FI Morning Grain Comments 08/04/22

PDF attached

 

Good
morning.

 

US
weather outlook is mostly unchanged for the Midwest and improved for the upper Great Plains. The Midwest will see rain across the south and east today, southeast & northwest over the weekend, and north & west central areas early next week. Keep an eye on the
ECB as rain over the next several days could stabilize the soybean crop. Northwestern Iowa and northeastern Nebraska could see up to 1.00 inch by Sunday and
1-2 inches could occur from eastern South Dakota into central and southern Minnesota. But note weather models vary for the rain projected from now through the weekend
for the WCB.

 

CBOT
grains are higher. WTI crude oil turned lower and the USD is lower. Traders are monitoring Ukraine grain shipments. Soybeans and meal rallied around 7 am CT on talk of China inquiring and/or buying PNW soybeans. Some cargos may have traded. There were 35 soybean
meal deliveries posted this morning, first of the delivery period for the complex. Palm oil was under pressure.

 

 

 

Weather

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR AUGUST 4, 2022

• Model
  divergence is tremendous today over Iowa rainfall for the late this weekend into early next week
  
• The
  GFS is too dry and offers very little to no rain of significance to the state while the European model suggests greater rainfall in the states, although there are pockets of very light precipitation
• The
  European model is the most likely to verify
• Crop
  moisture stress remains a big concern in the northwestern U.S. Corn and Soybean Belt, but rain is expected to impact much of the region over the late weekend and early part of next week
  
• Only
  partial relief is expected, but sufficient rain should occur to take the edge off of stress for a little while
• The
  U.S. Carolinas and parts of southeastern Georgia have become too dry and another week of drying is expected before some relief takes place
• Northern
  and a part of West Texas  cotton, corn and sorghum production areas may get some rain during mid-week next week that might be beneficial for a brief period of time, but much more rain will be needed to turn around crops in the area
• Southern
  and some central Canada Prairies crops are experiencing declining soil moisture and rising crop stress which might hurt a few of the late maturing crops
  
• The
  drier bias will last for much of the next ten days
• Western
  Europe will get some welcome rain today and Friday
• Rainfall
  of 0.10 to 0.60 inch will occur from France to Poland and some of this rain will drift to the south during the weekend and early part of next week
• Much
  more rain will still be desired, but a little stress relief is possible
• Temperatures
  in Europe and much of western Asia will be above to well above normal during the coming week to ten days
• Russia’s
  Southern Region is advertised a little drier today than that of Wednesday leaving some need for rain in eastern parts of the region as well as crop areas to the northeast into the eastern New Lands
• China’s
  weather will continue mostly favorable with drying in the interior southeast and abundant rain elsewhere
• Australia’s
  winter crops will remain plenty wet over the next ten days favoring a good start into the spring
• India
  is expecting a monsoon depression to evolve in the Bay of Bengal this weekend before moving across the nation from Odisha and northeastern Andhra Pradesh into Maharashtra, southern Madhya Pradesh and Gujarat next week
  
• Flooding
  is expected along with at least some  localized crop and property damage

Source:
World Weather INC

 

Bloomberg
Ag Calendar

Wednesday,
Aug. 3:

• EIA
  weekly U.S. ethanol inventories, production, 10:30am
• New
  Zealand Commodity Price

Thursday,
Aug. 4:

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

Friday,
Aug. 5:

• FAO
  World Food Price Index
• 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
• Malaysia’s
  Aug. 1-5 palm oil export data

Source:
Bloomberg and FI

 

 

 

 

USDA
Export Sales

Export
sales for soybeans on a combined crop year basis were within expectations with 2022-23 net increases including unknown destinations (154,000 MT), China (144,000 MT), Bangladesh (55,000 MT), and Mexico (44,100 MT). Soybean meal sales improved at 186,600 MT
for 2021-20 and included the Philippines (95,800 MT), Colombia (55,800MT), and Honduras (10,400 MT).  Soybean oil net sales were only 1,300 MT. Corn export sales for 2021-22 were a low 57,900 tons. New crop corn sales were 256,700 tons and Mexico and unknow
as the largest buyers. Crop-year to date corn sales are lagging 13 percent from the previous year. Sorghum sales were very low. Pork sales were a large 31,000 tons and included 16,800 tons for China. All wheat sales were 249,900 tons, down from 412,000 previous
week. Unknown, Indonesia and Mexico were largest buyers.

 

 

 

Macros

US
Initial Jobless Claims Jul 30: 260K (est 260K; prev 256K)

US
Continuing Claims Jul 23: 1416K (est 1383K; prev 1359K)

US
Trade Balance Jun: $-79.6B (est $-80.0B; prev $-85.5B)

US
Crude Oil Exports Reached 3.57 Million Barrels Per Day In June (3.44 Million BPD In May)

Canadian
Trade Balance Jun: C$5.05B (est C$4.90B; prev C$5.32B)

Canadian
Building Permits (M/M) Jun: -1.5% (est -2.0%; prev 2.3%)

 

Corn

·        
Corn futures are higher after trading two-sided overnight. Soybeans firmed around 7 am CT and this fueled light buying in corn. WTI crude oil turned lower and USD is lower.

·        
The US weather forecast is unchanged but models greatly vary for rainfall amounts from now through the weekend for the WCB.

·        
Crop stress remains a concern for the northwestern US Corn Belt.

·        
Traders are monitoring Ukraine grain shipments.

·        
Today’s forecast model run does offer rain in across the northwestern US Corn and Soybean Belt this weekend. The European model run produces 0.75 to more than 2.50 inches in some of the dry region while the GFS suggests 0.25 to
0.75 inch, according to World Weather Inc.

·        
Weekly ethanol production increased 22,000 barrels to 1.043 million, highest since July 1, and ethanol stocks were up 66,000 barrels to 23.394 million after a two-week decline.

·        
The USDA Broiler Report showed eggs set in the US up 2 percent from a year ago and chicks placed up 2 percent. Cumulative placements from the week ending January 8, 2022, through July 30, 2022 for the United States were 5.63 billion.
Cumulative placements were up slightly from the same period a year earlier.

 

Export
developments.

·        
None reported

 

Soybeans

·        
US soybeans and meal rallied around 7 am CT on talk of China buying and/or inquiring for PNW soybeans for Sep/Oct shipment. Some cargos may have traded. Soybean oil is moderately higher.

·        
There were 35 soybean meal deliveries posted this morning, first of the delivery period for the complex. Palm oil was under pressure.

·        
A Reuters polls calls for end of July Malaysia palm oil inventories to increase from the previous month, by 8.3%, 1.79 million tons, highest in eight months. Malaysia production was expected to increase 2% to 1.58 million tons,
and exports to rise 2.2% to 1.22 million tons.

·        
Malaysia October palm was off 43 MYR to 3821/ton and cash down $12.50 at $947.50.

·        
China soybean futures were down 1.1%, meal 0.2% lower, soybean oil down 1.5%, and palm 1.9% lower.

·        
Rotterdam vegetable oils were mixed
earlier and meal mostly 2-5 euros lower, from this time yesterday morning.

·        
Offshore values were leading SBO 4 points lower earlier this morning and meal $2.50 short ton higher.

 

Export
Developments

·        
China looks to sell a half a million tons of soybeans out of reserves on August 5.

 

Wheat

·        
US wheat futures are higher on ongoing good global demand.

·        
News is light.

·        
Paris September wheat was up 3.50 euros at 342.50euros as of 7:30 am CT.

·        
For the Canadian Prairies, above normal rainfall will favor the northern Prairies over the next 10 days while drier weather for the southern areas could increase crop stress. 

 

Export
Developments.

·        
Iran’s GTC bought between 180,000 tons to 240,000 tons of milling wheat in three to four consignments for September/October shipment. Prices were between 438 and 440 euros ($446.30 to $448.30) C&F Iran ports.

·        
Taiwan bought 50,910 tons of milling wheat from the United States for shipment between Sept. 21 and Oct. 5.

·        
Jordan seeks 120,000 tons on Aug. 10 for Dec through Feb shipment.

·        
Japan bought 122,103 tons of milling wheat for October loading.

·        
Results are awaited on the Philippines seeking 150,000 tons of milling wheat and 150,000 tons of feed barley on Thursday for OND shipment.

·        
Taiwan seeks 50,910 tons of US wheat on August 4 for shipment from the PNW between September 21 and October 5.

·        
Jordan seeks 120,000 tons of wheat on Aug 9 for Jan/Feb shipment.

 

Rice/Other

·        
Mauritius seeks 6,000 tons of rice, optional origin, for October 1 and December 31 delivery.

·        
Results awaited: South Korea’s Agro-Fisheries & Food Trade seeks 92,100 tons of rice on Aug 3 for arrival in SK between Feb & Apr.

 

 

USDA Export Sales

Export sales for soybeans on a combined crop year basis were within expectations with 2022-23 net increases including unknown destinations (154,000 MT), China (144,000 MT), Bangladesh (55,000 MT),
and Mexico (44,100 MT). Soybean meal sales improved at 186,600 MT for 2021-20 and included the Philippines (95,800 MT), Colombia (55,800MT), and Honduras (10,400 MT).  Soybean oil net sales were only 1,300 MT. Corn export sales for 2021-22 were a low 57,900
tons. New crop corn sales were 256,700 tons and Mexico and unknow as the largest buyers. Crop-year to date corn sales are lagging 13 percent from the previous year. Sorghum sales were very low. Pork sales were a large 31,000 tons and included 16,800 tons for
China. All wheat sales were 249,900 tons, down from 412,000 previous week. Unknown, Indonesia and Mexico were largest buyers.

 

 

 

 

Export Sales Highlights

This
summary is based on reports from exporters for the period July 22-28, 2022.

Wheat:
Net sales of 249,900 metric tons (MT) for 2022/2023 were down 39 percent from the previous week and 55 percent from the prior 4-week average.  Increases primarily for unknown destinations (80,000 MT), Indonesia (70,000 MT), Mexico (64,900 MT, including decreases
of 500 MT), Costa Rica (11,500 MT, including 11,700 MT switched from Guatemala and decreases of 500 MT), and Venezuela (7,500 MT), were offset by reductions for Guatemala (15,100 MT), Peru (600 MT), and Panama (200 MT).  Exports of 288,400 MT were down 17
percent from the previous week, but up 10 percent from the prior 4-week average.  The destinations were primarily to Mexico (100,200 MT), Taiwan (42,000 MT), South Korea (33,000 MT), Guatemala (31,000 MT), and Colombia (19,800 MT). 

Corn: 
Net sales of 57,900 MT for 2021/2022 were down 62 percent from the previous week, but up 31 percent from the prior 4-week average.  Increases primarily for Japan (53,800 MT, including 52,100 MT switched from unknown destinations and decreases of 700 MT), Mexico
(36,200 MT, including decreases of 200 MT), the Netherlands (13,200 MT – Late), Trinidad and Tobago (9,700 MT switched from Jamaica), and China (5,700 MT), were offset by reductions for unknown destinations (51,600 MT), Jamaica (9,600 MT), Nicaragua (7,500
MT), Costa Rica (2,100 MT), and Barbados (1,200 MT).  Net sales of 256,700 MT for 2022/2023 reported for Mexico (213,000 MT), unknown destinations (28,800 MT), El Salvador (26,300 MT), and Honduras (3,500 MT), were offset by reductions for Colombia (10,000
MT) and Costa Rica (4,900 MT).  Exports of 1,021,100 MT were up 18 percent from the previous week and 4 percent from the prior 4-week average.  The destinations were primarily to China (414,100 MT), Mexico (328,000 MT), Japan (158,800 MT), Canada (41,200 MT),
and Honduras (21,300 MT). 

Optional
Origin Sales: 
For 2021/2022, new optional origin sales of 12,800 MT were reported for Italy.  The current outstanding balance of 121,000 MT is for unknown destinations (65,000 MT), Italy (47,000 MT), and Saudi Arabia (9,000 MT).  For 2022/2023,
new optional origin sales of 10,400 MT were reported for Italy.  The current outstanding balance of 45,800 MT is for Italy.

Late
Reporting:
For 2021/2022, net sales and exports totaling 18,300 MT of corn were reported late for the Netherlands (13,200 MT) and Romania (5,100 MT).

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

Sorghum: 
Net sales of 1,200 MT for 2021/2022 were down 66 percent from the previous week and 92 percent from the prior 4-week average.  Increases reported for China (66,100 MT, including 68,000 MT switched from unknown destinations and decreases of 2,000 MT) and Mexico
(3,000 MT), were offset by reductions for unknown destinations (68,000 MT).  Total net sales of 68,000 MT for 2022/2023 were for unknown destinations.  Exports of 74,400 MT were up 2 percent from the previous week, but down 32 percent from the prior 4-week
average.  The destination was primarily to China (70,500 MT).

Rice: 
Net sales of 3,000 MT for 2021/2022–a marketing-year low–were down 87 percent from the previous week and 88 percent from the prior 4-week average.  Increases were primarily for Canada (1,700 MT), Mexico (600 MT), Honduras (500 MT), and the Netherlands Antilles
(100 MT).  Net sales of 1,000 MT for 2022/2023 primarily for Mexico (800 MT) and Guatemala (300 MT), were offset by reductions for El Salvador (300 MT).  Exports of 25,300 MT were down 32 percent from the previous week and 33 percent from the prior 4-week
average.  The destinations were primarily to Japan (12,000 MT), Honduras (5,500 MT), South Korea (3,000 MT), Canada (2,700 MT), and Mexico (1,600 MT).

Exports
for Own Account:
For 2021/2022, new exports for own account totaling 100 MT were reported for Canada.  The current exports for own account outstanding balance is 100 MT, all Canada.

Soybeans: 
Net sales reductions of 11,000 MT for 2021/2022 were down 81 percent from the previous week and 90 percent from the prior 4-week average.  Increases primarily for China (124,800 MT, including 58,000 MT switched from unknown destinations and decreases of 9,300
MT), Mexico (64,800 MT, including 47,500 MT switched from unknown destinations and decreases of 500 MT), the Netherlands (57,400 MT, including 60,000 MT switched from unknown destinations and decreases of 2,600 MT), Malaysia (15,300 MT, including 15,000 MT
switched from Indonesia), and Vietnam (4,400 MT, including decreases of 300 MT), were more than offset by reductions for unknown destinations (229,500 MT), Bangladesh (55,000 MT), Indonesia (5,300 MT), and Thailand (1,000 MT).  Net sales of 410,600 MT for
2022/2023 were primarily for unknown destinations (154,000 MT), China (144,000 MT), Bangladesh (55,000 MT), and Mexico (44,100 MT).  Exports of 527,600 MT were up 33 percent from the previous week and 19 percent from the prior 4-week average.  The destinations
were primarily to Mexico (162,700 MT), the Netherlands (57,400 MT), China (52,800 MT), Japan (50,400 MT), and Algeria (45,200 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, net sales totaling 300 MT of soybeans were reported late for Taiwan.  Exports totaling 1,000 MT of soybeans was reported late to Taiwan.

Soybean
Cake and Meal: 
Net sales of 186,600 MT for 2021/2022 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for the Philippines (95,800 MT), Colombia (55,800 MT, including decreases of 30,800 MT), Honduras (10,400 MT, including
6,000 switched from Nicaragua, 5,000 MT switched from El Salvador, and decreases of 1,300 MT), the Dominican Republic (10,100 MT, including decreases of 1,000 MT), and Mexico (10,000 MT), were offset by reductions primarily for Nicaragua (6,000 MT), El Salvador
(5,500 MT), and Jamaica (5,300 MT).  Net sales of 48,800 MT for 2022/2023 were primarily for the Dominican Republic (16,000 MT), El Salvador (14,300 MT), Jamaica (5,900 MT), Trinidad and Tobago (5,900 MT), and Costa Rica (2,000 MT).  Exports of 244,700 MT
were up 25 percent from the previous week and 34 percent from the prior 4-week average.  The destinations were primarily to the Philippines (49,500 MT), Colombia (45,800 MT), Mexico (33,700 MT), Honduras (30,200 MT), and Japan (29,600 MT).

Soybean
Oil: 
Total net sales of 1,300 MT for 2021/2022 were down 71 percent from the previous week and 15 percent from the prior 4-week average.  Increases were reported for Honduras (800 MT), Guatemala (300 MT), and Canada (200 MT).  Exports of 500 MT were down 95 percent
from the previous week and 93 percent from the prior 4-week average.  The destination was to Canada (500 MT).

Cotton: 
Net sales reductions of 112,400 RB for 2021/2022–a marketing-year low–primarily for Ecuador (1,200 RB, including decreases of 100 RB), Honduras (800 RB, including decreases of 100 RB), Japan (500 RB, including decreases of 300 RB), Turkey (400 RB, including
decreases of 100 RB), and Thailand (200 RB switched from Japan), were more than offset by reductions primarily for China (95,000 RB), Vietnam (15,400 RB), Bangladesh (1,700 RB), Indonesia (900 RB), and South Korea (800 RB).  Net sales of 71,400 RB for 2022/2023
primarily for Vietnam (40,400 RB), Pakistan (24,700 RB), Indonesia (9,900 RB), India (4,800 RB), and Thailand (2,200 RB), were offset by reductions for Malaysia (7,000 RB), Mexico (1,700 RB), Honduras (1,600 RB), Ecuador (1,300 RB), and Japan (100 RB).  Exports
of 279,700 RB were up 11 percent from the previous week, but down 12 percent from the prior 4-week average.  The destinations were primarily to India (45,600 RB), Turkey (44,200 RB), Vietnam (42,100 RB), China (36,500 RB), and Pakistan (22,800 RB).  Total
net sales of 100 RB of Pima for 2021/2022 were for China.  Net sales of 4,500 RB for 2022/2023 were reported for Vietnam (2,500 RB), Indonesia (1,600 RB), and India (400 RB).  Exports of 2,600 RB were down 19 percent from the previous week and 56 percent from
the prior 4-week average.  The destinations were primarily to China (1,400 RB), India (500 RB), Pakistan (400 RB), and South Korea (200 RB). 

Optional
Origin Sales: 
For 2021/2022, new optional origin sales of 9,300 MT were reported for Malaysia.  Options were exercised to export 1,900 RB to Vietnam (1,500 RB) and Pakistan (400 RB) from the United States.  The current outstanding balance of 11,400 RB is for Malaysia (9,300
RB) and Pakistan (2,100 RB). 

Export
for Own Account:
For 2021/2022, new exports for own account totaling 300 RB were reported for Vietnam.  Exports for own account totaling 3,400 RB primarily to Indonesia (3,100 RB) were applied to new or outstanding sales. The current exports for own account outstanding balance
of 62,300 RB is for China (33,700 RB), Vietnam (26,500 RB), Indonesia (1,800 RB), and Pakistan (300 RB).

Hides
and Skins: 
Net sales of 345,300 pieces for 2022 were down 1 percent from the previous week and 4 percent from the prior 4-week average.  Increases primarily for China (286,000 whole cattle hides, including decreases of 38,300 pieces), Mexico (24,500 whole cattle hides,
including decreases of 7,500 pieces), South Korea (17,600 whole cattle hides, including decreases of 3,300 pieces), Thailand (8,300 whole cattle hides, including decreases of 1,800 pieces), and Italy (3,500 whole cattle hides, including decreases of 700 pieces),
were offset by reductions primarily for Taiwan (700 pieces).  In addition, total net sales of 4,200 calf skins were for Italy, including decreases of 1,400 pieces.  Exports of 439,100 pieces were up 5 percent from the previous week and 18 percent from the
prior 4-week average.  Whole cattle hides exports were primarily to China (243,100 pieces), South Korea (68,800 pieces), Mexico (48,000 pieces), Thailand (23,500 pieces), and Brazil (18,800 pieces).  In addition, total exports of 5,600 calf skins were to Italy.

Net
sales of 96,700 wet blues for 2022 were up 38 percent from the previous week, but down 29 percent from the prior 4-week average.  Increases reported for China (34,200 unsplit, including decreases of 9,100 unsplit), Thailand (25,500 unsplit), Vietnam (16,200
unsplit), Italy (12,800 unsplit and 100 grain splits, including decreases of 100 unsplit), and Brazil (8,000 unsplit), were offset by reductions for Portugal (100 grain splits).  Exports of 166,800 wet blues were up 5 percent from the previous week and 37
percent from the prior 4-week average.  The destinations were primarily to Italy (42,200 unsplit and 16,200 grain splits), China (58,200 unsplit), Vietnam (27,500 unsplit), Thailand (9,200 unsplit), and Taiwan (8,000 unsplit).  Net sales of 799,500 splits
were up noticeably from the previous week and from the prior 4-week average.  Increases were reported for Vietnam (708,500 pounds, including decreases of 400 pounds), China (88,000 pounds), and Taiwan (3,000 pounds).  Exports of 897,900 pounds were up noticeably
from the previous week and from the prior 4-week average. The destinations were to Vietnam (727,400 pounds), China (87,500 pounds), and Taiwan (83,000 pounds).

Beef: 
Net sales of 12,000 MT for 2022 were down 52 percent from the previous week and 30 percent from the prior 4-week average.  Increases were primarily for South Korea (2,900 MT, including decreases of 600 MT), Japan (2,400 MT, including decreases of 1,000 MT),
Canada (1,800 MT, including decreases of 100 MT), Taiwan (1,100 MT, including decreases of 100 MT), and the Philippines (900 MT).  Total net sales of 200 MT for 2023 were for Japan.  Exports of 18,500 MT were down 9 percent from the previous week and 5 percent
from the prior 4-week average.  The destinations were primarily to Japan (5,600 MT), South Korea (4,900 MT), China (2,600 MT), Mexico (1,200 MT), and Taiwan (1,100 MT). 

Pork: 
Net sales of 31,000 MT for 2022 were up 43 percent from the previous week and 35 percent from the prior 4-week average.  Increases were primarily for China (16,800 MT, including decreases of 300 MT), Mexico (8,600 MT, including decreases of 200 MT), Japan
(1,800 MT, including decreases of 100 MT), South Korea (1,700 MT, including decreases of 400 MT), and Canada (600 MT, including decreases of 400 MT).  Exports of 26,000 MT were down 4 percent from the previous week and 5 percent from the prior 4-week average. 
The destinations were primarily to Mexico (12,600 MT), China (4,200 MT), Japan (3,300 MT), Colombia (1,600 MT), and South Korea (1,400 MT).

 

U.S. EXPORT SALES FOR WEEK ENDING  7/28/2022

 

 

	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	72.8	1,596.2	1,736.3	70.5	797.3	1,118.4	0.0	0.0
SRW	20.0	1,076.1	1,054.2	98.0	496.4	477.9	0.0	30.0
HRS	35.1	1,501.7	1,437.6	104.3	798.8	966.0	0.0	0.0
WHITE	137.1	1,470.3	1,060.0	15.6	382.6	511.8	0.0	0.0
DURUM	-15.0	109.4	8.4	0.0	18.0	41.7	0.0	0.0
TOTAL	249.9	5,753.7	5,296.4	288.4	2,493.0	3,115.8	0.0	30.0
BARLEY	0.0	12.8	22.7	0.0	2.8	2.3	0.0	0.0
CORN	57.9	4,245.8	6,200.7	1,021.1	56,412.6	63,522.8	256.7	7,856.9
SORGHUM	1.2	207.4	593.2	74.4	6,758.9	6,589.8	68.0	135.0
SOYBEANS	-11.0	5,631.6	2,604.5	527.6	53,896.4	59,315.6	410.6	15,265.7
SOY MEAL	186.6	1,648.8	1,861.6	244.7	9,948.5	9,950.6	48.8	819.2
SOY OIL	1.3	60.0	17.6	0.5	633.0	665.0	0.0	0.6
RICE
L G RGH	0.5	49.0	164.9	6.1	1,292.3	1,642.7	0.8	23.9
M S RGH	0.0	9.8	2.3	0.6	18.3	30.5	0.0	0.0
L G BRN	0.1	2.7	11.3	0.5	52.8	40.5	0.0	0.0
M&S BR	0.0	7.7	0.1	0.3	80.0	157.0	0.0	0.0
L G MLD	2.0	74.0	31.2	1.8	809.2	653.8	0.0	40.1
M S MLD	0.4	78.9	64.8	16.0	461.6	631.6	0.2	0.4
TOTAL	3.0	222.0	274.5	25.3	2,714.3	3,156.1	1.0	64.5
COTTON		THOUSAND RUNNING BALES
UPLAND	-112.4	2,523.4	1,373.4	279.7	13,064.8	14,833.0	71.4	4,828.0
PIMA	0.1	31.9	91.9	2.6	447.8	751.9	4.5	68.9