FI Morning Grain Comments 05/11/23

PDF attached

 

Good
morning. 

 

Under
the 24-hour reporting system, USDA reported private exporters sold 132,000 tons of soybeans for delivery to unknown destinations during the 2023-24 marketing year.

 

Brazil
Conab raised their production estimates for soybeans and corn, although both below expectations. Consumer prices in China rose 0.1% in April, the slowest rate in two years 
https://www.cnbc.com/2023/05/11/china-cpi-ppi-april-inflation.html  
US dollar is up 40, WTI lower by $1.03, and US equities mixed. US grains and soybean complex are lower on the same fundamentals talked about this week (good weather, Black Sea grain deal, talk of large US production). The drop in prices has attracted fresh
import tender announcements. The Turkish defense ministry mentioned the negotiations over the Black Sea grain-deal have been so far constructive.

 

Rain
will fall across West Texas through the weekend, improving topsoil moisture but don’t discount local flooding. The northern US Plains will trend wetter through the weekend. The central US Great Plains will see net drying to some light rain. Weather is favorable
for much of the Midwest, but a couple light frost events may occur bias north over the next week. Brazil will remain dry over the next 10-14 days. Europe will experience heavy rain and flooding during the coming week from Italy into the eastern Adriatic Sea
region.

 

 

 

Fund
estimates as of May 10

 

November
soybeans/December corn

 

Weather

The
US CPC sees a 90 percent change for El Nino persisting into winter after a neutral transition overt the next couple of months.

 

 

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR MAY 11, 2023

• Argentina
  will trend a little wetter late next week and into the following weekend
• No
  changes in Brazil’s drier bias was noted, although Rio Grande do Sul may also experience a boost in rain late next week
• West
  Texas rainfall is still expected to be significant enough this weekend and next week for an improvement in planting conditions
  
• Moderate
  to locally heavy rain in eastern Montana and the western Dakotas as well as southeastern Saskatchewan and southwestern Manitoba tonight through Sunday will bolster soil moisture in some areas that are still drier than usual
• Relief
  from dryness is also expected in eastern South Dakota and southern Minnesota with southwestern Minnesota already reporting some rainfall over 1.00 inch in the past 24 hours
• Eastern
  U.S. Midwest and southeastern states will receive periodic rain of light intensity that will prove to be ideal for allowing more fieldwork to occur while maintaining a favorable moisture profile in the soil
• Parts
  of Central Texas will experience flooding rain this weekend with the wet bias prevailing into next week
  
• Northeastern
  Colorado, northwestern Kansas and southwestern Nebraska received significant rain overnight and more is expected that may eventually lead to a dramatic improvement in soil moisture with local flooding possible for a brief period of time
• South-central
  Europe is still expected to be a little too wet in the coming week
• Northern
  Africa is a little wetter in today’s forecast relative to that of Wednesday, although the moisture increase may come too late for a serious improvement in durum wheat production
• Most
  of the western CIS, China, India, South Africa and Australia weather outlooks changed little overnight

Source:
World Weather, INC.

 

Bloomberg
Ag calendar

Thursday,
May 11:

• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• Port
  of Rouen data on French grain exports
• Brazil’s
  Conab issues production, area and yield data for corn and soybeans
• New
  Zealand Food Prices
• EARNINGS:
  GrainCorp

Friday,
May 12:

• USDA’s
  World Agricultural Supply and Demand Estimates (WASDE), 12pm eastern
• China’s
  agriculture ministry (CASDE) releases monthly report on supply and demand for corn and soybeans
• 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

Source:
Bloomberg and FI

 

 

 

 

 

 

 

 

 

USDA
export sales were poor for soybeans, soybean oil and all-wheat. Soybean meal and corn export sales were within expectations. Soybean export sales for 2022-23 included net reductions for unknown destinations of 120,200 tons. Soybean meal export sales included
increases for Vietnam, Romania, and Canada, but also included net reductions for a few central American countries. Soybean oil sales were only 300 tons. Corn export sales for 2022-23 included net reductions for unknown  destinations of 129,400 tons. All-wheat
sales were a marketing year low for 2022-23.

 

 

 

Macros

US
Initial Jobless Claims May 6: 264K (est 245K; prev 242K)

US
Continuing Claims Apr 29: 1813K (est 1820K; prev 1805K)

US
PPI Final Demand (M/M) Apr: 0.2% (est 0.3%; prev -0.5%)

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

US
PPI Final Demand (Y/Y) Apr: 2.3% (est 2.5%; prev 2.7%)

US
PPI Ex Food And Energy (Y/Y) Apr: 3.2% (est 3.3%; prev 3.4%)

Bank
of England raised rates by 25 points.

 

Corn

·        
CBOT corn is
lower for the non-expiring months on favorable US weather and a lager Brazil corn crop projected by Conab. Conab increased their Brazilian crop production estimates (beans and corn), with all corn production at 125.54 million tons.

·        
The drop in corn futures prices recently attracted South Korea import interest. 

·        
The Rosario Grains exchange left its estimate of the Argentina corn crop unchanged at 32 million tons and compares to 51 million tons last season.

·        
USDA could lower 2022-23 US corn exports on Friday by up to 50 million bushels. A Reuters trade average for 2022-23 corn stocks has a 25 million bushel reduction, on average.
A
Reuters trade estimate for 2023 US corn production is 15.120 billion bushels, 1.390 billion above 2022-23. Global 2023-24 corn stocks are projected to be up 12.3 million tons from 2022-23 and soybeans could end up 9.0 million tons above last year.

·        
The USDA Broiler Report showed eggs set in the US up slightly and chicks placed down 1 percent. Cumulative placements from the week ending January 7, 2023, through May 6, 2023, for the United States were 3.36 billion. Cumulative
placements were up slightly from the same period a year earlier.

·        
Weekly US ethanol production decreased 11,000 barrels per day to 965,000 barrels. Traders were looking for a 11,000 increase. Stocks were down 72,000 barrels to 23.291 million barrels. The trade estimate for stocks was for a 152,000
increase. For 2022-23 corn for ethanol use, we are using 5.215 billion bushels, 10 million bushels from our previous estimate, and compares to 5.250 billion by USDA and 5.326 billion for 2021-22.

 

 

Export
developments.

• South
  Korea’s MFG Group bought 133,000 tons of feed corn from South America. First consignment of 67,000 tons was bought at an estimated $264.27 a ton c&f for shipment from South America between Aug. 6 and Aug. 25. Second consignment of 66,000 tons was bought at
  an estimated $265.49 a ton c&f with shipment from South America between Aug. 14 and Sept. 2.
  
• South
  Korea’s NOFI group passed on 69,000 tons of corn, optional origin, for arrival around October 10. Offers were above $264.27/ton c&f.
  
• South
  Korea’s Major Feedmill Group (MFG) seeks up to 140,000 tons of feed corn, optional origin, on Thursday, for arrival around Oct. 4 and Oct. 12, and/or by Nov. 10, depending on origin.
  

 

Soybeans

·        
Soybeans are
lower on good US weather and lower products. WTI crude oil is lower and USD higher.

·        
Conab increased their Brazilian crop production estimates, with soybeans at 154.81 million tons.

·        
The Rosario Grains exchange lowered its estimate for 2022-23 Argentina soybean production by 6.5% to 21.5 million tons from 23 million tons previous (42.2MMT year earlier), citing frosts in February and drought conditions. Harvest
progress was reported at 54% of the projected 16 million hectares (39.5 million acres) planted.

·        
Yesterday the Buenos Aires Grains Exchange warned the El Niño event will unlikely yield heavy rains across Argentina’s main growing areas the next planting season (beginning early September).

·        
China’s National Food and Strategic Reserves Administration stated they plan to diversify (expand) origin points for importing soybeans. No details were provided.

·        
A Reuters trade estimate for US 2023-24 soybean production is 4.494 billion, up 218 million from a year ago. World soybean stocks were projected at 108.1 million tons, up 9 million from USDA’s current 2022-23 estimate. 

·        
India will allow duty-free imports of soybean oil and sunflower oil, retroactive before March 31, until the end of June, after several cargoes were stuck at ports over the rule decision made earlier this year. Several importers
delayed offloading cargoes until they got clarification from the government if the vegetable oils qualified for the exemption that ended March 31. Other vegetable oils were already in transit.

·        
Malaysia palm futures traded near a one-week low. Third month futures decreased 106 ringgit to 3603, and cash decreased $30.00 to $872.50/ton.

·        
China May soybean futures were down 0.7%, meal down 0.6%, SBO down 1.8% and palm oil futures off 2.2%.

·        
Nearby Rotterdam vegetable oils were down 10 euros from this time yesterday morning and meal unchanged to 1.00 euro lower.

·        
Offshore values were leading SBO higher by about 14 points this morning and meal $1.10 short ton lower.

 

University
of Illinois: The Biodiesel Profitability Squeeze

Gerveni,
M., T. Hubbs and S. Irwin. “The Biodiesel Profitability Squeeze.” farmdoc daily (13):85, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, May 10, 2023.

https://farmdocdaily.illinois.edu/2023/05/the-biodiesel-profitability-squeeze.html

 

Export
Developments

• Under
  the 24-hour reporting system, USDA reported private exporters sold 132,000 tons of soybeans for delivery to unknown destinations during the 2023-24 marketing year.
• Lowest
  offer for Egypt’s import tender for international soybean oil was $1,075 per ton (30,000) and sunflower oil at $1,000 per ton (10,000), for June 25 through July 10 arrival. They are also in for local vegetable oils.
  
• South
  Korea’s NOFI group bought an estimated 60,000 tons of soybean meal out of 120,000 tons sought. 45,000 tons bought at an estimated outright price of $518.50 a ton c&f and another 15,000 tons “at a premium over Chicago soymeal futures”. Arrival was set for around
  September 15. The second consignment was set for arrival around Oct. 15 but there was no confirmation they purchased it.
  
• USDA
  seeks 120 tons of packaged vegetable oil for various export programs on May 16 for June 16-July 5 shipment.
  

 

 

Wheat

·        
Chicago wheat futures are lower on follow through selling, KC is lower on southern Great Plains rain prospects, and MN lower. Alberta received rain over the past week which should aid spring wheat plantings.

·        
The Turkish defense ministry mentioned the negotiations over the Black Sea grain-deal have been so far constructive.

·        
President Vladimir Putin could speak with Turkey’s President “at short notice if needed” regarding the extension of the Ukraine Black Sea grain deal, according to a Reuters story. Russia again stated it will not extend the deal
beyond May 18 unless a list of demands is met. Yesterday Turkey said they thought the deal will be extended at least for two months. Negotiations will continue today.

·        
Rain will fall across West Texas through the weekend, improving topsoil moisture but don’t discount local flooding. The northern US Plains will trend wetter through the weekend.

·        
September Paris wheat futures earlier were up 1.00 euro at 233.25 euros. 

·        
A Reuters trade estimate for 2023 US winter wheat production is 1.789 billion bushels, 139 million above 2022-23.

 

Export
Developments.

·        
(Updated) Algeria bought 600,000 to 720,000 tons of soft milling wheat, optional origin, at $275.00-$276.50/ton c&f, for July shipment.  Earlier shipment if from SA and/or Australia.

·        
Japan bought 125,974 tons of milling wheat on Thursday. Original details as follows:

·        
Japan in a SBS import tender seeks 60,000 tons of feed wheat and 20,000 tons of barley on May 17 for arrival in Japan by October 26.

 

Rice/Other

·        
(Reuters) – Prices of rice in major exporter Thailand climbed to about a four-month high this week, while Vietnam rates steadied near their best level in over a year, buoyed by increasing orders mainly from neighboring countries.
Rice output in Asia is set to climb this year as higher prices spur farmers to expand acreage, easing supply concerns after production suffered its first decline in seven years in 2022. The world’s third-largest rice exporter, Vietnam saw a 23.4% jump in shipments
from a year earlier to 1.85 million tons in the first four months of 2023, according to government customs data. They rose 80% from March to 961,608 tons in April.

·        
Robusta Hits Fresh 12-Year High on Tight Supply as Exports Fall

·        
(Reuters) – India’s cotton exports are set to fall to their lowest level in 18 years in 2022/23 as production lagged behind domestic consumption for the second straight year, a leading trade body said on Thursday. Lower exports
from the world’s biggest producer could support global prices CTc1. It could also lift domestic prices MCOTc1 and weigh on margins of local textile companies.

 

 

 

Export Sales Highlights 

This summary is based on reports from exporters for the period April 28 – May 4, 2023.

 

Wheat:  Net sales of 26,300 metric tons (MT) for 2022/2023–a
marketing-year low–were down 88 percent from the previous week and 86 percent from the prior 4-week average. Increases primarily for unknown destinations (17,000 MT), Mexico (10,500 MT, including decreases of 800 MT), Venezuela (5,000 MT), El Salvador (1,400
MT), and Japan (900 MT), were offset by reductions for Honduras (6,000 MT), Guatemala (1,400 MT), Ecuador (1,200 MT), Costa Rica (700 MT), and South Korea (300 MT). Net sales of 333,600 MT for 2023/2024 were primarily for the Philippines (139,000 MT), Mexico
(91,100 MT), unknown destinations (50,000 MT), South Korea (30,000 MT), and Honduras (23,000 MT). Exports of 204,000 MT were down 29 percent from the previous week and 24 percent from the prior 4-week average. The destinations were primarily to Mexico (119,400
MT), Japan (35,200 MT), Ecuador (28,800 MT), Honduras (11,600 MT), and Costa Rica (8,300 MT).

 

Corn:  Net sales of 257,300 MT for 2022/2023 were down
noticeably from the previous week, but up 11 percent from the prior 4-week average. Increases primarily for Japan (154,500 MT, including 92,100 MT switched from unknown destinations), Mexico (74,800 MT, including decreases of 22,400 MT), South Korea (70,800
MT, including 65,000 MT switched from unknown destinations), Colombia (45,600 MT, including 50,000 MT switched from unknown destinations and decreases of 11,000 MT), and Canada (14,600 MT, including decreases of 200 MT), were offset by reductions for unknown
destinations (129,400 MT) and El Salvador (12,300 MT). Total net sales of 83,100 MT for 2023/2024 were for Mexico. Exports of 1,146,100 MT were down 33 percent from the previous week and 8 percent from the prior 4-week average. The destinations were primarily
to Mexico (389,400 MT), Japan (320,400 MT, including 50,100 MT – late), China (138,200 MT), Colombia (132,500 MT), and South Korea (69,400 MT).

 

Late Reporting:  For 2022/2023, exports of 50,112 MT
of corn were late to Japan.

 

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

 

Sorghum:  Net sales of 49,100 MT for 2022/2023 were
up noticeably from the previous week and from the prior 4-week average. Increases reported for unknown destinations (53,000 MT), were offset by reductions for China (3,900 MT). Exports of 50,600 MT were down 55 percent from the previous week and 28 percent
from the prior 4-week average. The destination was to China.

 

Rice:  Net sales of 30,600 MT for 2022/2023 were down
34 percent from the previous week and 15 percent from the prior 4-week average. Increases primarily for Honduras (20,000 MT), the Dominican Republic (6,000 MT), Jordan (1,700 MT), Mexico (1,700 MT), and Canada (700 MT), were offset by reductions for Venezuela
(200 MT). Exports of 8,500 MT were down 80 percent from the previous week and from the prior 4-week average. The destinations were primarily to Canada (2,800 MT), Mexico (2,500 MT), Jordan (1,700 MT), Saudi Arabia (600 MT), and the United Kingdom (400 MT).

 

Soybeans:  Net sales of 62,200 MT for 2022/2023 were
down 79 percent from the previous week and 68 percent from the prior 4-week average. Increases primarily for Indonesia (88,800 MT, including 68,000 MT switched from unknown destinations), the Netherlands (57,700 MT, including 62,000 MT switched from unknown
destinations and decreases of 4,300 MT), Japan (52,900 MT, including decreases of 3,100 MT), Colombia (4,700 MT), and Egypt (3,000 MT), were offset by reductions for unknown destinations (120,200 MT), Portugal (23,000 MT), and China (6,000 MT). Net sales of
50,100 MT for 2023/2024 were reported for Portugal (23,000 MT), Mexico (19,100 MT), and China (8,000 MT). Exports of 411,000 MT were down 27 percent from the previous week and 18 percent from the prior 4-week average. The destinations were primarily to Indonesia
(82,600 MT), Mexico (74,300 MT), China (72,300 MT), the Netherlands (57,700 MT), and Japan (42,400 MT). 

 

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

 

Export for Own Account:  For 2022/2023, the current
exports for own account outstanding balance of 1,600 MT are for Canada (1,400 MT) and Taiwan (200 MT).

 

Late Reporting:  For 2022/2023, exports of 3,727 MT
of soybeans were late to Colombia.

 

Soybean Cake and Meal:  Net sales of 277,800 MT for
2022/2023 were up 55 percent from the previous week and 52 percent from the prior 4-week average. Increases primarily for Vietnam (55,000 MT), Romania (40,000 MT), Canada (37,500 MT, including decreases of 7,500 MT), Algeria (35,000 MT), and Morocco (28,000
MT), were offset by reductions for Guatemala (5,800 MT), Costa Rica (1,700 MT), and Colombia (200 MT). Net sales reductions of 11,000 MT for 2023/2024 resulting in increases for Canada (1,000 MT), were more than offset by reductions for Ecuador (12,000 MT).
Exports of 188,100 MT were down 21 percent from the previous week and 19 percent from the prior 4-week average. The destinations were primarily to the Philippines (49,400 MT), Ecuador (32,000 MT), Mexico (31,000 MT), Canada (23,800 MT), and Colombia (12,200
MT).

 

Soybean Oil:  Total net sales of 300 MT for 2022/2023
were down 98 percent from the previous week and 92 percent from the prior 4-week average. Increases were for Canada. Exports of 400 MT were down 98 percent from the previous week and 94 percent from the prior 4-week average. The destination was to Canada. 

 

Cotton:  Net sales of 246,800 RB for 2022/2023 were
up 7 percent from the previous week and 56 percent from the prior 4-week average. Increases primarily for China (106,200 RB, including 2,800 RB switched from Singapore), Vietnam (67,100 RB, including 2,000 RB switched from Macau, 200 RB switched from Japan,
100 RB switched from South Korea, and 100 RB switched from Taiwan), Bangladesh (36,000 RB), Turkey (17,600 RB, including decreases of 8,000 RB), and Pakistan (9,200 RB, including decreases of 1,500 RB), were offset by reductions for Singapore (2,800 RB), Macau
(2,000 RB), and Indonesia (1,100 RB). Net sales of 12,800 RB for 2023/2024 reported for Nicaragua (4,400 RB), Peru (3,200 RB), Mexico (3,100 RB), and Turkey (2,200 RB), were offset by reductions for Japan (100 RB). Exports of 331,000 RB were down 20 percent
from the previous week and 8 percent from the prior 4-week average. The destinations were primarily to China (88,900 RB), Turkey (75,200 RB), Vietnam (44,100 RB), Pakistan (30,000 RB), and Bangladesh (25,300 RB). Net sales of Pima totaling 15,200 RB for 2022/2023
were down 38 percent from the previous week and from the prior 4-week average. Increases were reported for India (12,200 RB), Vietnam (1,700 RB, including decreases of 1,300 RB), Djibouti (900 RB), and Pakistan (400 RB). Exports of 20,300 RB were down 18 percent
from the previous week, but up 14 percent from the prior 4-week average. The destinations were primarily to India (7,800 RB), China (7,100 RB), Vietnam (1,300 RB), Egypt (1,300 RB), and Turkey (1,000 RB). 

 

Optional Origin Sales:  For 2022/2023, the current
outstanding balance of 1,100 RB, all Malaysia.

 

Export for Own Account:  For 2022/2023, the current
exports for own account outstanding balance of 109,600 RB are for China (80,300 RB), Vietnam (19,200 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 598,400 pieces for 2023
were up 57 percent from the previous week and 45 percent from the prior 4-week average. Increases primarily for China (424,400 whole cattle hides, including decreases of 20,400 pieces), Mexico (63,800 whole cattle hides, including decreases of 2,800 pieces),
Italy (42,700 whole cattle hides, including decreases of 3,100 pieces), South Korea (40,200 whole cattle hides, including decreases of 200 pieces), and Thailand (18,600 whole cattle hides, including decreases of 700 pieces), were offset by reductions for Brazil
(200 pieces). In addition, total net sales reductions of 1,100 kip skins were for China. Exports of 366,800 pieces were down 1 percent from the previous week and 6 percent from the prior 4-week average. Whole cattle hides exports were primarily to China (225,700
pieces), Mexico (50,900 pieces), South Korea (36,300 pieces), Thailand (15,400 pieces), and Brazil (12,900 pieces).

 

Net sales of 56,800 wet blues for 2023 were down 64 percent from the previous week and 59 percent from the prior 4-week average. Increases primarily for Vietnam
(26,700 unsplit), Thailand (21,300 unsplit), Brazil (2,700 unsplit and 1,900 grain splits), Mexico (3,300 unsplit), and Japan (1,400 grain splits), were offset by reductions for Hong Kong (300 unsplit) and Italy (100 unsplit). Exports of 119,400 wet blues
were up 41 percent from the previous week and 9 percent from the prior 4-week average. The destinations were primarily to Italy (45,400 unsplit), China (22,000 unsplit), Vietnam (19,900 unsplit), Thailand (14,400 unsplit), and Brazil (11,000 unsplit). Net
sales reductions of 3,900 splits resulting in increases for South Korea (4,600 pounds), were more than offset by reductions for Vietnam (8,400 pounds). Exports of 156,300 pounds were primarily to Vietnam (115,900 pounds).

 

Beef:  Net sales of 16,600 MT for 2023 were down 18
percent from the previous week, but up 16 percent from the prior 4-week average. Increases were primarily for South Korea (4,400 MT, including decreases of 400 MT), Japan (3,700 MT, including decreases of 400 MT), Canada (3,100 MT, including decreases of 200
MT), Mexico (2,100 MT), and Taiwan (1,000 MT, including decreases of 100 MT). Exports of 14,800 MT were down 22 percent from the previous week and 11 percent from the prior 4-week average. The destinations were primarily to South Korea (4,300 MT), Japan (3,100
MT), China (2,100 MT), Canada (1,300 MT), and Mexico (1,300 MT). 

 

Pork:  Net sales of 30,000 MT for 2023 were down 39
percent from the previous week and 28 percent from the prior 4-week average. Increases were primarily for Japan (9,900 MT, including decreases of 100 MT), China (5,600 MT, including decreases of 100 MT), Mexico (5,500 MT, including decreases of 300 MT), the
Philippines (1,700 MT), and South Korea (1,300 MT, including decreases of 500 MT). Exports of 36,900 MT were down 4 percent from the previous week and unchanged from the prior 4-week average. The destinations were primarily to Mexico (13,900 MT), Japan (5,600
MT), China (5,400 MT), South Korea (2,700 MT), and Canada (2,000 MT).

 

 

 

U.S. EXPORT SALES FOR WEEK ENDING 5/4/2023   

 

	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	10.4	482.9	750.7	93.4	4,637.1	6,759.3	65.7	280.9
SRW	12.7	367.6	224.4	41.0	2,559.7	2,651.0	65.5	653.3
HRS	4.3	729.1	644.1	40.1	5,023.0	4,815.5	132.4	444.9
WHITE	-1.2	549.1	296.2	29.6	4,127.3	3,092.5	70.0	209.7
DURUM	0.0	112.6	0.5	0.0	340.1	195.5	0.0	36.9
TOTAL	26.3	2,241.3	1,916.0	204.0	16,687.2	17,513.8	333.6	1,625.6
BARLEY	0.0	3.5	5.7	0.0	8.5	14.8	0.0	6.0
CORN	257.3	11,876.9	16,949.6	1,146.1	26,516.7	41,541.1	83.1	2,626.4
SORGHUM	49.1	494.2	1,681.2	50.6	1,149.7	5,151.6	0.0	63.0
SOYBEANS	62.2	3,285.0	10,692.0	411.0	47,480.7	47,763.5	50.1	1,886.8
SOY MEAL	277.8	2,580.4	2,608.5	188.1	7,440.0	7,459.8	-11.0	315.4
SOY OIL	0.3	59.9	110.5	0.4	57.8	555.2	0.0	0.6
RICE
L G RGH	20.3	180.6	134.7	1.9	526.6	1,098.1	0.0	0.0
M S RGH	1.5	33.7	8.6	0.3	23.3	12.3	0.0	5.0
L G BRN	0.1	3.6	4.0	0.5	17.0	47.8	0.0	0.0
M&S BR	0.1	21.2	9.9	0.1	23.7	77.4	0.0	0.0
L G MLD	6.3	137.2	88.5	2.4	561.8	647.5	0.0	0.0
M S MLD	2.4	112.7	200.6	3.3	220.7	315.0	0.0	13.0
TOTAL	30.6	488.9	446.2	8.5	1,373.2	2,198.0	0.0	18.0
COTTON		THOUSAND RUNNING BALES
UPLAND	246.8	3,919.6	5,793.8	331.0	8,579.6	8,957.1	12.8	1,496.1
PIMA	15.2	89.0	108.3	20.3	208.7	361.4	0.0	4.7