FI Morning Grain Comments 06/02/23

PDF attached

 

Good
morning. 

 

US
Change In Nonfarm Payrolls May: 339K (exp 195K; prevR 294K)

Unemployment
Rate May: 3.7% (exp 3.5%; prev 3.4%) around a historically low level.

 

The
US debt ceiling bill is expected to be signed into law today. US equities are leaning toward are higher open and the USD turned slightly higher. WTI crude oil continues to rally, up around $1.49.

 

US
agriculture markets are mixed Friday morning. Soybean oil is catching a bid from higher Malaysian palm oil. August palm was down 5 percent for the week. The US weather forecast appears to be mostly unchanged. Global export developments were quiet. August Malaysia
palm futures increased 102 ringgit to 3381 and Aug. cash increased $30.00 to $800.00/ton. Offshore values were leading SBO lower by about 66 points this morning (89 lower for the week to date) and meal $3.00 short ton higher ($4.90 higher for the week). USDA
S&D’s will be updated next Friday.

 

USDA
Export Sales were good for soybean meal and new-crop wheat. China booked 265,000 tons of new-crop soybeans and cancelled 70,800 tons of current crop year corn. No surprises for the other major commodities. Sorghum sales were 131,000 tons that included 128,000
tons for China.

 

Majority
of the US Midwest will dry down over the next seven days with temperatures above normal. The Midwest will not be totally dry. Any rain that develops will be bias far WCB and upper northeast. US Great Plains will continue to improve with precipitation over
the next week. China’s largest producing state of Henan is forecast to receive additional rain.

 

Fund
estimates as of June 1 (net in 000)

 

 

Weather

Past
7-days

 

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR JUNE 02, 2023

• No
  major changes overnight again
• Northern
  Europe will continue unusually dry for at least another ten days,  though no extreme temperatures are expected
• Eastern
  Russia’s New Lands will be dry and warm through the weekend before rain scatters through the production region and temperatures begin to cool
• Kazakhstan
  will continue drier biased throughout the next ten days, despite a few showers and some cooling later next week and into the following weekend
  
• All
  of Australia still has a very good chance for additional needed moisture in each of the major wheat, barley and canola production areas during the coming ten days
• North
  Africa and southern Europe will continue wetter than usual
• India’s
  monsoon will perform poorly in the first half of this month in southern and eastern parts of the nation
• Tropical
  cyclones may evolve next week in the Arabian Sea, Bay of Bengal and South China Sea
  
• U.S.
  Midwest crop areas will continue to dry down over the next ten days with temperatures very warm through the weekend and then a little milder briefly next week
  
• U.S.
  Great Plains weather will continue wettest from western Texas to Montana
• Saskatchewan,
  Canada will receive frequent rainfall during the next ten days except in the southeast where net drying is likely
• Southern
  Manitoba, Canada will be drying out for a while as well while the biggest concern remains in eastern and southern Alberta where drought remains a serious concern

Source:
World Weather, INC.

 

Bloomberg
Ag calendar

Friday,
June 2:

• FAO
  food price index, monthly grains report
• USDA
  weekly net- export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• 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:
  Italy, Indonesia

Monday,
June 5:

• USDA
  export inspections – corn, soybeans, wheat, 11am
• US
  cotton, corn, spring wheat and winter wheat condition, 4pm
• US
  planting data for corn, cotton, spring wheat and soybeans, 4pm
• HOLIDAY:
  Malaysia, New Zealand, Thailand

Tuesday,
June 6:

• Russia
  grain union conference in Gelendzhik, day 1
• EU
  weekly grain, oilseed import and export data
• New
  Zealand global dairy trade auction
• New
  Zealand commodity prices
• Malaysia’s
  June 1-5 palm oil export data
• US
  Purdue Agriculture Sentiment

Wednesday,
June 7:

• China’s
  1st batch of May trade data, including soybean, edible oil, rubber and meat & offal imports
• EIA
  weekly US ethanol inventories, production, 10:30am
• Russia
  grain union conference in Gelendzhik, day 2

Thursday,
June 8:

• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• Port
  of Rouen data on French grain exports
• Russia
  grain union conference in Gelendzhik, day 3
• HOLIDAY:
  Brazil

Friday,
June 9:

• USDA’s
  World Agricultural Supply & Demand Estimates (WASDE), 12pm
• China’s
  agriculture ministry (CASDE) releases monthly supply and demand report
• Sustainable
  World Resources conference in Singapore
• 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
• Russia
  grain union conference in Gelendzhik, day 4

Source:
Bloomberg and FI

 

 

 

 

USDA
Export Sales

All
within. Most notable was good soybean meal sales of 405,400 tons, up from 341,300 tons previous week. The Philippines booked 235,900 tons of soybean meal. Old crop soybean sales were within expectations and new crop improved to 301,000 tons that included 265,000
tons booked by China. Soybean oil sales were as expected. Corn export sales were 186,700 tons. Major countries included Mexico and Columbia. China canceled 70,800 tons of 2022-23 corn. 312,600 tons of new crop corn were mainly for Mexico, Japan and unknown. 
All-wheat sales for the current marketing year were net reduction of 210,400 tons, typical for this time of year. New-crop all-wheat sales were 466,500 tons, slightly above a range of expectations (HRS and White categories top bookings). Sorghum sales were
131,000 tons that included 128,000 tons for China.

 

 

 

Macros

US
Change In Nonfarm Payrolls May: 339K (exp 195K; prevR 294K)

Unemployment
Rate May: 3.7% (exp 3.5%; prev 3.4%)

Average
Hourly Earnings (M/M) May: 0.3% (exp 0.3%; prevR 0.4%)

Average
Hourly Earnings (Y/Y) May: 4.3% (exp 4.4%; prev 4.4%)

US
Change In Manufacturing Payrolls May: -2K (exp 5K; prevR 10K)

Change
In Private Payrolls May: 283K (exp 165K; prevR 253K)

Underemployment
Rate May: 6.7% (prev 6.6%)

Labor
Force Participation Rate Feb: 62.6% (exp 62.6%; prev 62.6%)

US
Short-Term Interest-Rate Futures Add Slightly To Losses After Jobs Report, Traders Still Betting On Fed’s June Hold

 

Corn

·        
Corn futures are
lower on fund selling but could trade two-sided given a short term US weather forecast calling for net drying across the Midwest and higher WTI crude oil.

·        
USDA will update their S&D estimates on June 9. For South America, look for them to cut current crop year Argentina soybean and corn production by 3 and 1 million tons, respectively. No changes are expected for Brazil corn and
soybean production, for 2022-23. We expect no change to US 2023 corn or soybean harvested & yields from May. 

·        
Weekly EIA US ethanol production was up 21,000 barrels per day to 1.004 million barrels, highest since 4/14, and stocks increased for the first time in 6 weeks by 291,000 barrels to 22.332 million. 

·        
Corn for ethanol use of 416 million bushels was below a 423 million average estimate, and hints USDA is too high on their current crop year industrial figure. 

 

 

Export
developments.

• None
  reported

 

Soybeans

·        
Soybean futures are higher with the back months leading from good new-crop USDA export sales that included China. Meal is lower on product spreading and lower corn. Soybean oil is higher follow strength in palm oil.

·        
USDA reported an April soybean crush of 5.61 million tons or 187.0 million bushels. As a result of a higher-than-expected crush, crude oil stocks are highest since at least 2015. Soybean meal stocks were also well above not only
this time of year, but for any month.  Implied SBO demand during April was better than expected.

·        
Brazil soybean basis was down 5 to 20 cents for June—August positions.

·        
August Malaysia palm futures increased 102 ringgit to 3381 and Aug. cash increased $30.00 to $800.00/ton.

·        
China May soybean futures were down 0.2%, meal up 0.5%, SBO up 1.7% and palm oil futures up 1.1%.

·        
Nearby Rotterdam vegetable oils were 10 euros higher from this time yesterday morning and meal unchanged to 2 euros higher.

·        
Offshore values were leading SBO lower by about 66 points this morning (89 lower for the week to date) and meal $3.00 short ton higher ($4.90 higher for the week).

 

 

Export
Developments

·        
Egypt pushed back their vegetable oils import tender to June 6 (30k soybean oil & 10k sunflower) for July 11-25 arrival. They are also in for local oils for July 1-31 arrival.

·        
USDA seeks 1,140 tons of packaged vegetable oil on June 6 for July shipment.

 

Wheat

·        
US wheat futures are mostly lower on light technical buying as traders monitor US, Canada and China rainfall amounts.

·        
The FAO food price index fell in May to 124.3 points against a revised April 127.7 points (127.2 previous). The May figure is 22 percent below the March 2022 peak.

·        
After welcome rains, Argentina producer are rapidly planting wheat. The BA Grains Exchange sees 2023-24 wheat crop at 18 million tons, up from 12.4 million-tons previous season.

 

·        
China’s largest producing state of Henan will see additional rain over the next week. They were hit by damaging rain last week, prompting the government to encourage rapid harvest progress and/or drain water from fields.

·        
French wheat crop ratings fell 2 points to 91 percent good/excellent as of May 29 and compares to 67 percent year earlier.

·        
December Paris wheat futures are up 0.25 euro earlier to 221.00 per ton.

 

Export
Developments.

·        
Saudi Arabia seeks 480,000 tons of wheat on June 5 for September through October delivery. On March 13 they purchased 1.043 million tons for July through August arrival at an average price of $316.86/ton c&f.

 

Rice/Other

·        
South Korea’s Agro-Fisheries & Food Trade Corp. in May purchased an estimated 26,800 tons of rice expected to be sourced from Vietnam and Thailand.

·        
South Korea seeks about 62,200 tons of rice, 44,400 tons from China and rest from Vietnam, on June 8, for arrival between September 1-30.

 

USDA Export Sales

 

Export Sales Highlights

This summary is based on reports
from exporters for the period May 19-25, 2023.

 

Wheat: 
Net sales reductions of 210,500 metric tons (MT) for 2022/2023–a marketing-year low–were up noticeably from the previous week, but down noticeably from the prior 4-week average. Increases primarily for the Dominican Republic (31,800 MT, including 29,000
MT switched from unknown destinations), Thailand (8,200 MT, including decreases of 100 MT), Venezuela (1,500 MT), Peru (1,300 MT), and the Leeward-Windward Islands (200 MT), were more than offset by reductions primarily for unknown destinations (91,000 MT),
Mexico (41,100 MT), Ecuador (41,100 MT), the Philippines (25,200 MT), and South Korea (23,200 MT). Net sales of 466,500 MT for 2023/2024 were primarily for unknown destinations (115,000 MT), South Korea (108,000 MT), Mexico (73,700 MT), the Philippines (59,000
MT), and Ecuador (46,100 MT). Exports of 381,100 MT were down 1 percent from the previous week, but up 39 percent from the prior 4-week average. The destinations were primarily to Thailand (128,400 MT), the Dominican Republic (41,800 MT), Mexico (39,800 MT),
Japan (35,800 MT), and Venezuela (31,500 MT).

 

Corn: 
Net sales of 186,700 MT for 2022/2023 were down noticeably from the previous week and from the prior 4-week average. Increases primarily for Mexico (172,400 MT, including decreases of 16,900 MT), Colombia (76,500 MT, including 45,000 MT switched from unknown
destinations and decreases of 22,500 MT), Saudi Arabia (71,600 MT, including 70,000 MT switched from unknown destinations), China (70,800 MT, including 68,000 MT switched from unknown destinations and decreases of 4,000 MT), and Japan (69,500 MT, including
109,500 MT switched from unknown destinations and decreases of 3,400 MT), were offset by reductions primarily for unknown destinations (286,900 MT), Honduras (13,800 MT), El Salvador (6,900 MT), Panama (4,700 MT), and Canada (400 MT). Net sales of 312,600
MT for 2023/2024 were reported for Mexico (207,000 MT), unknown destinations (53,300 MT), Japan (50,000 MT), Honduras (1,800 MT), and Guatemala (500 MT). Exports of 1,434,800 MT were down 5 percent from the previous week, but up 6 percent from the prior 4-week
average. The destinations were primarily to China (465,800 MT), Mexico (280,900 MT), Japan (198,500 MT), Saudi Arabia (71,600 MT), and South Korea (69,900 MT).

 

Barley: 
No net sales were reported for the week. Exports of 200 MT were to South Korea.

 

Sorghum: 
Net sales of 131,000 MT for 2022/2023 were up noticeably from the previous week and from the prior 4-week average. Increases reported for China (128,000 MT) and Eritrea (33,000 MT switched from unknown destinations), were offset by reductions for unknown destinations
(30,000 MT). Exports of 36,600 MT were down 68 percent from the previous week and 56 percent from the prior 4-week average. The destinations were to Eritrea (33,000 MT) and China (3,600 MT).

 

Rice: 
Net sales of 16,800 MT for 2022/2023 were down 45 percent from the previous week and 11 percent from the prior 4-week average. Increases were primarily for Venezuela (5,500 MT), Honduras (5,000 MT), Mexico (4,800 MT), Haiti (600 MT), and Canada (400 MT). Exports
of 33,400 MT were up 50 percent from the previous week and 5 percent from the prior 4-week average. The destinations were primarily to Haiti (14,600 MT), Japan (13,200 MT), Mexico (2,100 MT), Canada (1,300 MT), and South Korea (1,000 MT).

 

Soybeans: 
Net sales of 123,400 MT for 2022/2023 were up 7 percent from the previous week and 16 percent from the prior 4-week average. Increases primarily for Indonesia (60,200 MT, including 55,000 MT switched from unknown destinations), Mexico (32,300 MT, including
decreases of 2,200 MT), Japan (28,900 MT), Colombia (20,900 MT, including 10,000 MT switched from unknown destinations and decreases of 2,200 MT), and Costa Rica (8,500 MT), were offset by reductions for unknown destinations (52,000 MT). Net sales of 301,000
MT for 2023/2024 were reported for China (265,000 MT) and Mexico (36,000 MT). Exports of 230,800 MT were down 20 percent from the previous week and 34 percent from the prior 4-week average. The destinations were primarily to Mexico (95,800 MT, including 10,900
– late), Indonesia (70,200 MT), Japan (22,600 MT), Colombia (17,200 MT), and Costa Rica (13,000 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, decreases of 528 MT of soybeans were late for Mexico. Exports of 10,875 MT of soybeans were late to Mexico.

 

Soybean Cake and Meal: 
Net sales of 405,400 MT for 2022/2023 were up 19 percent from the previous week and 62 percent from the prior 4-week average. Increases primarily for the Philippines (235,900 MT, including decreases of 100 MT), Guatemala (41,300 MT), Canada (36,200 MT), Mexico
(34,300 MT), and Venezuela (19,400 MT), were offset by reductions for Colombia (7,600 MT), Ireland (6,000 MT), and Nicaragua (1,800 MT). Net sales of 61,900 MT for 2023/2024 were primarily for unknown destinations (60,000 MT) and Mexico (1,000 MT). Exports
of 259,300 MT were up 15 percent from the previous week and 11 percent from the prior 4-week average. The destinations were primarily to Colombia (75,100 MT), the Philippines (51,000 MT), Ecuador (31,600 MT), Mexico (24,000 MT), and the Dominican Republic
(19,700 MT).

 

Soybean Oil: 
Net sales of 1,700 MT for 2022/2023 were down 72 percent from the previous week and 68 percent from the prior 4-week average. Increases were for Canada. Total net sales of 3,200 MT for 2023/2024 were for Canada. Exports of 13,100 MT were up noticeably from
the previous week and from the prior 4-week average. The destinations were to Mexico (12,600 MT) and Canada (500 MT). 

 

Cotton: 
Net sales of 267,800 RB for 2022/2023 were up noticeably from the previous week and up 44 percent from the prior 4-week average. Increases primarily for China (221,700 RB, including decreases of 2,400 RB), Turkey (20,800 RB), Vietnam (13,700 RB, including
2,100 RB switched from South Korea and 700 RB switched from Japan), Bangladesh (5,300 RB), and Indonesia (3,800 RB, including 900 RB switched from Japan), were offset by reductions primarily for South Korea (2,100 RB), El Salvador (1,200 RB), and Ecuador (700
RB). Net sales of 76,600 RB for 2023/2024 were primarily for Turkey (43,500 RB), El Salvador (20,900 RB), and China (8,800 RB). Exports of 283,000 RB were up 5 percent from the previous week, but down 16 percent from the prior 4-week average. The destinations
were primarily to Turkey (56,200 RB), Pakistan (52,300 RB), Vietnam (48,700 RB), China (40,000 RB), and Bangladesh (23,300 RB). Net sales of Pima totaling 3,700 RB for 2022/2023 were up 12 percent from the previous week, but down 70 percent from the prior
4-week average. Increases primarily for Egypt (1,500 RB), Vietnam (1,500 RB, including 1,000 RB switched from Hong Kong), and India (1,300 RB), were offset by reductions for Hong Kong (1,000 RB). Exports of 26,700 RB–a marketing-year high–were up 98 percent
from the previous week and 52 percent from the prior 4-week average. The destinations were primarily to India (13,100 RB), China (7,400 RB), Vietnam (4,100 RB), Pakistan (900 RB), and Peru (400 RB). 

 

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

 

Export for Own Account:
 For 2022/2023, new exports for own account totaling 3,000 RB were to China. Decreases of 2,900 RB were for China.
The current exports for own account outstanding balance of 112,300 RB are for China (80,700 RB), Vietnam (21,500 RB), Pakistan (5,000 RB), South Korea (2,400 RB), India (1,500 RB), and Turkey (1,200 RB).

 

Export Adjustments: 
Accumulated exports of Pima cotton to China were adjusted
down 3,004 RB for week ending May 11th. This shipment was reported in error.

 

Hides and Skins: 
Net sales of 458,400 pieces for 2023 were up 2 percent from the previous week, but down 1 percent from the prior 4-week average. Increases primarily for China (326,500 whole cattle hides, including decreases of 12,800 pieces), Brazil (55,100 whole cattle hides),
Mexico (37,000 whole cattle hides, including decreases of 1,800 pieces), South Korea (21,000 whole cattle hides, including decreases of 200 pieces), and Thailand (10,700 whole cattle hides, including decreases of 700 pieces), were offset by reductions for
Spain (100 pieces) and Italy (100 pieces). Net sales reductions of 900 calf skins were primarily for China (500 calf skins). In addition, total net sales reductions of 500 kip skins were for Belgium. Exports of 386,500 pieces were down 22 percent from the
previous week and 2 percent from the prior 4-week average. Whole cattle hides exports were primarily to China (289,300 pieces), Mexico (56,700 pieces), South Korea (11,700 pieces), Taiwan (6,100 pieces), and Brazil (3,800 pieces). Exports of 6,800 calf skins
were primarily to Italy (5,200 calf skins). In addition, exports of 3,700 kip skins were to Belgium (2,400 kip skins) and China (1,300 kip skins).

 

Net sales of 69,600 wet blues for 2023 were down 34 percent from the previous
week and 45 percent from the prior 4-week average. Increases were primarily for China (29,100 unsplit), Italy (13,500 unsplit), Vietnam (11,800 unsplit, including decreases of 100 grain splits), Thailand (9,000 unsplit), and Mexico (6,400 unsplit). Total net
sales of 3,200 unsplit for 2024 were for Vietnam. Exports of 139,400 wet blues were down 4 percent from the previous week, but up 18 percent from the prior 4-week average. The destinations were primarily to Italy (49,300 unsplit), China (30,700 unsplit), Vietnam
(21,300 unsplit and 3,900 grain splits), Brazil (20,800 unsplit and 2,100 grain splits), and Mexico (6,400 unsplit). Net sales of 3,500 splits primarily for Hong Kong (7,200 pounds) and China (1,400 pounds), were offset by reductions for South Korea (4,700
pounds) and Vietnam (900 pounds). Exports of 160,400 pounds were to Vietnam (76,700 pounds), China (42,400 pounds), and Taiwan (41,300 pounds).

 

Beef: 
Net sales of 18,100 MT for 2023 were down 1 percent from the previous week, but unchanged from the prior 4-week average. Increases primarily for Japan (5,700 MT, including decreases of 1,000 MT), South Korea (4,700 MT, including decreases of 1,600 MT), China
(3,400 MT, including decreases of 300 MT), Canada (1,200 MT, including decreases of 500 MT), and Taiwan (1,100 MT, including decreases of 500 MT), were offset by reductions for the United Kingdom (100 MT). Exports of 15,800 MT were down 4 percent from the
previous week and 8 percent from the prior 4-week average. The destinations were primarily to Japan (3,900 MT), South Korea (3,600 MT), China (2,900 MT), Taiwan (1,900 MT), and Mexico (1,100 MT).

 

Pork: 
Net sales of 22,600 MT for 2023 were down 23 percent from the previous week and 36 percent from the prior 4-week average. Increases were primarily for Mexico (9,300 MT, including decreases of 500 MT), Japan (3,900 MT, including decreases of 100 MT), Canada
(2,100 MT, including decreases of 400 MT), Nicaragua (1,600 MT), and Colombia (1,200 MT). Exports of 33,800 MT were down 12 percent from the previous week and 10 percent from the prior 4-week average. The destinations were primarily to Mexico (11,400 MT),
Japan (5,100 MT), China (4,300 MT), South Korea (3,400 MT), and Colombia (2,400 MT).

 

U.S. EXPORT SALES FOR WEEK ENDING 5/25/2023

 

	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	-6.2	273.4	368.4	85.7	4,843.7	7,106.5	46.4	473.2
SRW	-62.2	169.8	112.3	40.3	2,675.7	2,760.0	94.6	896.6
HRS	-57.5	337.3	303.0	170.1	5,353.7	5,218.9	143.5	730.4
WHITE	-42.7	163.0	122.9	84.4	4,404.3	3,248.4	140.1	495.0
DURUM	-42.0	16.2	0.0	0.6	393.9	196.3	42.0	78.9
TOTAL	-210.5	959.7	906.6	381.1	17,671.2	18,530.1	466.5	2,674.1
BARLEY	0.0	3.3	5.2	0.2	8.7	15.3	0.0	6.0
CORN	186.7	7,625.4	12,941.4	1,434.8	30,540.7	46,300.3	312.6	3,065.2
SORGHUM	131.0	421.8	1,122.1	36.6	1,355.1	5,672.0	0.0	63.0
SOYBEANS	123.4	2,833.1	9,930.0	230.8	48,130.2	49,532.1	301.0	2,852.7
SOY MEAL	405.4	2,759.0	2,701.6	259.3	8,210.6	8,008.4	61.9	516.9
SOY OIL	1.7	50.5	104.6	13.1	76.1	571.0	3.2	3.8
RICE
L G RGH	14.1	151.7	123.9	0.9	574.3	1,139.4	0.0	6.0
M S RGH	1.0	33.3	7.5	0.8	24.7	13.4	0.0	5.0
L G BRN	0.1	5.9	5.2	0.3	18.2	48.6	0.0	0.0
M&S BR	0.0	21.6	9.9	0.0	23.9	77.6	0.0	0.0
L G MLD	0.9	105.4	80.3	16.0	603.6	682.7	0.0	40.0
M S MLD	0.7	75.3	169.5	15.4	239.5	349.8	0.0	40.2
TOTAL	16.8	393.2	396.2	33.4	1,484.3	2,311.6	0.0	91.2
COTTON		THOUSAND RUNNING BALES
UPLAND	267.8	3,566.6	5,150.1	283.0	9,464.0	10,102.9	76.6	1,685.1
PIMA	3.7	50.6	84.5	26.7	260.5	392.0	0.0	4.7