporters for the period March 31 – April 6, 2023.  

Wheat:  Net sales of 135,700
metric tons (MT) for 2022/2023 were down 30 percent from the previous week and 27 percent from the prior 4-week average. Increases primarily for the Philippines (43,000 MT), Mexico (32,000 MT, including decreases of 100 MT), Ecuador (30,300 MT, including decreases
of 400 MT), Tunisia (28,500 MT, including 25,000 MT switched from unknown destinations), and Singapore (22,000 MT), were offset by reductions for Peru (40,000 MT), unknown destinations (17,000 MT), Venezuela (5,000 MT), and Nigeria (600 MT). Net sales of 67,800
MT for 2023/2024 were reported for Peru (40,000 MT) and Japan (27,800 MT). Exports of 280,200 MT were up 42 percent from the previous week and unchanged from the prior 4-week average. The destinations were primarily to Japan (66,600 MT), Thailand (57,900 MT),
Vietnam (37,200 MT), Tunisia (28,500 MT), and Mexico (28,400 MT). 

Corn:  Net sales of 527,700
MT for 2022/2023 were down 58 percent from the previous week and 68 percent from the prior 4-week average. Increases primarily for Mexico (291,000 MT, including decreases of 500 MT), Japan (166,800 MT, including 111,300 MT switched from unknown destinations),
China (140,800 MT, including 136,000 MT switched from unknown destinations and decreases of 1,100 MT), Colombia (45,100 MT, including 34,000 MT switched from Panama, 5,000 MT switched from Honduras, and decreases of 113,100 MT), and unknown destinations (24,300
MT), were offset by reductions for South Korea (130,000 MT), Panama (34,000 MT), El Salvador (13,500 MT), Qatar (8,100 MT), and the Dominican Republic (3,800 MT). Exports of 917,000 MT were down 19 percent from the previous week and 15 percent from the prior
4-week average. The destinations were primarily to Mexico (279,700 MT), China (208,800 MT), Japan (161,800 MT), Colombia (159,200 MT), and the Dominican Republic (57,200 MT). 

Optional Origin Sales:  For
2022/2023, decreases of 50,000 MT were reported for South Korea.  

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

Sorghum:  Total net sales
of 65,000 MT for 2022/2023 were unchanged from the previous  week, but down 11 percent from the prior 4-week average. The destination was China, including decreases of 1,000 MT. Exports of 52,400 MT were up noticeably from the previous week, but down 30 percent
from the prior 4-week average. The destinations were to China (52,000 MT) and Mexico (400 MT). 

Rice:  Net sales of 35,700 MT for 2022/2023 were down 65 percent from the previous
week and 11 percent from the prior 4-week average. Increases were primarily for Haiti (16,700 MT, including decreases of 300 MT), Honduras (12,000 MT), Venezuela (4,500 MT), Canada (1,500 MT), and Guatemala (300 MT). Exports of 33,500 MT were down 41 percent
from the previous week, but up 7 percent from the prior 4-week average. The destinations were primarily to Honduras (22,000 MT), Haiti (6,700 MT), Canada (1,900 MT), South Korea (1,000 MT), and Mexico (700 MT).

 

Export Adjustments:  Accumulated exports of long grain, milled rice to Malta were
adjusted down 15 MT for week ending March 30th. This shipment was reported in error.  

Soybeans:  Net sales of
364,500 MT for 2022/2023 were up noticeably from the previous week and up 17 percent from the prior 4-week average. Increases primarily for the Netherlands (150,100 MT, including 145,000 MT switched from unknown destinations), unknown destinations (122,500
MT), Japan (32,300 MT, including 28,900 MT switched from unknown destinations), Spain (21,200 MT, including decreases of 300 MT and 21,500 MT – late), and Indonesia (19,100 MT), were offset by reductions for Mexico (1,700 MT). Total net sales of 66,000 MT
for 2023/2024 were for China. Exports of 684,000 MT were up 22 percent from the previous week, but down 9 percent from the prior 4-week average. The destinations were primarily to China (365,600 MT), the Netherlands (150,100 MT), Mexico (75,700 MT), Japan
(35,200 MT), and Spain (21,200 MT – late).   

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 of 1,600 MT are for Canada (1,400 MT) and Taiwan (200 MT). 

Late Reporting:  For
2022/2023, net sales totaling 21,500 MT of soybeans were reported late for Spain. Exports of 21,157 MT were late to Spain.

 

Soybean Cake and Meal:  Net sales of 255,200 MT for 2022/2023 were up 4 percent from
the previous week and 6 percent from the prior 4-week average. Increases primarily for the Philippines (95,300 MT, including decreases of 100 MT), Vietnam (52,000 MT), Mexico (21,500 MT, including decreases of 100 MT), Costa Rica (17,400 MT, including decreases
of 7,200 MT), and Nicaragua (13,200 MT, including decreases of 100 MT), were offset by reductions for Belgium (2,500 MT), Ecuador (2,000 MT), and Japan (500 MT). Total net sales of 37,500 MT for 2023/2024 were for Indonesia. Exports of 198,500 MT were down
45 percent from the previous week and 34 percent from the prior 4-week average. The destinations were primarily to the Philippines (52,300 MT), Colombia (45,700 MT, including 200 MT – late), Honduras (26,400 MT), Canada (22,200 MT), and Mexico (21,200 MT).

 

Late Reporting:  For 2022/2023, exports of 200 MT were late to Colombia.

 

Soybean Oil:  Total net sales reductions of 400 MT for 2022/2023 were down noticeably
from the previous week and from the prior 4-week average. Decreases were for Canada. Exports of 1,700 MT were up 79 percent from the previous week and up noticeably from the prior 4-week average. The destinations were to Mexico (1,400 MT) and Canada (300 MT). 

 

Cotton:  Net sales of 143,200 RB for 2022/2023 were down 11 percent from the previous
week and 41 percent from the prior 4-week average. Increases primarily for China (22,300 RB, including 1,500 RB switched from Indonesia and 100 RB switched from Singapore), Turkey (18,700 RB), India (17,700 RB), El Salvador (15,100 RB), and Bangladesh (13,700
RB), were offset by reductions for Singapore (200 RB). Net sales of 11,100 RB for 2023/2024 were reported for Turkey (8,800 RB) and Pakistan (2,300 RB). Exports of 334,600 RB were up 34 percent from the previous week and 18 percent from the prior 4-week average.
The destinations were primarily to Vietnam (77,600 RB), China (68,100 RB), Pakistan (51,000 RB), Turkey (47,600 RB), and Indonesia (20,600 RB). Net sales of Pima totaling 32,300 RB for 2022/2023–a marketing-year high–were up noticeably from the previous
week and from the prior 4-week average. Increases were primarily for China (20,400 RB), India (6,000 RB, including decreases of 300 RB), Pakistan (3,900 RB), Vietnam (1,000 RB), and Turkey (400 RB). Exports of 8,900 RB–a marketing-year high–were up noticeably
from the previous week and from the prior 4-week average. The destinations were primarily to China (6,200 RB), Pakistan (1,200 RB), India (500 RB), Thailand (400 RB), and Indonesia (300 RB). 

 

Optional Origin Sales:  For 2022/2023, options were exercised to export 1,000 RB
to Malaysia from the United States. The current outstanding balance of 5,800 RB, all Malaysia.  

Export for Own Account:  For
2022/2023, new exports for own account totaling 18,500 RB were to China (10,600 RB) and Vietnam (7,900 RB). Exports for own account totaling 5,200 RB primarily to Vietnam (4,100 RB) were applied to new or outstanding sales. The current exports for own account
outstanding balance of 135,400 RB are for China (114,200 RB), Vietnam (11,100 RB), Pakistan (5,000 RB), South Korea (2,400 RB), India (1,500 RB), and Turkey (1,200 RB). 

Hides and Skins:  Net
sales of 492,400 pieces for 2023 were up 73 percent from the previous week and 43 percent from the prior 4-week average. Increases primarily for China (315,600 whole cattle hides, including decreases of 11,200 pieces), Mexico (50,400 whole cattle hides, including
decreases of 1,400 pieces), Brazil (44,500 whole cattle hides), South Korea (38,000 whole cattle hides, including decreases of 400 pieces), and Thailand (25,600 whole cattle hides, including decreases of 500 pieces), were offset by reductions for Vietnam (100
pieces) and Indonesia (100 pieces). In addition, total net sales of 800 kip skins were for Canada. Exports of 405,200 pieces were down 9 percent from the previous week and 6 percent from the prior 4-week average. Whole cattle hides exports were primarily to
China (260,000 pieces), Mexico (49,900 pieces), South Korea (46,600 pieces), Turkey (12,700 pieces), and Thailand (11,200 pieces).  

Net sales of 48,300 wet blues for 2023 were down 63 percent from the previous week and 59 percent from the prior
4-week average. Increases primarily for Vietnam (29,800 unsplit), China (7,700 unsplit, including decreases of 1,900 unsplit), Italy (7,100 unsplit, including decreases of 100 unsplit), and South Korea (3,600 grain splits), were offset by reductions for Brazil
(100 grain splits). Exports of 116,000 wet blues were down 11 percent from the previous week and 6 percent from the prior 4-week average. The destinations were primarily to China (38,200 unsplit), Vietnam (36,100 unsplit), Italy (20,300 unsplit), Mexico (3,600
grain splits and 1,700 unsplit), and Thailand (5,200 unsplit). Net sales of 1,800 splits were reported for Vietnam (1,300 pounds) and Hong Kong (500 pounds). No exports of splits were reported for the week.  

Beef:  Net sales of 8,700 MT for 2023 were down 36 percent from the previous week
and 43 percent from the prior 4-week average. Increases primarily for South Korea (3,400 MT, including decreases of 400 MT), Japan (2,900 MT, including decreases of 400 MT), Mexico (1,200 MT, including decreases of 200 MT), Taiwan (500 MT, including decreases
of 200 MT), and Chile (400 MT), were offset by reductions for Indonesia (700 MT), China (400 MT), and Brazil (100 MT). Exports of 15,900 MT were down 8 percent from the previous week, but up 1 percent from the prior 4-week average. The destinations were primarily
to South Korea (4,900 MT), Japan (3,700 MT), China (2,600 MT), Mexico (1,200 MT), and Taiwan (1,200 MT).

 

Pork:  Net sales of 27,100 MT for 2023 were down 49 percent from the previous week
and 31 percent from the prior 4-week average. Increases were primarily for Japan (5,400 MT, including decreases of 100 MT), Mexico (5,300 MT, including decreases of 200 MT), China (3,900 MT, including decreases of 200 MT), South Korea (3,800 MT, including
decreases of 500 MT), and Canada (2,100 MT, including decreases of 400 MT). Exports of 37,000 MT–a marketing-year high–were up 17 percent from the previous week and 19 percent from the prior 4-week average. The destinations were primarily to Mexico (13,500
MT), China (8,200 MT), Japan (4,300 MT), South Korea (3,400 MT), and Canada (1,700 MT).