FI Morning Grain Comments 04/14/22

PDF attached

 

Good
morning.

 

Private
exporters reported sales of 132,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year.

 

Look
for positioning ahead of a three-day holiday weekend. WTI was corn about $1.95/barrel earlier and USD up 32 points. Nearby corn and soybean oil reached fresh contract highs overnight. Soybean futures extended their gains. Products are higher led by a soybean
meal, a reversal from yesterday’s spread trade. Corn is higher on Black Sea shipping and upcoming Ukraine planting concerns, slow pace of the start of the US sowing season, and technical buying. US wheat traded two-sided. 

 

 

 

Weather

U.S.
WEATHER FORECASTER CPC: LA NIÑA IS FAVORED TO CONTINUE THROUGH THE NORTHERN HEMISPHERE SUMMER (59% CHANCE DURING JUNE-AUGUST 2022), WITH A 50-55% CHANCE THROUGH THE FALL. – Reuters News

 

 

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR APRIL 14, 2022

• This
  week’s blizzard has certainly had its impact on North Dakota and areas northeast into Manitoba
  
• areas
  near Minor N.D. reported 30 inches of snow on  the  ground last night with 16-26 inches common in western and north-central North Dakota
• Similar
  to slightly less snow is expected in Manitoba
• Travel
  has been shut down and livestock stress is at an extreme
• there
  have been some power outages and the potential for spring flooding has increased for parts of this region
• extreme
  low temperatures will slip to the single digits and teens over the next few nights
• A
  new snow event is expected in northern North Dakota, southern Saskatchewan and neighboring areas of Manitoba and northern Minnesota for this weekend when 2-6 inches of additional snow fall
  
• spring
  planting delays are expected into early May for the most seriously impacted areas
• Moisture
  from the snow in western North Dakota and parts of eastern Montana has improved spring planting  potentials
• In
  the meantime, today’s GFS model run has greatly increased precipitation from West Texas cotton areas through the Texas Panhandle wheat and corn areas into Oklahoma for the April 22-24 period
  
• the
  model was advertising 1.00 to 2.00 inches of moisture with local  totals near 3.00 inches
  
• this
  is not likely to verify and is way overdone
• The
  European model run has kept precipitation in the high Plains region restricted over the next ten days and it is the preferred solution to the forecast dilemma 
• Otherwise,
  the North America forecast has not changed much, although the European model run is still trying to bring some additional moisture to the drier areas of the  southwestern Canada Prairies
  
• some
  moisture is expected in the SW Prairies, but no drought busting event is expected
• Wet
  biased conditions will continue across the Delta, Tennessee River Basin and parts of the lower and eastern Midwest during the next ten days, but some breaks in the pattern will allow for some fieldwork
• South
  America weather forecast is mostly the same as that of  Wednesday 
• some
  moisture fell in Mato Grosso and Mato Grosso do Sul Wednesday into this morning and some additional showers are expected today, but greater rain is needed to better improve topsoil moisture 
• Argentina
  will see a good mix of weather over the next ten days
• southern
  Brazil will  dry down for a while and that is welcome
• Europe,
  the western CIS, China, India and Australia weather all remained unchanged overnight with each region seeing mostly good conditions
• Africa’s
  coffee, cocoa, sugarcane, rice and cotton weather looks to be favorable through the next ten days 
• Typhoon
  Malakas will remain over open water south of Japan’s main islands through the  weekend, but it may devastate the island of Iwo To

Source:
World Weather Inc.

 

USDA
Scheduled Release Dates for Agency Reports and Summaries

https://www.usda.gov/media/agency-reports

 

2022
CME Globex Trading Schedule

https://www.cmegroup.com/tools-information/holiday-calendar.html

 

Bloomberg
Ag Calendar

Thursday,
April 14:

• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• May
  ICE white sugar contract expiry
• HOLIDAY:
  Argentina, India, Thailand

Friday,
April 15:

• ICE
  Futures Europe weekly commitments of traders report
• U.S.
  green coffee stockpiles data released by New York-based National Coffee Association
• FranceAgriMer
  weekly update on crop conditions
• CFTC
  commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
• HOLIDAY:
  Major markets closed due to Good Friday holiday

Source:
Bloomberg and FI

 

 

 

 

 

USDA
export sales

USDA
export sales were on the lighter side for old crop soybeans, soybean oil and wheat. Corn export sales were within expectations and soybean meal increased from the previous week. Sorghum sales were a poor 8,500 tons.  Pork sales were 24,000 tons.  China posted
671,500 tons for old crop corn and 408,000 tons for new-crop, in line with USDA 24-hour sales announcements.  China booked a more than expected 435,500 tons of old crop soybeans, but 121,000 tons of that was switched from unknown and a cargo switched from
Vietnam.  China also booked 267,000 tons of new crop soybeans and 120,000 tons 2022-23 was posted for unknown. Crop year to date soybean sales are running 7 percent below this time year ago.

 

 

 

 

Macros

US
Initial Jobless Claims Apr 9: 185K (est 170K; prev 166K)

US
Continuing Claims Apr 2: 1475K (est 1500K; prev 1523K)

US
Retail Sales Advance (M/M) Mar: 0.5% (est 0.6%; prev 0.3%; prevR 0.8%)

US
Retail Sales Ex Auto (M/M) Mar: 1.1% (est 1.0%; prev 0.2%; prevR 0.6%)

US
Retail Sales Ex Auto And Gas Mar: 0.2% (est 0.2%; prev -0.4%; prevR -0.1%)

US
Retail Sales Control Group Mar: -0.1% (est 0.1%; prev -1.2%; prevR -0.9%)

US
Import Price Index (M/M) Mar: 2.6% (est 2.3%; prev 1.4%; prevR 1.6%)

US
Import Price Index Ex Petroleum (M/M) Mar: 1.1% (est 1.0%; prev 0.7%)

US
Import Price Index (Y/Y) Mar: 12.5% (est 11.9%; prev 10.9%; prevR 11.3%)

US
Export Price Index (M/M) Mar: 4.5% (est 2.2%; prev 3.0%)

US
Export Price Index (Y/Y) Mar: 18.8% (est 16.2%; prev 16.6%; prevR 16.5%)

Canadian
Manufacturing Sales (M/M) Feb: 4.2% (est 3.7%; prev 0.6%)

Canadian
Wholesale Trade Sales (M/M) Feb: -0.4% (est 0.9%; prev 4.2%)

 

Corn

·        
May corn hit a fresh contract high overnight and this morning futures are higher from ongoing Black Sea shipping concerns with no end in sight for the conflict. The slow start to US plantings and cold US weather is also supportive.
WTI is lower and USD higher, and with the long US holiday weekend, don’t discount some selling.

·        
Weekly US ethanol production decreased 8,000 barrels from the previous week to 995 thousand barrels per day (bbl). Ethanol stocks decreased a large 1.1 million barrels to 24.803 million.

·        
The USDA Broiler Report showed eggs set in the US up 1 percent and chicks placed up slightly from a year ago.  Cumulative placements from the week ending January 8, 2022 through April 9, 2022 for the United States were 2.60 billion.
Cumulative placements were down slightly from the same period a year earlier.

 

Export
developments.

·        
South Korea’s NOFI group bought 69,000 tons of feed corn (up to 138,000 tons sought) at a premium of 202 cents a bushel c&f over the July contract for arrival in South Korea around Aug. 10 .

 

Soybeans

·        
Soybeans are higher led by soybean meal. Strong global vegetable oil prices are supporting nearby soybean oil. Back month SBO is lower in part to positioning and lower WTI.  The rail story earlier this week could disrupt meal
and oil shipments throughout the US, but some traders are now downplaying this.
Private
exporters reported sales of 132,000 metric tons of soybeans for delivery to China during the 2021-22 marketing year.

·        
Argentina truck drivers’ strike is still active.

·        
Brazil 2021-22 producer soybean sales reached 57 percent 8 points above the previous month and down from about 67% year ago.

·        
Malaysian palm oil futures hit a 3-week high overnight.

·        
June Malaysian palm oil settled 153 ringgit higher to 6,288. Cash palm was up $30 at $1,590 per ton.

·        
China May soybeans decreased 0.8 percent, meal was up 0.3 percent, soybean oil up 0.8 percent and palm up 2.1 percent. 

·        
Rotterdam vegetable oil prices were about 10-20 euros higher for the April/July positions and meal $1-$3 euros higher.

·        
Offshore values were leading soybean oil 112 points lower and meal $5.20 higher.

·        
A Reuters poll calls for the average trade estimate for the March crush to be reported at 182.0 million bushels, up from 178.0 million year ago. On a daily adjusted basis that would represent a 0.4% slowdown from February 2022.
Soybean oil stocks are expected to rise to 2.072 billion pounds, up from 2.059 billion pounds at the end of February and 301 million pounds above year ago. If realized, that would be the largest stocks in 23 months.

 

NOPA
will release its March crush report this Friday.

 

USDA
Attaché: Brazil oilseeds

2022-23
Brazil soybean production was estimated at 139 MMT, up from 124.8 MMT this year, and exports 87 MMT, up from 77 MMT for 2021-22.

https://apps.fas.usda.gov/newgainapi/api/Report/DownloadReportByFileName?fileName=Oilseeds%20and%20Products%20Annual_Brasilia_Brazil_BR2022-0026

 

 

Export
Developments

·        
Private exporters reported sales of 132,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year.

·        
China plans/planned to auction off another 500,000 tons of soybeans this week.

 

Wheat

·        
US wheat traded two-sided during the electronic trade and is currently lower for Chicago and KC, in part to a higher USD. MN is higher. There were a few more global wheat import developments.

·        
Strategie Grains sees EU wheat shipments for the remainder of the 2021-22 (July-June) crop year at 31.4 million tons, down from 32.5 million tons projected in March.  They estimate 30.3 million tons for 2022-23. They have EU 2022-23
soft wheat production at 126.7 million tons.

·        
Earlier May Paris wheat futures were up 2.75 euros at 405.75 euros, highest since March 7.

·        
India may see average monsoon rains this year, according to a state weather forecaster. The season runs from June 1 through September.

 

Export
Developments.

·        
Taiwan seeks 47,120 tons of US wheat on April 21 for June 2 through June 21 if shipped off the PNW.

·        
Jordan seeks 120,000 tons of feed wheat on April 20.

·        
Japan bought 114,645 tons of food wheat later this week. Original details as follows:

·        
Yesterday Egypt bought 350,000 tons wheat, 240,000 tons of French wheat, 50,000 tons of Bulgarian wheat and 60,000 tons of Russian wheat.  Prices ranged from $480.00 to $494.25 per ton, C&F.

·        
Japan seeks 70,000 tons of feed wheat and 40,000 tons of feed barley on April 20 for arrival by September 29.

·        
Jordan seeks 120,000 tons of feed barley on April 19.

 

Rice/Other

·        
None reported

 

 

USDA export sales

 

 

U.S. EXPORT SALES FOR WEEK ENDING  4/7/2022

	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	1.2	1,334.1	1,146.3	118.4	6,214.4	7,400.3	99.8	503.8
SRW	61.6	487.1	259.3	33.5	2,347.8	1,512.5	52.0	509.0
HRS	28.9	816.9	1,251.1	146.7	4,504.1	6,270.3	48.3	539.4
WHITE	4.2	438.6	1,606.9	41.6	2,905.7	5,010.0	25.1	286.3
DURUM	0.2	15.5	78.1	0.2	174.1	594.5	0.0	64.4
TOTAL	96.1	3,092.2	4,341.7	340.4	16,146.1	20,787.6	225.2	1,902.8
BARLEY	0.1	5.8	5.0	0.0	14.7	24.2	0.0	8.6
CORN	1,332.9	20,395.9	29,023.5	1,560.2	35,373.5	37,787.3	403.1	2,973.8
SORGHUM	8.5	2,538.3	2,193.0	142.2	4,219.8	4,850.7	0.0	0.0
SOYBEANS	548.9	11,507.4	5,264.6	806.5	45,128.2	55,498.0	458.0	8,921.3
SOY MEAL	174.9	2,961.7	2,220.4	128.8	6,435.0	6,915.2	6.0	343.4
SOY OIL	6.1	145.2	106.2	3.0	500.4	547.3	0.0	0.0
RICE
L G RGH	21.9	179.3	298.3	1.8	1,002.7	1,125.2	0.0	0.0
M S RGH	0.0	2.7	5.3	0.5	11.4	23.5	0.0	0.0
L G BRN	0.1	6.1	3.1	10.5	44.2	34.7	0.0	0.0
M&S BR	0.1	23.9	68.6	20.1	62.6	85.7	0.0	0.0
L G MLD	26.2	83.7	65.2	11.7	604.4	458.9	0.0	0.0
M S MLD	1.8	237.0	252.1	2.7	265.8	392.9	0.0	0.0
TOTAL	50.1	532.8	692.7	47.3	1,991.0	2,121.0	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	59.3	6,906.6	4,812.7	333.8	7,412.8	10,156.5	132.0	2,660.5
PIMA	2.1	134.5	220.1	18.1	312.9	529.8	4.1	34.6

 

This
summary is based on reports from exporters for the period April 1-7, 2022.

Wheat:  Net
sales of 96,100 metric tons (MT) for 2021/2022 were down 39 percent from the previous week and 30 percent from the prior 4-week average.  Increases primarily for Mexico (56,500 MT, including decreases of 3,400 MT), Panama (25,400 MT, including 24,300 MT switched
from El Salvador and 400 MT switched from Costa Rica), Nigeria (14,000 MT, including decreases of 46,000 MT), Guatemala (12,600 MT, including 7,000 MT switched from Nicaragua), and South Korea (9,500 MT), were offset by reductions primarily for El Salvador
(24,300 MT) and unknown destinations (24,000 MT).  Net sales of 225,200 MT for 2022/2023 were primarily for Mexico (62,300 MT), Japan (60,000 MT), Honduras (31,000 MT), unknown destinations (30,000 MT), and South Korea (25,900 MT).  Exports of 340,400 MT were
up 10 percent from the previous week and 7 percent from the prior 4-week average.  The destinations were primarily to the Philippines (65,300 MT), Japan (59,500 MT), Mexico (47,900 MT), Guatemala (42,300 MT), and Panama (25,400 MT). 

Corn: 
Net sales of 1,332,900 MT for 2021/2022 were up 70 percent from the previous week and 26 percent from the prior 4-week average.  Increases primarily for China (671,500 MT, including decreases of 4,500 MT), Mexico (418,800 MT, including decreases of 33,300
MT), South Korea (151,000 MT, including 152,000 MT switched from unknown destinations and decreases of 3,400 MT), Colombia (108,500 MT, including 92,000 MT switched from unknown destinations and decreases of 1,400 MT), and Canada (43,100 MT, including decreases
of 1,700 MT), were offset by reductions primarily for unknown destinations (226,200 MT).  Net sales of 403,100 MT for 2022/2023 resulting in increases of China (408,000 MT), were offset by Canada (4,900 MT).  Exports of 1,560,200 MT were down 5 percent from
the previous week and 1 percent from the prior 4-week average.  The destinations were primarily to China (471,500 MT), Mexico (399,100 MT), Japan (153,700 MT), Colombia (133,600 MT), and Canada (121,000 MT).   

Optional
Origin Sales: 
For 2021/2022, the current outstanding balance of 533,300 MT is for unknown destinations (365,000 MT), South Korea (65,000 MT), Morocco (60,000 MT), Italy (34,300 MT), and Saudi Arabia (9,000 MT).  For 2022/2023, the current outstanding
balance of 6,400 MT is for Italy.

Barley: 
Total net sales of 100 MT for 2021/2022 were unchanged from the previous week, but down noticeably from the prior 4-week average.  The destination was South Korea.  No exports were reported for the week.

Sorghum: 
Net sales of 8,500 MT for 2021/2022 were down noticeably from the previous week and down 55 percent from the prior 4-week average.  Increases reported for China (136,700 MT, including 133,000 MT switched from unknown destinations), Mexico (3,800 MT), and Haiti
(1,000 MT), were offset by reductions for unknown destinations (133,000 MT).  Exports of 142,200 MT were down 40 percent from the previous week and 48 percent from the prior 4-week average.  The destinations were to China (142,100 MT) and Mexico (100 MT).

Rice: 
Net sales of 50,100 MT for 2021/2022 were up noticeably from the previous week and up 33 percent from the prior 4-week average.  Increases primarily for Colombia (15,300 MT), Costa Rica (15,000 MT), Saudi Arabia (8,700 MT, including decreases of 500 MT), El
Salvador (4,400 MT, including decreases of 100 MT), and Mexico (3,300 MT), were offset by reductions for Guatemala (500 MT), Nicaragua (100 MT), and the United Kingdom (100 MT).  Exports of 47,300 MT were down 41 percent from the previous week and 14 percent
from the prior 4-week average.  The destinations were primarily to South Korea (20,000 MT), the United Kingdom (9,900 MT), Saudi Arabia (9,200 MT), Mexico (3,300 MT), and Canada (2,700 MT).

Exports
for Own Account: 
For 2021/2022, new exports for own account totaling 100 MT were to Canada.  Exports of 100 MT to Canada were applied to new or outstanding sales.

Soybeans: 
Net sales of 548,900 MT for 2021/2022 were down 31 percent from the previous week and 41 percent from the prior 4-week average.  Increases primarily for China (435,500 MT, including 121,000 MT switched from unknown destinations, 55,000 MT switched from Vietnam,
and decreases of 13,600 MT), Germany (56,000 MT), the Netherlands (49,600 MT, including 45,500 MT switched from unknown destinations), Japan (38,500 MT, including 9,500 MT switched from unknown destinations), and South Korea (26,100 MT, including 25,000 MT
switched from unknown destinations and decreases of 200 MT), were offset by reductions for unknown destinations (67,900 MT), Vietnam (55,800 MT), and Italy (600 MT).   Net sales of 458,000 MT for 2022/2023 were reported for China (267,000 MT), unknown destinations
(120,000 MT), Egypt (58,000 MT), Malaysia (10,000 MT), and Taiwan (3,000 MT).  Exports of 806,500 MT were down 3 percent from the previous week, but up 19 percent from the prior 4-week average.  The destinations were primarily to China (415,300 MT), Mexico
(57,100 MT), Germany (56,000 MT), Egypt (52,900 MT), and the Netherlands (49,600 MT).  

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

Export
Adjustment: 
Accumulated exports of soybeans to the Netherlands were adjusted down 56,024 MT for week ending March 24^th.  The correct destination for this shipment is Germany. 

Soybean
Cake and Meal: 
Net sales of 174,900 MT for 2021/2022 were up noticeably from the previous week and up 21 percent from the prior 4-week average.  Increases primarily for Venezuela (45,000 MT), the Philippines (43,900 MT, including decreases of 1,700 MT), Mexico (19,800 MT,
including decreases of 8,200 MT), Colombia (19,200 MT, including decreases of 10,600 MT), and Ireland (12,000 MT), were offset by reductions for Guatemala (1,500 MT), Saudi Arabia (1,300 MT), the Dominican Republic (400 MT), and El Salvador (100 MT).  Total
net sales of 6,000 MT for 2022/2023 were for Canada.  Exports of 128,800 MT–a marketing-year low–were down 46 percent from the previous week and 40 percent from the prior 4-week average.  The destinations were primarily to Colombia (31,700 MT), Saudi Arabia
(28,700 MT), Canada (25,900 MT), Mexico (24,600 MT), and the Dominican Republic (6,600 MT).

Late
Reporting:
For 2021/2022, net sales totaling 1,200 MT of soybean meal was reported late. The destination was Taiwan.

Soybean
Oil: 
Net sales of 6,100 MT for 2021/2022 were down 2 percent from the previous week and 58 percent from the prior 4-week average.  Increases primarily for Venezuela (4,000 MT), were offset by reductions for Canada (600 MT).  Exports of 3,000 were down 94 percent
from the previous week and 87 percent from the prior 4-week average.  The destinations were primarily to Mexico (2,300 MT).

Cotton: 
Net sales of 59,300 RB for 2021/2022–a marketing-year low–were down 6 percent from the previous week and 76 percent from the prior 4-week average.  Increases primarily for Turkey (27,100 RB), India (24,400 RB, including decreases of 16,100 RB), Indonesia
(6,700 RB, including 200 RB switched from Japan), Vietnam (6,200 RB, including 900 RB switched from South Korea), and Peru (6,200 RB), were offset by reductions for China (24,800 RB) and South Korea (1,700 RB).  Net sales of 132,000 RB for 2022/2023 were primarily
for Mexico (62,700 RB), Turkey (17,600 RB), Peru (13,200 RB), Guatemala (11,400 RB), and South Korea (7,900 RB).  Exports of 333,800 RB were down 27 percent from the previous week and 14 percent from the prior 4-week average.  The destinations were primarily
to China (122,700 RB), Pakistan (43,800 RB), Turkey (37,400 RB), Vietnam (32,700 RB), and Mexico (20,700 RB).  Net sales of Pima totaling 2,100 RB were down 68 percent from the previous week and 71 percent from the prior 4-week average.  Increases were primarily
for Pakistan (900 RB), Indonesia (900 RB), and Colombia (200 RB).  Net sales of 4,100 RB for 2022/2023 were reported for India (4,000 RB) and Japan (100 RB).  Exports of 18,100 RB were up 49 percent from the previous week and 92 percent from the prior 4-week
average.  The destinations were primarily to India (5,500 RB), Peru (4,400 RB), China (3,600 RB), Honduras (1,700 RB), and Vietnam (700 RB). 

Optional
Origin Sales: 
For 2021/2022, the current outstanding balance of 57,200 RB is for Vietnam (52,800 RB) and Pakistan (4,400 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 413,300 pieces for 2022 were down 9 percent from the previous week and 1 percent from the prior 4-week average.  Increases primarily for China (193,600 whole cattle hides, including decreases of 34,600 pieces), Mexico (96,500 whole cattle hides,
including decreases of 900 pieces), South Korea (71,200 whole cattle hides, including decreases of 2,100 pieces), Italy (20,600 whole cattle hides, including decreases of 300 pieces), and Indonesia (11,900 whole cattle hides, including decreases of 200 pieces), 
were offset by reductions for Brazil (200 pieces), Taiwan (200 pieces), Spain (100 pieces), and Germany (100 pieces).  Exports of 593,300 pieces were up 26 percent from the previous week and from the prior 4-week average.  Whole cattle hides exports were primarily
to China (375,000 pieces), South Korea (90,600 pieces), Thailand (40,400 pieces), Mexico (37,700 pieces), and Italy (14,000 pieces).

Net
sales of 79,800 wet blues for 2022 were down 7 percent from the previous week and 39 percent from the prior 4-week average.  Increases reported for Thailand (23,300 unsplit), Italy (17,500 unsplit and 4,400 grain splits, including decreases of 100 unsplit
and 100 grain splits), China (16,700 unsplit, including decreases of 200 unsplit), Vietnam (9,600 unsplit),
and India (4,800 unsplit and 2,400 splits), were offset by reductions for Portugal (100 unsplit) and Hong Kong (100 unsplit).  Total net sales reductions of 1,000 wet blues for 2023 were for Mexico.  Exports of 166,400 wet blues were down 18 percent from the
previous week and 5 percent from the prior 4-week average.  The destinations were primarily to Italy (40,600 unsplit and 21,600 grain splits), China (38,400 unsplit), Vietnam (34,800 unsplit), Hong Kong (9,900 unsplit), and Thailand (6,500 unsplit).  Net sales
reductions of 19,900 splits were down noticeably from the previous week and from the prior 4-week average.  Reductions were reported for South Korea (11,400 pounds) and Vietnam (8,500 pounds).  Exports of 771,200 pounds were up 5 percent from the previous
week and 43 percent from the prior 4-week average. The destinations were to Vietnam (566,100 pounds), South Korea (161,400 pounds), and China (43,700 pounds).

Beef: 
Net sales of 17,200 MT for 2022 were up 23 percent from the previous week, but down18 percent from the prior 4-week average.  Increases were for South Korea (7,500 MT, including decreases of 500 MT), Japan (4,200 MT, including decreases of 600 MT), Canada
(1,300 MT, including decreases of 100 MT), Mexico (1,200 MT), and Hong Kong (600 MT).  Total net sales of 100 MT for 2022/2023 were for Canada.  Exports of 18,600 MT were down 4 percent from the previous week and 24 percent from the prior 4-week average. 
The destinations were primarily to South Korea (5,800 MT), Japan (4,600 MT), China (3,000 MT), Taiwan (1,400 MT), and Mexico (900 MT). 

Pork: 
Net sales of 24,000 MT for 2022 were down 42 percent from the previous week and 26 percent from the prior 4-week average.  Increases were primarily for Mexico (6,100 MT, including decreases of 500 MT), Japan (5,400 MT, including decreases of 200 MT), China
(4,000 MT, including decreases of 200 MT), South Korea (2,600 MT, including decreases of 300 MT), and Australia (1,900 MT).  Exports of 31,800 MT were up 10 percent from the previous week and 11 percent from the prior 4-week average.  The destinations were
primarily to Mexico (14,200 MT), Japan (4,700 MT), China (4,300 MT), South Korea (2,900 MT), and the Dominican Republic (1,100 MT).