FI Morning Grain Comments 07/14/22

PDF attached

 

Good
morning. 

 

Weaker
energy markets and a sharp increase in the USD weighted on US CBOT agriculture markets earlier this morning, but prices paired some losses in the soybean complex after wheat and corn rallied. USDA surprised the trade by reported very large wheat sales. China
bought a good amount of wheat and purchased new-crop corn. 2021-22 soybean sales showed a net reduction. Economic concerns continue to loom with traders looking for the US Fed to boost interest rates by 100 points. Other economies are facing a similar situation
as the US. Canada hiked their interest rate by 100 points and the EU is expected to see more of a slower economic growth than expected over the medium term. US Q2 earning season kicked off so expect some outside market volatility. US equity futures are suggesting
a sharply lower open. Traders will be monitoring Black Sea grain shipment talks between Ukraine, Russia, UN and Turkey. European weather remains a threat with heat waves. The morning weather forecast improved a touch for the Midwest & Delta and was unchanged
for the Great Plains. US weather over the next couple of weeks offers several heat waves with a ridge of high pressure centered over the western Hard Red Winter Wheat belt, oscillating east occasionally. The ridge will impact all areas, including the southwestern
Corn Belt and western Delta.

 

Weather

 

 

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR JULY 14, 2022

• Europe’s
  outlook has not changed much  today
• Heat
  and dryness will continue to threaten much of the continent, but the  west in particular
• Rising
  crop stress is expected as time moves along, and crop conditions will begin to deteriorate
  
• France
  will be at the center of the heat, dryness and declining crop conditions with Spain, Portugal, the southern U.K., western Germany, Belgium and northwestern Italy also impacted to a lesser degree of significance
• U.S.
  weather remains mostly unchanged in a general sense, but the European model run wants to produce generalized rain in Missouri this weekend, but the GFS suggests that event will be a little less significant and more concentrated on northeastern Missouri and
  southern Illinois
• Some
  of this moisture in Missouri also reaches the Delta Sunday and Monday 
• All
  of this will only be temporary relief
• The
  same general theme of dryness and heat will remain from the northern Delta to South Dakota and despite a few showers and thunderstorms in the region infrequently over the next ten days the region will experience a net loss in soil moisture and rising levels
  of stress
• Most
  other U.S. Midwest crop areas will see a favorable mix of rain and sunshine, although be cautious here…..the rain may not be well distributed leaving pockets of net drying and developing crop stress
  
• Any
  pockets of dryness in the eastern U.S. Midwest would not be nearly as great as the dryness issues from the northern Delta to South Dakota
• General
  crop conditions in the eastern and northern Midwest should stay favorable during the next ten days to two weeks
• Excessive
  heat and dryness will continue to be a concern for the central and southern Plains; including cotton, sorghum and corn production areas throughout Texas and areas north to South Dakota
  
• The
  southern Plains dryness is already taking a toll on summer grain, oilseed and cotton production potentials and this trend will remain for the next two weeks – at least
• U.S.
  southeastern states weather will be most favorable along with the lower Delta
• Drought
  will prevail in the western United States during the next two weeks 
• This
  includes the Pacific Northwest as well as California, the Great Basin and parts of the Rocky Mountain West and southwestern Desert areas
• No
  changes for India or China
• Recent
  market comments about heat in China should be taken lightly
• China
  has been wet this year and the recent bout of hotter temperatures and less rain is more beneficial than detrimental
  
• relief
  should come before dryness is an issue
• Russia’s
  Southern Region will still get some showers over the next ten days, but greater rain will be needed
  
• The
  remainder of Russia, the Baltic States, Belarus and the northern Ukraine will stay plenty wet
• No
  changes in Argentina where a few showers are expected Friday into Saturday that will not be enough to break drought and much more moisture will still be needed

Source:
World Weather INC

 

Bloomberg
Ag Calendar

Thursday,
July 14:

• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• HOLIDAY:
  France

Friday,
July 15:

• 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
• China’s
  1H pork output and hog inventory
• Malaysia’s
  July 1-15 palm oil export data
• FranceAgriMer
  weekly update on crop conditions
• The
  Cocoa Association of Asia releases 2Q cocoa grind data

Source:
Bloomberg and FI

 

 

 

 

USDA
Export Sales

Big
wheat sales with net increases for China (265,300), South Korea and Mexico. US wheat futures for all three markets are higher.  We think the wheat sales are largest since 10/24/2013 when USDA reported 1,308,837 tons.

 

US
corn sales were good on combined basis.  China bought 90,500 tons of new-crop corn. Soybean sales were poor, especially for old crop with net reductions of 362,800 tons. Increases for current crop year soybeans (mostly EU) were offset by reductions primarily
for unknown destinations (367,600 MT), China (130,800 MT), Egypt (68,900 MT), and Costa Rica (16,000 MT).  Soybean meal sales were ok, not old but new-crop and shipments. Soybean oil sales were again poor.

 

 

 

Macros

US
Jobless Claims Jul 9: 244K (est 235K; prev 235K)

US
Continuing Claims Jul 9: 1331K (est 1380K; prev 1375K)

US
PPI Final Demand (M/M) Jun: 1.1% (est 0.8%; prevR 0.9%)

US
PPI Final Demand (Y/Y) Jun: 11.3% (est 10.7%; prevR 10.9%)

 

Corn

·        
CBOT corn
turned higher despite a sharply higher USD, lower WTI and lower trade in US equity futures. Higher US wheat and China buying new-crop corn is supportive.

·        
US and European weather is starting to chip away at yields and should be overlooked.

·        
August WTI crude oil touched an April 11 low, in part to expectations for the US Fed to hike interest rates over the next two upcoming decision making FOMC meetings. Cash Brent crude was trading below $100 earlier this morning,
WTI was at around $94 for the nearby.

·        
Traders will be monitoring Black Sea grain shipment talks between Ukraine, Russia, UN and Turkey.

·        
Argentina’s Rosario Grains Exchange increased their 2021-22 corn production estimate to 51.0 million tons from previous 49.2 million.

·        
Weekly US ethanol production fell 39,000 barrels to 1.005 million barrels. Stocks were up 116,000 barrels to 23.606 million barrels.

·        
US gasoline demand plunged per EIA, something that may cut into ethanol demand. We lowered our corn for ethanol use projection on Wednesday (see evening comment). 

·        
US weather over the next couple of weeks offers several heat waves with a ridge of high pressure centered over the western Hard Red Winter Wheat belt, oscillating east occasionally.

 

Export
developments.

·        
South Korea’s NOFI group bought 135,000 tons of corn from South America or South Africa at $325.49/ton c&f for arrival around October 20 for one cargo, and October 30 for a second shipment.

 

EIA:
U.S. monthly average Henry Hub spot price nearly doubled in 12 months

https://www.eia.gov/todayinenergy/detail.php?id=53039&src=email

 

Soybeans

·        
The US soybean complex and grains are mostly lower on bearish outside markets, particularly the higher USD and lower WTI crude oil. Meal gained on soybean oil.

·        
USDA export sales were ok for new-crop meal (old crop was poor), poor for current crop year soybeans and poor for soybean oil. China cancelled US soybeans, aa signal they might be updating their books to step in and buy soybeans
at cheaper prices. They bought US wheat and new-crop corn. China’s vegetable oil supplies likely shrank last month, and they will eventually need to crush soybeans for soybean oil.

·        
Unfavorable weather across portions of the globe may eventually limit losses.

·        
This morning we heard parts of China saw temperatures reaching upwards to 108 Fahrenheit.

·        
Ridging across the US is expected to restrict rain through June 28. But if the ridge dies dip in and out of the Midwest, some rain could be generated.

·        
Germany’s association of farm cooperatives estimated the rapeseed crop at 3.77 million tons (3.78 previous), an 8.2 percent increase from last year.

·        
Consultancy Datagro pegged Brazil 2022 soybean sales at 77% through July 8, out of a 126.18 million ton output, or 97 million tons traded, well down from 111.3 million traded at this time a year ago. About 13 percent of new crop
has been sold by producers, down from 19 percent year ago and 19% 5-year average.

·        
Malaysia September palm was down 5.1% and cash fell $35/ton to $970. The break below $1000 for cash palm oil hit several analysts’ predictions made during mid Q2. 

·        
China soybean futures were up 1.1%, meal 0.9% higher, soybean oil slightly lower and palm down 0.1%.

·        
Rotterdam vegetable oils were lower
by 15-23 euros and meal lower by 2-12 euros, from this time yesterday morning. 

·        
Offshore values were leading SBO higher by about 1 point earlier this morning and meal $15.20 short ton lower.

 

Export
Developments

·        
USDA seeks 2,230 tons of vegetable oils for export on July 17 for Aug 16-Sep 15 shipment.

·        
China looks to sell a half a million tons of soybeans out of reserves on July 15.

 

FI
estimates for NOPA

 

Wheat

·        
US wheat futures turned higher pre-USDA export sales report and rallied after USDA reported the largest weekly US wheat export sales since October 2013. Big wheat sales with net increases for China (265,300), South Korea and Mexico.
US wheat futures for all three markets are higher. 

·        
The morning weather forecast improved a touch for the Midwest & Delta and was unchanged for the Great Plains.

·        
Despite harsh weather, China’s government estimated their wheat crop at 135.76 million tons, a 1 percent increase from 2021, citing a slight increase in acreage and 0.7% increase in the yield. Record domestic prices earlier this
year likely led to low abandonment. The area planted to spring wheat in the northwest expanded at the expense of cotton.

·        
Germany’s association of farm cooperatives estimated the wheat crop at 22.51 million tons (22.65 MMT previous), a 5.3 percent increase from 2021.

·        
IKAR increased their estimate of the Russian wheat crop from 88.7 million tons to 90.5 million and increased exportable supplies by 2 million tons to 44 million. The grain production estimate is now 138.5 million tons, with 56.1
million tons of exportable grain supplies.

·        
Argentina’s Rosario Grains Exchange lowered their wheat production estimate to 17.7 million tons from previous 18.5 million.

·        
Paris wheat was down 6.50 euros at 337.75 euros as of 6:20 am CT.

 

Export
Developments.

·        
South Korea’s NOFI group bought 65,000 tons of feed wheat from Australia at $369.88/ton c&f for shipment between September 13 and October 5.

·        
Japan bought 130,900 tons of food wheat for September and January shipment. Original tender details below.

·        
Jordan seeks 120,000 tons of wheat on July 19 for possible shipment sometime in November and/or December.

·        
Jordan bought 60,000 tons of barley at $352 c&f for LH Nov shipment.

·        
Bangladesh saw one participant in their 50,000 ton wheat import tender, with an offer of $476.38/ton c&f, optional origin.

·        
Pakistan seeks 300,000 tons of wheat, set to close July 18 for Aug 1-25 shipment.

 

Rice/Other

·        
None reported

 

 

USDA Export Sales

Big wheat sales with net increases for China (265,300), South Korea and
Mexico. US wheat futures for all three markets are higher.  We think the wheat sales are largest since 10/24/2013 when USDA reported 1,308,837 tons.

 

US corn sales were good on combined basis.  China bought 90,500 tons of
new-crop corn. Soybean sales were poor, especially for old crop with net reductions of 362,800 tons. Increases for current crop year soybeans (mostly EU) were offset by reductions primarily for unknown destinations (367,600 MT), China (130,800 MT), Egypt (68,900
MT), and Costa Rica (16,000 MT).  Soybean meal sales were ok while soybean oil sales were again poor. The report was seen friendly for meal over oil, wheat, and new-crop corn. 

 

 

 

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

 Wheat: Net sales of 1,017,200 metric tons (MT) for 2022/2023
were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for China (265,300 MT), South Korea (148,400 MT), Mexico (91,300 MT, including decreases of 1,000 MT), unknown destinations (74,300 MT), and Guatemala
(69,800 MT, including 35,300 MT switched from El Salvador), were offset by reductions for El Salvador (34,900 MT) and Nigeria (4,500 MT).  Total net sales of 30,000 MT for 2023/2024 were reported for Brazil.  Exports of 270,000 MT were down 6 percent from
the previous week and 13 percent from the prior 4-week average.  The destination were primarily to South Korea (81,200 MT), Mexico (69,100 MT), Guatemala (36,200 MT), Taiwan (28,500 MT), and Peru (23,900 MT).   

Corn: 
Net sales of 59,000 MT for 2021/2022 were down noticeably from the previous week and down 72 percent from the prior 4-week average.  Increases primarily for Japan (124,100 MT, including 120,400 MT switched from unknown destinations), Mexico (57,000 MT, including
decreases of 600 MT), Morocco (30,200 MT – late), El Salvador (11,500 MT), and Nicaragua (7,500 MT), were offset by reductions primarily for unknown destinations (113,400 MT) and Canada (54,600 MT).  Net sales of 348,200 MT for 2022/2023 were primarily for
Japan (130,600 MT), China (90,500 MT), Colombia (60,000 MT), Mexico (36,500 MT), and El Salvador (15,000 MT).  Exports of 916,100 MT were down 11 percent from the previous week and 24 percent from the prior 4-week average.  The destinations were primarily
to China (404,900 MT), Mexico (227,200 MT), Japan (223,900 MT, including 400 MT – late), Morocco (30,200 MT – late), and Canada (13,800 MT).   

Optional Origin Sales:  For
2021/2022, the current outstanding balance of 108,300 MT is for unknown destinations (65,000 MT), Italy (34,300 MT), and Saudi Arabia (9,000 MT).  For 2022/2023, the current outstanding balance of 35,400 MT is for Italy. 

Late Reporting: For
2021/20222, net sales totaling 30,200 MT of corn were reported late for Morocco.  Exports totaling 30,600 MT of corn were reported late for Morocco (30,200 MT) and Japan (400 MT). 

Barley:  No
net sales were reported for the week.  Exports of 500 MT were up noticeably from the previous week, but down 7 percent from the prior 4-week average. The destination was to Japan.   

Sorghum: 
Net sales reductions of 2,600 MT for 2021/2022 were down noticeably from the previous week and from the prior 4-week average.  Increases reported for China (77,700 MT, including 68,000 MT switched from unknown destinations), were more than offset by reductions
for unknown destinations (78,000 MT) and Mexico (2,300 MT).  Exports of 186,200 MT were up noticeably from the previous week and up 74 percent from the prior 4-week average.  The destinations were primarily to China (147,800 MT) and Mexico (38,100 MT). 

Rice: 
Net sales of 27,400 MT for 2021/2022 were down 10 percent from the previous week and 25 percent from the prior 4-week average.  Increases primarily for Mexico (16,800 MT), Haiti (8,200 MT), Canada (1,800 MT, including decreases of 100 MT), Guatemala (500 MT),
and the Netherlands Antilles (300 MT), were offset by reductions for Costa Rica (300 MT).  Exports of 47,300 MT were up 43 percent from the previous week, but down 20 percent from the prior 4-week average.  The destinations were primarily to Mexico (19,600
MT), Costa Rica (14,700 MT), Japan (8,100 MT), Canada (2,800 MT, including 100 MT – late), and Taiwan (700 MT).  

Late Reporting: For
2021/20222, exports totaling 100 MT of long grain, brown rice were reported late for Canada. 

Soybeans:  Net
sales reductions of 362,900 MT for 2021/2022 were a marketing-year low.  Increases primarily for the Netherlands (67,600 MT, including 63,000 MT switched from unknown destinations), Germany (64,100 MT), Algeria (42,900 MT, including 45,000 MT switched from
unknown destinations and decreases of 2,100 MT), Vietnam (14,800 MT), and Peru (12,400 MT, including 10,500 MT switched from unknown destinations), were more than offset by
reductions primarily for unknown destinations (367,600 MT), China (130,800 MT), Egypt (68,900 MT), and Costa Rica (16,000 MT).  Net sales of 113,900 MT for 2022/2023 were primarily for China (90,000 MT), Costa Rica (16,000 MT), and Japan (7,700 MT).  Exports
of 440,900 MT were down 13 percent from the previous week and 16 percent from the prior 4-week average.  The destinations were primarily to China (84,800 MT), Mexico (68,900 MT), the Netherlands (67,600 MT), Germany (64,100 MT), and Egypt (57,100 MT).    

Export for Own Account: For
2021/2022, the current exports for own account outstanding balance is 6,300 MT, all Canada. 

Late Reporting:
For 2021/2022, exports totaling 1,200 MT of soybeans was reported late for Taiwan. 

Export Adjustment: Accumulated
exports of soybeans to the Netherlands were adjusted down 64,059 MT for week ending June 23^rd.  The correct destination for this shipment is Germany.   

Soybean Cake and Meal:  Net
sales of 8,200 MT for 2021/2022 were down 95 percent from the previous week and 92 percent from the prior 4-week average.  Increases primarily for Canada (8,700 MT, including decreases of 600 MT), Mexico (7,500 MT), El Salvador (6,000 MT), Japan (5,400 MT),
and Guatemala (3,400 MT switched from Honduras), were offset by reductions primarily for Colombia (24,000 MT) and Honduras (5,000 MT).  Net sales of 145,900 MT for 2022/2023 were primarily for Ecuador (90,000 MT), Guatemala (22,600 MT), El Salvador (13,500
MT), Canada (11,200 MT), and Panama (8,300 MT).  Exports of 149,600 MT were down 37 percent from the previous week and 38 percent from the prior 4-week average.  The destinations were primarily to Mexico (36,800 MT), Japan (31,500 MT), Venezuela (26,100 MT),
Canada (21,400 MT), and Morocco (20,000 MT).   

Soybean Oil:  Net
sales of 1,000 MT for 2021/2022 were down noticeably from the previous week and down 54 percent from the prior 4-week average.  Increases were reported for Guatemala (500 MT) and Canada (500 MT).  Exports of 16,900 MT were up noticeably from the previous week
and from the prior 4-week average.  The destinations were primarily to South Korea (11,900 MT) and Mexico (4,300 MT).   

Cotton: 
Net sales of 10,200 RB for 2021/2022–a marketing-year low–were down 73 percent from the previous week and 68 percent from the prior 4-week average.  Increases primarily for Turkey (7,500 RB, including decreases of 900 RB), Mexico (2,800 RB), Algeria (1,500
RB), China (1,200 RB, including 600 RB switched from India and decreases of 200 RB), and Taiwan (900 RB), were offset by reductions for Pakistan (3,200 RB), India (600 RB), and Japan (400 RB).  Net sales of 139,300 RB for 2022/2023 primarily for Turkey (73,800
RB), Pakistan (33,900 RB), India (13,200 RB), Nicaragua (8,800 RB), and Peru (7,000 RB), were offset by reductions for Vietnam (4,100 RB), Guatemala (3,500 RB), and Mexico (600 RB).  Exports of 312,700 RB were down 17 percent from the previous week and 14
percent from the prior 4-week average.  The destinations were primarily to China (74,000 RB), Turkey (64,800 RB), India (39,000 RB), Vietnam (30,600 RB), and Pakistan (28,100 RB).  Total net sales of 1,300 RB of Pima were up 43 percent from the previous week
and 36 percent from the prior 4-week average.  Increases were for Thailand.  Net sales reductions of 100 RB for 2022/2023 resulting in increases for India (400 RB), were more than offset by reductions for Peru (500 RB).  Exports of 4,400 RB were down 59 percent
from the previous week and 40 percent from the prior 4-week average.  The destinations were to China (2,800 RB), India (1,300 RB), Egypt (200 RB), and Italy (100 RB).   

Optional Origin Sales: 
For 2021/2022, the current outstanding balance of 12,700 RB is for Vietnam (10,200 RB) and Pakistan (2,500 RB).   

Export for Own Account: For
2021/2022, new exports for own account totaling 19,400 RB were primarily to China (9,800 RB).  Exports for own account totaling 3,500 RB to China were applied to new or outstanding sales.  The current exports for own account outstanding balance of 66,100 RB
is for China (37,700 RB), Vietnam (23,600 RB), and Indonesia (4,800 RB). 

Hides and Skins:  Net
sales of 280,600 pieces for 2022 were down 11 percent from the previous week and 34 percent from the prior 4-week average.  Increases primarily for China
(210,700 whole cattle hides, including decreases of 2,800 pieces), Brazil (31,900 whole cattle hides, including decreases of 700 pieces), Mexico (24,600 whole cattle hides, including decreases of 600 pieces), Taiwan (10,900 whole cattle hides), and Colombia
(3,200 whole cattle hides), were offset by reductions for Thailand (3,100 pieces).  Exports of 279,200 pieces were down 19 percent from the previous week and 32 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (160,400
pieces), South Korea (41,800 pieces), Mexico (32,300 pieces), Thailand (17,900 pieces), and Brazil (9,700 pieces).   

Net sales of 141,900 wet blues for 2022 were
down 44 percent from the previous week and 25 percent from the prior 4-week average.  Increases reported for Italy (73,300 unsplit, including decreases of 200 grain splits), Thailand (38,500 unsplit, including decreases of 100 unsplit), Vietnam (21,900 unsplit),
China (9,500 unsplit), and Mexico (900 unsplit), were offset by reductions for Brazil (1,900 unsplit).  Exports of 70,100 wet blues were down 16 percent from the previous week and 48 percent from the prior 4-week average.  The destinations were primarily to
Vietnam (24,000 unsplit), Italy (13,900 unsplit and 3,000 grain splits), Thailand (14,900 unsplit), China (12,000 unsplit), and Brazil (1,600 unsplit).  Net sales of 46,400 splits were down 92 percent from the previous week and 77 percent from the prior 4-week
average.  Increases were reported for China (44,000 pounds) and South Korea (2,400 pounds, including decreases of 1,700 pounds).  Exports of 320,000 pounds were down 38 percent from the previous week and 36 percent from the prior 4-week average. The destination
was to Vietnam. 

Beef:  Net
sales of 9,200 MT for 2022–a marketing-year low–were down 17 percent from the previous week and 35 percent from the prior 4-week average.  Increases primarily for Japan (3,800 MT, including decreases of 500 MT), Mexico (2,900 MT), Canada (900 MT), China
(500 MT, including decreases of 900 MT), and Taiwan (400 MT, including decreases of 100 MT), were offset by reductions for South Korea (700 MT).  Exports of 17,100 MT were down 16 percent from the previous week and 13 percent from the prior 4-week average.  The
destinations were primarily to Japan (6,300 MT), South Korea (4,500 MT), China (2,300 MT), Mexico (1,000 MT), and Canada (700 MT).   

Pork:  Net
sales of 18,300 MT for 2022 were down 42 percent from the previous week and 37 percent from the prior 4-week average.  Increases were primarily for Mexico (10,100 MT, including decreases of 400 MT), Japan (3,400 MT, including decreases of 800 MT), China (1,600
MT, including decreases of 200 MT), South Korea (1,200 MT, including decreases of 300 MT), and Colombia (800 MT).  Exports of 23,100 MT were down 28 percent from the previous week and 21 percent from the prior 4-week average.  The destinations were primarily
to Mexico (10,800 MT), China (3,600 MT), Japan (2,900 MT), South Korea (2,100 MT), and Colombia  (1,000 MT). 

 

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

 

	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	240.9	1,530.7	1,613.7	69.4	505.7	739.3	0.0	0.0
SRW	212.1	1,140.6	884.4	75.3	266.3	231.0	30.0	30.0
HRS	233.1	1,387.8	1,584.8	94.4	621.9	577.0	0.0	0.0
WHITE	301.0	1,173.4	1,111.6	30.8	305.0	323.6	0.0	0.0
DURUM	30.0	124.4	8.4	0.0	18.0	41.7	0.0	0.0
TOTAL	1,017.2	5,356.8	5,202.9	270.0	1,716.9	1,912.7	30.0	30.0
BARLEY	0.0	12.8	23.7	0.5	2.7	1.4	0.0	0.0
CORN	59.0	7,001.8	10,111.4	916.1	53,414.5	59,747.7	348.2	6,836.3
SORGHUM	-2.6	452.2	822.1	186.2	6,503.5	6,408.4	0.0	0.0
SOYBEANS	-362.9	6,920.6	3,234.2	440.9	52,542.3	58,691.8	113.9	13,851.6
SOY MEAL	8.2	1,915.3	2,147.2	149.6	9,358.1	9,374.0	145.9	722.2
SOY OIL	1.0	65.9	19.1	16.9	620.7	657.4	0.0	0.0
RICE
L G RGH	9.4	58.2	184.7	33.7	1,280.2	1,575.8	0.0	13.1
M S RGH	7.2	13.9	8.3	0.1	14.2	25.6	0.0	0.0
L G BRN	0.1	2.8	11.8	0.3	51.9	39.6	0.0	0.0
M&S BR	0.0	8.9	22.9	0.7	78.7	133.9	0.0	0.0
L G MLD	9.6	80.6	35.1	2.6	763.4	627.5	0.0	0.0
M S MLD	1.2	106.0	114.0	9.8	430.4	576.0	0.0	0.0
TOTAL	27.4	270.4	376.8	47.3	2,618.8	2,978.4	0.0	13.2
COTTON		THOUSAND RUNNING BALES
UPLAND	10.2	3,449.1	2,031.3	312.7	12,201.5	14,119.5	139.3	4,587.8
PIMA	1.3	45.4	110.3	4.4	436.7	723.4	-0.1	59.0