FI Morning Grain Comments 05/12/22

PDF attached

 

Good
morning.

 

USDA
24-hour: Private exporters reported sales of 612,000 metric tons of corn for delivery to China.  Of the total, 68,000 metric tons is for delivery during the 2021/2022 marketing year and 544,000 metric tons is for delivery during the 2022/2023 marketing year.

 

China
CASDE, Brazil’s Conab, and USDA export sales reports were bearish.

 

Soybeans
are lower from China’s outlook for soybean imports for this year and new-crop, and an upward revision to Brazil’s soybean production estimate by Conab. SBO is selling off from a reversal in product spreads, lower lead in offshore values and weakness in energy
markets. Corn is higher on spreading against soybeans and a US weather forecast calling for rain this weekend for the Midwest. US wheat is mostly lower from a sharply higher USD. WTI was down about 61 cents at the time this was written and USD up about 56
points.

 

China
in their monthly CASDE report lowered 2021-22 soybean imports by a large 9 million tons to only 93 million tons. Their initial estimate for 2022-23 soybean imports are a low 95.2 million tons, indicating soybean imports will remain slow for at the balance
of this year. China sees an 18 percent increase in the new-crop soybean planted area from last year, and production up 19 percent to 19.5 million tons from 2021-22. China in their monthly CASDE report reported initial 2022-23 corn planting acreage down 1.8%
from the previous year. China did not make any changes to their 2021-22 corn balance sheet. 

 

Conab
upward revised their soybean and corn area from the previous month and this reflected an increase in production by 1.4 million tons for soybeans to 123.8 million tons and 600,000 tons for corn to 116.2 million tons. The report is viewed as slightly bearish.

 

 

 

Weather

 

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR MAY 12, 2022

• Frost
  and freeze concerns remain for mid-week next week and especially in the following weekend in southern Brazil
  
• The
  events are a little far out in the forecast for specifics and caution is advised. 
  
• Make
  sure to read our special situation story released earlier this AM
• Europe
  was advertised a little wetter today relative to that of earlier this week for the weekend through much of next week and if that verifies there should be less concern over dryness in the continent
  
• The
  precipitation advertised is not well distributed and the biggest impact will be slowing of the drying trend and a little less concern for some areas, but the drier bias may still linger for a while
• East-central
  China continues to show a drier bias in place for the next couple of weeks this will need to be more closely monitored
• South
  Korea and some western and southern North Korea rice areas are also dry, trending dry and expected to continue dry over the next couple of weeks
• Abundant
  to excessive rain is expected Myanmar and a few other mainland areas of Southeast Asia because of a stronger than usual southwest monsoon flow in the next ten days
• Southern
  India will likely experience a faster start to monsoonal rainfall than usual this year with next week and the following week already trending much wetter in Kerala, Tamil Nadu and parts of Karnataka
• Hot
  weather continues in northern India
• The
  far northern U.S. Plains and eastern Canada’s Prairies will receive significant rain later today into Saturday followed by some cooler weather for a while
• Today’s
  forecast brings less significant rain across the northern U.S. Plains and eastern Canada’s Prairies late this weekend through mid-week next week, but another large storm may be possible late next week
• U.S.
  Midwest weather is advertised wetter for next week and the following week because of cool air to the north and warm air in the south inducing multiple waves of rain
  
• This
  will slow fieldwork making today and Friday all the more important for planting progress in the eastern Midwest southward into the Tennessee River Basin and Delta
• SW
  U.S. Plains will remain drier than usual
• Mato
  Grosso and Goias will continue mostly dry over the next two weeks, although a few showers may occur briefly as cold air moves into Brazil this late weekend and Monday
  
• resulting
  rainfall will not be very great
• Argentina
  is still drying
• Eastern
  Australia had a rainy day Wednesday and some rain will linger today with sporadic showers into the weekend
  
• delays
  in fieldwork resulted with some concern over cotton fiber quality
• the
  moisture was good for future wheat, barley and canola planting

Source:
World Weather Inc.

 

Bloomberg
Ag Calendar

Thursday,
May 12:

• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• USDA’s
  monthly World Agricultural Supply and Demand (WASDE) report, 12pm
• China’s
  agriculture ministry (CASDE) releases monthly report on supply and demand for corn and soybeans
• Brazil’s
  Conab releases data on area, yield and output of corn and soybeans
• New
  Zealand food prices

Friday,
May 13:

• ICE
  Futures Europe weekly commitments of traders report
• CFTC
  commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
• FranceAgriMer
  weekly update on crop conditions

Source:
Bloomberg and FI

 

 

 

 

Reuters
estimates for USDA

 

US
production

 

US
wheat production

 

Global
stocks

 

SA
production 2021-22

 

Macros

OPEC
Cuts Full-Year 2022 World Oil Demand Growth Forecast To 3.36 Million Bpd (Prev. Forecast 3.67 Mbpd)

OPEC
Cites Impact Of War In Ukraine, Covid-19 Restrictions  In China For Demand Downgrade

OPEC
Cuts 2022 Non-OPEC Oil Supply Forecast By 0.3 Mbpd To 2.4 Mbpd; Lowers Russia Liquids Production Forecast By 360,000 Bpd

OPEC:
Its Oil Output Rose By 153,000 Bpd In April To 28.65 Million Bpd, Lagging Pledged Increase Under OPEC+ Deal

 

US
PPI Final Demand (M/M) Apr: 0.5% (est 0.5%; prev 1.4%)

US
PPI Ex Food And Energy (M/M) Apr: 0.4% (est 0.6%; prev 1.0%)

US
PPI Final Demand (Y/Y) Apr: 11.0% (est 10.7%; prev 11.2%)

US
PPI Ex Energy And Food (Y/Y) Apr: 8.8% (est 8.9%; prev 9.2%)

US
Initial Jobless Claims May 7: 203K (est 193K; prev 200K)

US
Continuing Claims Apr 30: 1343K (est 1372K; prev 1384K)

 

Corn

·        
Corn was mostly higher on spreading against soybeans and a US weather forecast calling for rain this weekend for the Midwest.

·        
China in their monthly CASDE report reported initial 2022-23 corn planting acreage down 1.8% from the previous year, at 42.52 million hectares, and new-crop corn imports are seen at 18 million tons, about in line with our estimate.
China did not make any changes to their 2021-22 corn balance sheet.  New crop corn production was estimated at 272.56 million tons, slightly higher from a year earlier.  

·        
Conab upward revised their soybean and corn area from the previous month and this reflected an increase in production by 1.4 million tons for soybeans to 123.8 million tons and 600,000 tons for corn to 116.2 million tons. The
report is viewed as slightly bearish.

·        
Conab raised their 2021-22 corn export forecast to 37 million tons from 36 million.

·        
Rosario Grains Exchange: 2021-22 Argentina corn production estimated at 49.2 million tons.

·        
US weekly ethanol production was up a more than expected 22,000 barrels to 991 million, fifth consecutive week it was reported below 1.0 million barrels. A trade average was looking for a 7,000 barrel increase.  Stocks increased
253,000 barrels to 24.140 million barrels. We are still hearing of rail car issues.

·        
The weekly USDA Broiler Report showed eggs set in the United States up slightly and chicks placed down slightly. Cumulative placements from the week ending January 8, 2022, through May 7, 2022, for the United States were 3.35
billion. Cumulative placements were down slightly from the same period a year earlier.

 

Export
developments.

·        
Private exporters reported  sales of 612,000 metric tons of corn for delivery to China.  Of the total, 68,000 metric tons is for delivery during the 2021/2022 marketing year and 544,000 metric tons is for delivery during the 2022/2023
marketing year.

·        
Taiwan’s MFIG seeks up to 65,000 tons of corn from the US and/or SA on May 18 for August shipment.

·        
China plans to buy 40,000 tons of pork for reserves on May 13.

 

Soybeans

·        
Soybeans are lower from China’s bearish outlook for soybean import estimates for this year and new-crop, and an upward revision to Brazil’s soybean production estimate by Conab. SBO is selling off from a reversal in product spreads,
lower lead in offshore values and weakness in energy markets. Palm oil futures were lower on talk of slowing China import demand. Meal caught a bid from spreading.

·        
China in their monthly CASDE report lowered 2021-22 soybean imports by a large 9 million tons to only 93 million tons. Their initial estimate for 2022-23 soybean imports are a low 95.2 million tons, indicating soybean imports
will remain slow for at the balance of this year. China sees an 18 percent increase in the new-crop soybean planted area from last year, and production up 19 percent to 19.5 million tons from 2021-22.

·        
Conab upward revised their soybean and corn area from the previous month and this reflected an increase in production by 1.4 million tons for soybeans to 123.8 million tons and 600,000 tons for corn to 116.2 million tons. The
report is viewed as slightly bearish.

·        
Conab left their export projection for 2021-22 unchanged at 77 million tons.

·        
Yesterday President Biden visited an Illinois family farm and talked about how the Ukraine/Russia situation impacted global food and gasoline prices. He announced a plan to fight inflation. A couple measures were to double funding
for domestic fertilizer production and increase technical help for nutrient management tools.

·        
Rosario Grains Exchange: 2021-22 Argentina soybean production estimated at 41.2 million tons.

·        
Offshore values are leading SBO 370 points lower and meal $0.10 short ton lower.

·        
Rotterdam meal was down mostly 1-7 euros from this time yesterday morning and vegetable oils unchanged to down 25 euros.

·        
Malaysian palm oil ended 134 ringgit per ton lower to 6,342 and cash was down $40/ton at $1,560 ton.

·        
China September soybean futures were up 0.6%, meal up 0.4%, SBO 1.3% higher and China palm oil up 0.6%.

 

Export
Developments

·        
5/12 – China looks to sell 500,000 tons of soybeans from reserves on May 13, not 314,000 originally planned.

·        
The USDA seeks 550 tons of vegetable oils under its PL 480 program on May 17 for late June/FH July shipment.

 

Wheat

·        
US wheat is mostly lower from a sharply higher USD and positioning ahead of the USDA report.

·        
September Paris wheat futures are up 2.25 euros to 405.50 at the time this was written.

·        
Strategie Grains lowered its forecast for EU soft wheat exports for 2021-22 by 1.5 million tons to 29.9MMT, citing Russian shipments have been better than expected.

·        
President Vladimir Putin said Russia looks to increase grain exports due to a good harvest. We look for record 2022-23 wheat exports if there are no logistical problems.

·        
Ukraine May to date grain exports were nearly 300,000 tons, about half of what was exported during the same period year ago. Ukraine exported 46.2 million tons of grain so far for the soon to ending 2021-22 season, up from 39.7
million tons a year earlier.

·        
The Rosario Grains Exchange estimated the 2022-23 Argentina wheat crop at 19 million tons, down from 22.1 million tons last season. We are using 19.5 million tons.

 

Export
Developments.

·        
Yesterday Algeria started buying wheat for July shipment. Volume is not known but initial purchases were reported around $466 a ton c&f.

·        
Japan bought 196,560 tons of food wheat. Original details of tender as follows:

·        
The 60,000 tons of wheat Jordan bought yesterday Indian origin ($436/ton).

·        
Taiwan Flour Millers’ Association seeks 40,000 tons of US milling wheat on May 13 for shipment from the U.S. Pacific Northwest coast between June 26 and July 10.

·        
Japan seeks 70,000 tons of feed wheat and 40,000 tons of barley on May 18 for arrival by October 27.

·        
Jordan seeks 120,000 tons of barley on May 18 for Aug/Sep shipment.

·        
Bangladesh seeks 50,000 tons of wheat on May 23 for shipment within 40 days of contract signing.

 

Rice/Other

·        
Results awaited: South Korea seeks 136,000 tons of rice on May 12 for Sep-Dec arrival.

 

 

USDA Export Sales

USDA export sales were poor all around. Soybean, corn, wheat, cotton and beef sales were all a marketing year low. China was largely absent for most commodities. There were several switches of destinations
and small decreases posted for soybeans. Combined soybean meal sales nearly beat out soybean sales this week. Soybean meal shipments were 238,300 tons. SBO sales of 600 tons were poor and shipments were 26,500 tons. Corn sales were only 192,700 tons for 2021-22
and wheat sales for new-crop were low at 124,300 tons. Sorghum sales slowed to 27,800 tons. Pork sales were 26,300 tons and included China for 4,700 tons.

 

 

 

 

U.S. EXPORT SALES FOR WEEK ENDING  5/5/2022

	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	8.9	750.7	682.5	119.7	6,759.3	8,002.0	10.5	601.9
SRW	3.1	224.4	208.5	92.6	2,651.0	1,627.4	63.0	666.0
HRS	-16.4	644.1	874.9	25.6	4,815.5	6,828.8	24.0	672.9
WHITE	18.6	296.2	707.5	2.4	3,092.5	5,915.9	26.8	427.1
DURUM	0.0	0.5	48.6	0.0	195.5	631.8	0.0	64.4
TOTAL	14.1	1,916.0	2,521.9	240.3	17,513.8	23,006.0	124.3	2,432.2
BARLEY	0.0	5.7	2.7	0.0	14.8	25.9	0.0	8.6
CORN	192.7	16,949.6	22,696.2	1,504.3	41,541.1	45,047.5	46.6	4,991.3
SORGHUM	27.8	1,681.2	1,521.3	270.8	5,151.6	5,708.0	0.0	0.0
SOYBEANS	143.7	10,692.0	4,765.0	471.7	47,763.5	56,614.1	77.3	11,225.6
SOY MEAL	181.9	2,608.5	1,999.0	238.3	7,459.8	7,701.0	16.1	386.9
SOY OIL	0.6	110.5	76.8	26.5	555.2	592.8	0.0	0.0
RICE
L G RGH	9.2	134.7	259.4	8.5	1,098.1	1,301.3	2.0	2.0
M S RGH	0.0	8.6	5.3	0.1	12.3	23.5	0.0	0.0
L G BRN	0.5	4.0	2.8	2.4	47.8	36.2	0.0	0.0
M&S BR	0.1	9.9	45.5	0.0	77.4	109.7	0.0	0.0
L G MLD	17.4	88.5	27.8	21.0	647.5	528.4	0.0	0.0
M S MLD	1.9	200.6	221.2	14.0	315.0	447.1	0.0	0.0
TOTAL	29.2	446.2	562.0	46.0	2,198.0	2,446.3	2.0	2.0
COTTON		THOUSAND RUNNING BALES
UPLAND	27.5	5,793.8	3,706.2	364.5	8,957.1	11,561.2	90.6	3,029.9
PIMA	2.1	108.3	168.7	8.3	361.4	607.9	2.9	47.5

 

 

This
summary is based on reports from exporters for the period April 29-May 5, 2022.

Wheat:  Net
sales of 14,100 metric tons (MT) for 2021/2022–a marketing-year low–were down 88 percent from the previous week and 79 percent from the prior 4-week average.  Increases primarily for Colombia (40,000 MT), unknown destinations (11,500 MT), South Korea (3,000
MT, including decreases of 22,500 MT), the Dominican Republic (1,600 MT), and Mexico (1,200 MT, including decreases of 3,100 MT), were offset by reductions primarily for Nigeria (36,300 MT), Chile (5,800 MT), and Japan (1,500 MT).  Net sales of 124,300 MT
for 2022/2023 were reported for Mexico (63,000 MT), unknown destinations (26,800 MT), South Korea (24,500 MT), Chile (7,000 MT), and Guatemala (3,000 MT).  Exports of 240,300 MT were down 36 percent from the previous week and 35 percent from the prior 4-week
average.  The destinations were primarily to Indonesia (55,100 MT), Japan (51,600 MT), Mexico (47,700 MT), Nigeria (27,500 MT), and the Dominican Republic (17,800 MT).

Corn: 
Net sales of 192,700 MT for 2021/2022–a marketing-year low–were down 75 percent from the previous week and 80 percent from the prior 4-week average.  Increases primarily for Japan (132,600 MT, including 23,300 MT switched from unknown destinations and decreases
of 900 MT), South Korea (131,700 MT, including 133,000 MT switched from unknown destinations and decreases of 2,900 MT), Spain (73,700 MT, including 68,000 MT switched from unknown destinations), Colombia (57,100 MT, including 50,000 MT switched from unknown
destinations and decreases of 57,700 MT), and Canada (41,400 MT, including decreases of 300 MT), were offset by reductions primarily for unknown destinations (304,000 MT).  Net sales of 46,600 MT for 2022/2023 were reported for Mexico (22,400 MT), unknown
destinations (22,000 MT), and Canada (2,200 MT).  Exports of 1,504,300 MT were down 21 percent from the previous week and 3 percent from the prior 4-week average.  The destinations were primarily to Mexico (349,000 MT), Japan (320,600 MT), China (260,200 MT),
South Korea (131,300 MT), and Colombia (125,600 MT).

Optional
Origin Sales: 
For 2021/2022, the current outstanding balance of 378,300 MT is for unknown destinations (240,000 MT), South Korea (65,000 MT), Italy (34,300 MT), Morocco (30,000 MT), and Saudi Arabia (9,000 MT).  For 2022/2023, the current outstanding
balance of 35,400 MT is for Italy.

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

Sorghum: 
Net sales of 27,800 MT for 2021/2022 were down 69 percent from the previous week, but up noticeably from the prior 4-week average.  Increases reported for China (80,800 MT, including 68,000 MT switched from unknown destinations and decreases of 400 MT) and
Mexico (15,000 MT), were offset by reductions for unknown destinations (68,000 MT).  Exports of 270,800 MT were up 28 percent from the previous week and 35 percent from the prior 4-week average.  The destination was to China.

Rice: 
Net sales of 29,200 MT for 2021/2022 were up noticeably from the previous week, but down 18 percent from the prior 4-week average.  Increases primarily for Haiti (13,500 MT), Canada (3,700 MT), Mexico (3,700 MT), El Salvador (3,100 MT), and Guatemala (2,300
MT), were offset by reductions for Yemen (300 MT).  Total net sales of 2,000 MT for 2022/2023 were reported for Guatemala.  Exports of 46,000 MT were up 35 percent from the previous week, but down 12 percent from the prior 4-week average.  The destinations
were primarily to Haiti (15,200 MT), Japan (12,200 MT), Honduras (8,500 MT), Canada (3,700 MT), and Mexico (1,700 MT). 

Soybeans: 
Net sales of 143,700 MT for 2021/2022–a marketing-year low–were down 80 percent from the previous week and 74 percent from the prior 4-week average.  Increases primarily for Indonesia (66,200 MT, including 55,000 MT switched from unknown destinations and
decreases of 7,600 MT), Japan (61,200 MT, including 59,200 MT switched from unknown destinations and decreases of 1,400 MT), Mexico (20,600 MT, including decreases of 2,700 MT), Venezuela (8,000 MT), and Malaysia (5,300 MT, including decreases of 100 MT),
were offset by reductions for unknown destinations (30,200 MT) and Peru (5,000 MT).  Net sales of 77,300 MT for 2022/2023 were reported for unknown destinations (66,000 MT), Panama (6,300 MT), and Taiwan (5,000 MT).  Exports of 471,700 MT were down 16 percent
from the previous week and 37 percent from the prior 4-week average.  The destinations were primarily to China (147,500 MT), Mexico (89,500 MT), Indonesia (72,400 MT), Taiwan (66,900 MT), and Japan (64,500 MT).

Export
for Own Account:
For 2021/2022, the current exports for own account outstanding balance is 62,400 MT, all Canada.

Soybean
Cake and Meal: 
Net sales of 181,900 MT for 2021/2022 were down 22 percent from the previous week, but up 10 percent from the prior 4-week average.  Increases primarily for Mexico (55,200 MT, including decreases of 1,500 MT), Ecuador (32,300 MT, including decreases of 2,200
MT), Honduras (19,100 MT, including decreases 6,200 MT), the Dominican Republic (18,600 MT), and Guatemala (15,800 MT), were offset by reductions primarily for unknown destinations (3,000 MT), Costa Rica (1,200 MT), and Laos (1,000 MT).  Net sales of 16,100
MT for 2022/2023 reported for Panama (16,500 MT), were offset by reductions for Canada (400 MT).  Exports of 238,300 MT were up 2 percent from the previous week and 4 percent from the prior 4-week average.  The destinations were primarily to the Philippines
(48,300 MT), Ecuador (35,300 MT), Mexico (35,200 MT), Honduras (23,100 MT), and the Dominican Republic (22,500 MT).

Soybean
Oil: 
Net sales of 600 MT for 2021/2022 were down 96 percent from the previous week and 90 percent from the prior 4-week average.  Increases were primarily for Canada (500 MT).  Exports of 26,500 MT were up noticeably from the previous week and from the prior 4-week
average.  The destinations were to South Korea (23,400 MT), Hong Kong (1,900 MT), Mexico (700 MT), and Canada (500 MT).

Cotton: 
Net sales of 27,500 RB for 2021/2022–a marketing-year low–were down 88 percent from the previous week and 76 percent from the prior 4-week average.  Increases primarily for India (19,800 RB), Peru (3,100 RB), Pakistan (2,600 RB), Guatemala (2,400 RB), and
Vietnam (1,400 RB switched from China), were offset by reductions for China (3,300 RB), Turkey (1,900 RB), Ecuador (700 RB), and Thailand (300 RB).  Net sales of 90,600 RB for 2022/2023 primarily for El Salvador (28,400 RB), Guatemala (25,300 RB), Pakistan
(11,000 RB), Peru (10,700 RB), and Mexico (7,800 RB), were offset by reductions for Costa Rica (900 RB).  Exports of 364,500 RB were down 15 percent from the previous week and 4 percent from the prior 4-week average.  The destinations were primarily to China
(107,700 RB), Turkey (60,700 RB), Pakistan (50,500 RB), Vietnam (46,700 RB), and Mexico (26,300 RB).  Net sales of Pima totaling 2,100 RB were down 38 percent from the previous week and 63 percent from the prior 4-week average.  Increases reported for Thailand
(1,600 RB, including 400 RB switched from Vietnam), India (1,500 RB, including 1,100 RB switched from Italy), and Ethiopia (500 RB), were offset by reductions for Italy (1,100 RB) and Vietnam (400 RB).  Total net sales of 2,900 RB for 2022/2023 were reported
for Peru.  Exports of 8,300 RB were down 61 percent from the previous week and 43 percent from the prior 4-week average.  The destinations were primarily to India (2,800 RB), Vietnam (1,700 RB), Pakistan (1,300 RB), Peru (1,200 RB), and Thailand (600 RB). 

Optional
Origin Sales: 
For 2021/2022, options were exercised to export 1,200 RB to Pakistan from the United States.  The current outstanding balance of 56,000 RB is for Vietnam (52,800 RB) and Pakistan (3,200 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 294,200 pieces for 2022 were down 39 percent from the previous week and 33 percent from the prior 4-week average.  Increases primarily for China (188,600 whole cattle hides, including decreases of 18,200 pieces), South Korea (43,100 whole cattle
hides, including decreases of 3,500 pieces), Mexico (33,800 whole cattle hides, including decreases of 1,000 pieces), Brazil (24,700 whole cattle hides), and Thailand (6,700 whole cattle hides, including decreases of 1,200 pieces), were offset by reductions
primarily for Italy (2,200 pieces) and Taiwan (700 pieces).  Exports of 439,900 pieces were up 3 percent from the previous week, but down 3 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (262,100 pieces), South Korea
(52,100 pieces), Thailand (38,700 pieces), Mexico (37,800 pieces), and Italy (22,800 pieces). 

Net
sales of 27,400 wet blues for 2022 were down 69 percent from the previous week and 78 percent from the prior 4-week average.  Increases primarily for Thailand (9,500 unsplit, including decreases of 500 unsplit), Mexico (6,900 unsplit), Vietnam (5,200 unsplit,
including decreases of 12,300 unsplit), China (2,500 unsplit, including decreases of 6,400 unsplit), and the Dominican Republic (2,400 unsplit), were offset by reductions for Portugal (800 grain splits) and Italy (100 grain splits).  Exports of 170,900 wet
blues were up 4 percent from the previous week and 8 percent from the prior 4-week average.  The destinations were primarily to Italy (50,800 unsplit and 8,900 grain splits), Vietnam (59,200 unsplit), China (33,900 unsplit), Thailand (7,500 unsplit), and Portugal
(5,600 grain splits).  Net sales reductions of 18,100 splits were down noticeably from the previous week and from the prior 4-week average.  Reductions were reported for Vietnam (15,300 pounds) and South Korea (2,800 pounds).  Exports of 271,100 pounds were
down 44 percent from the previous week and 55 percent from the prior 4-week average. The destination was to Vietnam.

Beef: 
Net sales of 28,400 MT for 2022–a marketing-year high–were up 95 percent from the previous week and from the prior 4-week average.  Increases were primarily for South Korea (12,000 MT, including decreases of 700 MT), Japan (7,200 MT, including decreases
of 500 MT), Mexico (3,600 MT), Canada (1,100 MT), and Indonesia (900 MT).  Exports of 19,700 MT were down 3 percent from the previous week, but up 2 percent from the prior 4-week average.  The destinations were primarily to South Korea (6,000 MT), Japan (5,800
MT), China (2,500 MT), Taiwan (1,300 MT), and Mexico (1,200 MT). 

Pork: 
Net sales of 26,300 MT for 2022 were up 10 percent from the previous week and 14 percent from the prior 4-week average.  Increases were primarily for Mexico (9,600 MT, including decreases of 700 MT), China (4,700 MT, including decreases of 300 MT), South Korea
(3,800 MT, including decreases of 700 MT), Japan (3,000 MT, including decreases of 200 MT), and Colombia (2,600 MT).  Exports of 33,100 MT–a marketing-year high–were up 3 percent from the previous week and 9 percent from the prior 4-week average.  The destinations
were primarily to Mexico (14,600 MT), China (4,300 MT), South Korea (4,000 MT), Japan (3,900 MT), and Colombia (1,500 MT).

May
12, 2022                                                    1                FOREIGN AGRICULTURAL SERVICE/USDA 

SUMMARY OF EXPORT TRANSACTIONS

Reported Under the Daily Reporting System           

For Period Ending MAY 5, 2022

              

*NO SALES WERE REPORTED DURING THE ABOVE PERIOD.