FI Morning Grain Comments 08/11/22

PDF attached

 

Good
morning.
USDA
positioning day.

 

Private
exporters reported sales of 103,400 tons of soybean cake and meal for delivery to Mexico during the 2022-23 marketing year.

 

US
weather forecast was largely unchanged. Net drying bias west-central WCB and potential second week net drying for the Midwest as a high-pressure ridge settles over western North America through the middle of next week. Parts of the GP will see rain today and
some precipitation will develop for the upper Midwest over the weekend.

 

Brazil’s
Conab left their soybean supply unchanged from the previous month with production at 124.1 million tons. The trade was looking for a 1.5 MMT increase. The Brazil corn production was lowered 1.0 million tons, a surprise, to 114.7 million tons. The trade was
looking for 115.7 million tons, supportive for corn futures, IMO.

 

 

US
energy markets are higher, and equities are leading to a higher open. USD is lower. US corn futures are higher on EU and US WCB production concerns. Strategie Grains lowered their EU corn production estimate by 10 million tons to a 15-year low of 55.4 million.
US wheat prices are higher on follow through fund buying. Soybeans are higher led by a rebound in soybeans meal and higher soybean oil. US interior cash prices remain strong. Bull spreading in meal is back. Palm oil rallied overnight. China’s CASDE & USDA
will be released on Friday. On Monday NOPA will update their July crush.

 

 

 

Weather

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR AUGUST 11, 2022

• Computer
  weather forecast model divergence remains significant for the U.S. today with some questionable logic especially in the GFS model runs of late
• Rain
  is expected to impact some of the U.S. crop areas next week when colder air impacts the Midwest and Great Plains; however, the Gulf of Mexico should not be available as a good moisture source when the cool air arrives which should limit rain intensity
• It
  will rain, but some of the amounts will turn out lighter than expected for key corn and soybean production areas
• Further
  adjustments to the outlook will be forthcoming in the next few days and the end result will likely put the U.S. outlook back into an old familiar weather pattern of limited rainfall in the west and central parts of the Midwest while the east becomes quite
  cool and showery
• There
  is potential for increased rainfall briefly in the southern U.S. Plains next week as the cold air arrives in Texas and Oklahoma with more rain possible as the frontal system bringing the cool air becomes stationary and eventually lifts back to the north
• The
  moisture in the southern Plains, although welcome, will come too late in a punishing summer to have much impact on production
• In
  the meantime, the U.S. Midwest will see a short term bout of rain early to mid-week next week followed by more dry weather especially in the central and western parts of the Corn and Soybean Belt
• Temperatures
  in the U.S. Plains will be very warm to hot through the weekend than much milder for the following ten days
  
• Most
  of the Midwest will be cooler than usual especially next week and in the following weekend when readings will be well below normal
  
• Not
  much change was noted in Europe with showers expected to begin next week to take the edge of stress off of some crop areas, but no general soaking will occur
• Temperatures
  will be cooler in week two, but still quite warm through the coming weekend and early next week
  
• Russia’s
  Southern Region, easternmost Ukraine, western Kazakhstan and the middle Volga River Basin is still expected to see a full week to nearly 10 days of very warm to hot temperatures and mostly dry conditions
  
• The
  west half of Russia will be warmer than usual over the next two weeks with the area noted above to be most above normal with 90-degree Fahrenheit highs expected frequently and a few extremes near 100
• Southeastern
  China is still advertised to be drier than usual and very warm to hot over the next ten days
• East-central
  through northwestern India will experience frequent waves of significant rain keeping the ground quite wet
  
• Southern
  India will be drier than usual
• Significant
  rain will fall in Pakistan as well as central India
• Australia
  weather will remain well mixed with rain and sunshine the next ten days
• Western
  Argentina will continue drier biased
• Southern
  and a few west-central Brazil and Paraguay areas will be wet biased over the next ten days

Source:
World Weather INC

 

Bloomberg
Ag Calendar

Thursday,
Aug. 11:

• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• Brazil’s
  Conab to publish output and planting data for soybeans and corn
• HOLIDAY:
  Japan

Friday,
Aug. 12:

• 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
• 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
• New
  Zealand food prices
• FranceAgriMer
  weekly update on crop conditions
• EARNINGS:
  Olam, Golden Agri
• HOLIDAY:
  Thailand

Source:
Bloomberg and FI

 

 

 

 

USDA
Export Sales

USDA
export sales were within expectations for soybeans, good for new-crop meal (shipments were not bad), and slow for soybean oil (shipments increased to 13,700 tons). For new crop soybeans net sales of 477,200 MT were primarily for China (195,000 MT) and unknown
destinations (184,200 MT). China bought a small amount of sorghum. USDA US corn export sales were near the low end of expectations on a combined crop year basis and wheat within expectations.

 

USDA
IMPORTANT NOTICE: The upgraded Export Sales Reporting and Maintenance System 2.0 (ESRMS 2.0) is scheduled to be launched on Thursday, August 18, 2022.  ESRMS 2.0 will be available from the following url: 
https://esrms.fas.usda.gov/#/home

 

 

 

Macros

US
Initial Jobless Claims Aug 6: 262K (est 265K; prev 260K)

US
Continuing Claims Jul 30: 1428K (est 1420K; prev 1416K)

US
PPI Final Demand (M/M) Jul: -0.5% (est 0.2; prev 1.1%)

US
PPI Final Demand (Y/Y) Jul: 9.8% (est 10.4; prev 11.3%)

US
PPI Ex Food and Energy (M/M) Jul: 0.2% (est 0.4; prev 0.4%)

US
PPI Ex Food and Energy (Y/Y) Jul: 7.6% (est 7.7; prev 8.2%)

OPEC:
Cuts Full-Year 2022 World Oil Demand Growth Forecast To 3.1  Million BPD (Prev. Forecast 3.36 Mln BPD)

 

 

Corn

·        
US corn futures are higher on EU and US WCB production concerns. Higher energy markets (leading commodities this morning to upside) is supporting corn and soybean oil.

·        
Strategie Grains lowered their EU corn production estimate by 10 million tons to a 15-year low of 55.4 million and raised imports to 20 million tons versus 17.8 million imported during 2021-22. USDA in their July S&D update lowered
EU corn production by 250,000 tons to 68.0 million tons, down from 70.5 million tons for 2021‐22. Look for USDA to cut EU corn production this Friday.

·        
Brazil’s Conab left their estimated 2021-22 corn production down 1.0 million tons, a surprise, to 114.7 million tons. The trade was looking for 115.7 million tons, supportive for corn futures, IMO.

·        
Argentina’s Rosario Grains Exchange estimated 2022-23 Argentina corn production at 55 million tons and soybeans at 47 million tons. They expect corn plantings to decrease 4.7% to 8 million hectares, and soybeans to rise 700,000
hectares to 16.8 million, a 4.3 percent increase.

·        
A second grain ship to arrive in Ukraine docked in the port of Chornomorsk and will load 30,000 tons of corn.

·        
The weekly USDA Broiler Report showed eggs set in the US up 2 percent and chicks placed up 3 percent from a year ago. Cumulative placements from the week ending January 8, 2022, through August 6, 2022, for the United States were
5.82 billion. Cumulative placements were up slightly from the same period a year earlier.

 

Export
developments.

·        
None reported

 

Soybeans

·        
Soybeans are higher led by a rebound in soybeans meal and higher soybean oil. Bull spreading in meal is back. USDA reported 103,400 tons of soybean meal sold to Mexico.

·        
There were no August soybean complex deliveries.

·        
Brazil’s Conab left their soybean supply unchanged from the previous month with production at 124.1 million tons. The trade was looking for a 1.5 MMT increase.

·        
Bloomberg said the Rhine River could be become impassible on August 12 for selected locations.

·        
Egypt said they have enough strategic vegetable oil reserves for the next 5.3 months. 

·        
Indonesia’s GAPKI said June palm exports were 2.33 million tons, up 15% from the same month last year but down 7.6% from June. Indonesia palm oil stocks at the end of June stood were 6.68 million tons with production around 3.30
million tons.

·        
Malaysia October palm rebounded to trade 153MYR higher to 4264/ton, and cash was up $37.50 at $1,045.00/ton.

·        
Cargo surveyor ITS reported Malaysian palm exports during the 1-10 Aug period at 333,277 tons, down 16 percent from the same period month ago. This comes after yesterday AmSpec reported Malaysian palm oil exports during the August
1-10 period at 339,669 tons, up 10.2 percent from 308,290 tons from the same period month earlier. ITS reported a 10.5 percent.

·        
China soybean futures were up 0.7, meal 0.4% higher, soybean oil up 0.3%, and palm 1.1% higher.

·        
European soybean oil stocks are getting tight and this is reflected in the wide spread between Rotterdam prices versus Argentina. 

·        
Rotterdam vegetable oils were around
5 euros higher earlier, and meal 1-3 euros lower for the positions we follow, from this time yesterday morning.

·        
Offshore values were leading SBO 60 points lower earlier this morning and meal $0.60 short ton lower.

 

Export
Developments

·        
Private exporters reported sales of 103,400 tons of soybean cake and meal for delivery to Mexico during the 2022-23 marketing year.

·        
China looks to sell a half a million tons of soybeans out of reserves on August 12.

·        
The CCC seeks 4350 tons of vegetable oil for use in export programs on Aug 16 for Sep 9-oct 15 shipment, October for plants at ports.

 

Wheat

·        
Additional fund buying is seen in US wheat markets. Fundamental news is light.

·        
US wheat prices are higher on follow through fund buying, lower USD and higher outside related markets.

·        
India domestic wheat prices have eased off their lifetime highs made earlier this month and are beginning to stabilize. Imports are still expected to increase over the medium term.

·        
Jordan is back in for barley and SK bought 33,200 tons of rice from China and optional origin.

·        
Paris September wheat was down 0.25 euros at 339.75 euros as of 7:00 am CT.

·        
Egypt said they have enough strategic wheat reserves for the next 7.2 months. 

 

Export
Developments.

·        
Jordan seeks 120,000 tons of barley on August 17 for LH Dec through LH Feb shipment.

·        
Jordan seeks 120,000 tons set to close August 16 for Jan/Feb shipment.

·        
Japan’s AgMin seeks 70,000 tons of feed wheat and 40,000 tons of feed barley on August 19 for arrival by January 26, 2023.

 

Rice/Other

·        
South Korea bought an estimated 33,200 tons of rice from China and optional origin.

• 11,100 ton consignments of Chinese-origin non-glutinous brown short grain rice bought at an estimated $1,070 and $1,069.85 a ton c&f for arrival in South Korea in
  February and April 2023.
• 11,000 tons of non-glutinous brown long grain rice was bought at an estimated $528.80 a ton c&f for April 2023 arrival.
• No purchase was reported of about 58,800 tons of U.S.-origin rice also sought in the tender. (Reuters)

·        
(Bloomberg) — World 2022-23 production seen 1.1m bales lower than USDA’s previous estimate, according to the avg in a Bloomberg survey of seven analysts.

Avg est. at 118.97m bales, ranging from 118m to 120m bales

World ending stocks seen down 580,000 bales to 83.68m bales

US production seen 750,000 bales lower, and US ending stocks seen 229,000 bales lower

 

 

 

USDA Export Sales

USDA export sales were within expectations for soybeans, good for new-crop meal (shipments were not bad), and slow for soybean oil (shipments increased to 13,700 tons). For new crop soybeans net
sales of 477,200 MT were primarily for China (195,000 MT) and unknown destinations (184,200 MT). China bought a small amount of sorghum. USDA US corn export sales were near the low end of expectations on a combined crop year basis and wheat within expectations.

 

USDA IMPORTANT NOTICE: The upgraded Export Sales Reporting and Maintenance System 2.0 (ESRMS 2.0) is scheduled to be launched on Thursday, August 18, 2022.  ESRMS 2.0 will be available from the following
url:  https://esrms.fas.usda.gov/#/home

 

 

Export Sales Highlights

This
summary is based on reports from exporters for the period July 29-August 4, 2022.

Wheat:
Net sales of 359,200 metric tons (MT) for 2022/2023 were up 44 percent from the previous week, but down 34 percent from the prior 4-week average.  Increases primarily for Mexico (99,400 MT, including decreases of 10,100 MT), South Korea (62,000 MT, including
decreases of 21,000 MT), Taiwan (50,900 MT), Japan (41,200 MT), and the Dominican Republic (36,200 MT, including 32,900 MT switched from unknown destinations), were offset by reductions for unknown destinations (19,500 MT), the Philippines (3,100 MT), and
Peru (100 MT).  Exports of 615,300 MT–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average.  The destinations were primarily to Mexico (144,600 MT),
Japan (82,500 MT), Nigeria (81,100 MT), Brazil (66,000 MT), and the Philippines (56,900 MT). 

Corn: 
Net sales of 191,800 MT for 2021/2022 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for Mexico (135,100 MT, including decreases of 100 MT), Japan (62,300 MT, including 48,200 MT switched from unknown destinations),
Honduras (26,300 MT, including decreases of 80,500 MT), Colombia (15,200 MT, including 14,500 MT switched from unknown destinations), and El Salvador (13,700 MT, including 8,000 MT switched from Guatemala, 5,600 MT switched from Costa Rica, and decreases of
800 MT), were offset by reductions primarily for unknown destinations (62,700 MT), Costa Rica (8,600 MT), and Guatemala (4,200 MT).  Net sales of 191,300 MT for 2022/2023 were reported for Italy (105,000 MT), Honduras (47,400 MT), Japan (26,000 MT), Jamaica
(6,900 MT), and Mexico (6,000 MT).  Exports of 705,400 MT were down 31 percent from the previous week and 28 percent from the prior 4-week average.  The destinations were primarily to Mexico (225,300 MT), China (207,200 MT), Japan (146,000 MT), Canada (56,100
MT), and El Salvador (30,100 MT). 

Optional
Origin Sales: 
For 2021/2022, 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 2,400 MT were reported for Italy. 
The current outstanding balance of 48,200 MT is for Italy.

Barley: 
No net sales were reported for the week.  Exports
of 1,000 MT were up noticeably from the previous week and from the prior 4-week average.  The destination was to Japan.

Sorghum: 
Total net sales reductions of 1,400 MT for 2021/2022 were down noticeably from the previous week and from the prior 4-week average. 
The destination was China.  Total net sales of 68,000 MT for 2022/2023 were for unknown destinations.  Exports of 57,200 MT were down 23 percent from the previous week and 48 percent from the prior 4-week average.  The destination
was primarily to China (52,400 MT).

Rice:
 Net
sales of 26,800 MT were reported for 2022/2023, which began August 1.  Increases were primarily for Haiti (18,800 MT), Mexico (6,300 MT, including decreases of 800 MT),  Canada (1,100 MT), Taiwan (200 MT), and Poland (100 MT).  A total of 216,700 MT in sales
were outstanding on July 31 and carried over to 2022/2023.  Accumulated exports in 2022/2023 totaled 2,749,200 MT were down 14 percent from the prior year’s total of 3,195,900 MT.  The destinations were primary to Panama (28,600 MT), Mexico (2,000 MT), Canada
(1,800 MT), Saudi Arabia (900 MT), and Taiwan (800 MT).  Exports for August 1 of 1,700 MT were primarily to Canada (1,000 MT), Japan (200 MT), Poland (100 MT), Jordan (100 MT), and Guam (100 MT). 

Exports
for Own Account: 
For 2022/2023, the current exports for own account outstanding balance is 100 MT, all Canada.

Soybeans: 
Net sales reductions of 66,700 MT for 2021/2022 primarily for Germany (152,400 MT, including 141,000 MT switched from unknown destinations and decreases of 1,500 MT), the Netherlands (151,300 MT, including 138,000 MT switched from unknown destinations), Japan
(87,100 MT, including 96,000 MT switched from unknown destinations, decreases of 11,200 MT, and 8,400 MT – late), Pakistan (66,300 MT, including 66,000 MT switched from unknown destinations), and Indonesia (61,400 MT, including 55,000 MT switched from unknown
destinations and decreases of 200 MT), were offset by reductions primarily for unknown destinations (569,200 MT), and China (66,400 MT). 
Net sales of 477,200 MT for 2022/2023 were primarily for China (195,000 MT), unknown destinations (184,200 MT), Japan (40,000 MT), Mexico (38,600 MT), and Colombia (12,500 MT).  Exports of 894,500
MT were up 70 percent from the previous week and 92 percent from the prior 4-week average.  The destinations were primarily to China (247,500 MT), Germany (152,400 MT), the Netherlands (151,300 MT), Japan (101,800 MT, including 8,400 MT – late), and Pakistan
(66,300 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 and exports totaling 8,400 MT of soybeans were reported late for Japan.

Soybean
Cake and Meal: 
Net sales of 90,900 MT for 2021/2022 were down 51 percent from the previous week, but up 9 percent from the prior 4-week average.  Increases primarily Mexico (35,600 MT, including decreases of 2,700 MT), Colombia (31,400 MT, including 21,000 MT switched from
unknown destinations), Canada (12,300 MT, including decreases of 900 MT), the Dominican Republic (9,000 MT), and Trinidad and Tobago (6,900 MT, including 700 MT switched from Jamaica), were offset by reductions primarily for unknown destinations (18,000 MT),
Nicaragua (6,000 MT), and Belgium (2,700 MT).  Net sales of 311,200 MT for 2022/2023 primarily for Poland (135,000 MT), the Philippines (90,000 MT), Colombia (35,600 MT), Morocco (24,000 MT), and Mexico (21,100 MT), were offset by reductions primarily for
Trinidad and Tobago (5,900 MT) and Jamaica (5,900 MT).  Exports of 203,100 MT were down 17 percent from the previous week, but up 10 percent from the prior 4-week average.  The destinations were primarily to the Philippines (48,900 MT), Colombia (34,300 MT),
Ecuador (31,400 MT), Mexico (21,600 MT), and Canada (19,400 MT).

Soybean
Oil: 
Net sales of 600 MT for 2021/2022 were down 51 percent from the previous week and 66 percent from the prior 4-week average.  The destination was Canada.  Exports of 13,700 MT were up noticeably from the previous week and up 88 percent from the prior 4-week
average.  The destinations were to Guatemala (5,600 MT), Venezuela (4,000 MT), Jamaica (3,500 MT), and Canada (600 MT).

Cotton: 
Net sales for 2022/2023, which began August 1, totaled 102,400 RB.  Increases primarily for Vietnam (36,200 RB, including 2,200 RB switched from China and 1,400 RB switched from Japan), Honduras (24,300 RB), India (16,500 RB), China (9,100 RB), and Pakistan
(6,400 RB, including decreases of 500 RB), were offset by reductions for Japan (1,800 RB) and El Salvador (400 RB).  For 2023/2024, net sales of 38,400 MT were reported for Honduras (26,300 RB), Pakistan (11,000 RB), and Mexico (1,100 RB).  A total of 2,387,800
RB in sales were carried over from the 2021/2022 marketing year, which ended July 31.  Exports for the period ending July 31 of 114,200 RB brought accumulated exports to 13,179,100 RB, down 11 percent from the prior years’ total of 14,882,100 RB.  The destinations
were primarily Turkey (20,600 RB), Pakistan (19,400 RB), China (19,100 RB), Vietnam (11,100 RB), and Bangladesh (9,100 RB).  Exports for August 1-4 totaled 181,300 RB, with China (53,800 RB), Vietnam (37,300 RB), Turkey (23,900 RB), Mexico (13,600 RB), and
Bangladesh (13,500 RB) being the primary destinations.  Net sales of Pima for 2022/2023 totaled 100 RB.  Increases were reported for Japan.  For 2022/2023, net sales of 30,500 RB were primarily for India (12,500 RB), Thailand (4,000 RB), China (3,900 RB),
Pakistan (2,200 RB), and Turkey (2,100 RB).  A total of 30,400 RB in sales were carried over from the 2021/2022 marketing year, which ended July 31.  Exports for the period ending July 31 of 500 RB brought accumulated exports to 448,300 RB, down 41 percent
from the prior years’ total of 754,900 RB.  The destinations were Thailand (400 RB) and Honduras (100 RB).  Exports for August 1-4 totaled 4,700 RB, with China (2,000 RB), Pakistan (1,700 RB), and India (1,000 RB) being the primary destinations.     

Exports
for Own Account: 
For 2022/2023, exports for own account totaling 10,500 RB were carried over from the 2020/2021 marketing year, which ended July 31.  The current outstanding balance of 72,600 RB, including carryover, is for China (36,200 RB), Vietnam (22,200 RB), Turkey (10,600
RB), Indonesia (1,800 RB), India (1,500 RB), and Pakistan (300 RB).

Hides
and Skins: 
Net sales of 350,600 pieces for 2022 were up 2 percent from the previous week, but down 5 percent from the prior 4-week average.  Increases primarily for China (270,200 whole cattle hides, including decreases of 18,400 pieces), Mexico (26,200 whole cattle
hides, including decreases of 1,300 pieces), Brazil (25,300 whole cattle hides, including decreases of 2,600 pieces), South Korea (15,800 whole cattle hides, including decreases of 400 pieces), and Thailand (12,000 whole cattle hides, including decreases of
300 pieces), were offset by reductions for Taiwan (300 pieces).  Exports of 405,000 pieces were down 8 percent from the previous week, but up 2 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (265,000 pieces), Mexico
(39,500 pieces), South Korea (39,100 pieces), Thailand (27,800 pieces), and Indonesia (18,400 pieces).  In addition, total exports of 1,300 kip skins were to China.

Net
sales of 123,700 wet blues for 2022 were up 28 percent from the previous week and from the prior 4-week average.  Increases primarily for Thailand (42,700 unsplit), China (33,000 unsplit), Vietnam (30,200 unsplit, including decreases of 100 unsplit), Taiwan
(9,600 unsplit), and Mexico (4,200 unsplit), were offset by reductions for Portugal (100 grain splits) and Italy (100 unsplit).  Exports of 145,500 wet blues were down 13 percent from the previous week, but up 2 percent from the prior 4-week average.  The
destinations were primarily to China (53,600 unsplit), Vietnam (38,700 unsplit), Italy (31,600 unsplit and 2,200 grain splits), Thailand (9,200 unsplit), and Hong Kong (5,000 unsplit).  Net sales of 113,500 splits were down 86 percent  from the previous week
and 70 percent from the prior 4-week average.  Increases reported for Taiwan (80,000 pounds) and Vietnam (34,500 pounds), were offset by reductions for China (1,000 pounds).  Exports of 540,300 pounds were down 40 percent from the previous week, but up 30
percent from the prior 4-week average. The destinations were to Vietnam (457,300 pounds) and China (83,000 pounds).

Beef: 
Net sales of 14,600 MT for 2022 were up 22 percent from the previous week, but down 17 percent from the prior 4-week average.  Increases primarily for Japan (3,900 MT, including decreases of 400 MT), South Korea (3,100 MT, including decreases of 400 MT), Taiwan
(2,000 MT, including decreases of 100 MT), China (1,800 MT, including decreases of 100 MT), and Mexico (1,500 MT), were offset by reductions for Switzerland (400 MT), Indonesia (100 MT), and Bahrain (100 MT).  Total net sales of 200 MT for 2023 were for Japan. 
Exports of 20,800 MT were up 13 percent from the previous week and 11 percent from the prior 4-week average.  The destinations were primarily to Japan (6,100 MT), South Korea (5,100 MT), China (4,400 MT), Mexico (1,300 MT), and Taiwan (1,200 MT). 

Pork: 
Net sales of 21,500 MT for 2022 were down 31 percent from the previous week and 6 percent from the prior 4-week average.  Increases primarily for Mexico (10,200 MT, including decreases of 500 MT), Japan (3,800 MT, including decreases of 300 MT), China (3,500
MT, including decreases of 200 MT), the Dominican Republic (1,400 MT), and Colombia (800 MT), were offset by reductions for South Korea (100 MT).  Exports of 27,200 MT were up 4 percent from the previous week and 6 percent from the prior 4-week average.  The
destinations were primarily to Mexico (11,900 MT), China (4,800 MT), Japan (4,800 MT), Canada (1,700 MT), and South Korea (1,600 MT).

 

U.S. EXPORT SALES FOR WEEK ENDING  8/4/2022

 

	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
WHEAT	THOUSAND METRIC TONS
HRW	194.1	1,517.9	1,625.1	272.4	1,069.7	1,403.4	0.0	0.0
SRW	-8.5	904.8	1,003.8	162.8	659.2	549.4	0.0	30.0
HRS	128.1	1,507.3	1,442.9	122.5	921.3	1,057.8	0.0	0.0
WHITE	45.5	1,458.3	881.4	57.5	440.1	690.9	0.0	0.0
DURUM	0.0	109.4	8.4	0.0	18.0	42.2	0.0	0.0
TOTAL	359.2	5,497.7	4,961.6	615.3	3,108.2	3,743.7	0.0	30.0
BARLEY	0.0	11.7	22.7	1.0	3.8	2.3	0.0	0.0
CORN	191.8	3,732.3	5,518.2	705.4	57,118.0	64,582.9	191.3	8,048.3
SORGHUM	-1.4	148.8	527.5	57.2	6,816.1	6,662.1	68.0	203.0
SOYBEANS	-66.7	4,670.4	2,571.7	894.5	54,790.9	59,445.4	477.2	15,742.9
SOY MEAL	90.9	1,536.5	1,726.7	203.1	10,151.7	10,201.8	311.2	1,130.4
SOY OIL	0.6	47.0	17.4	13.7	646.7	665.5	0.0	0.6
RICE
L G RGH	-0.8	70.6	203.8	0.0	0.0	0.0	0.0	0.0
M S RGH	7.0	16.6	9.2	0.0	0.0	0.0	0.0	0.0
L G BRN	3.6	6.0	11.9	0.0	0.0	0.3	0.0	0.0
M&S BR	0.1	6.9	0.2	0.1	0.1	0.0	0.0	0.0
L G MLD	15.6	127.0	215.4	0.4	0.4	1.5	0.0	0.0
M S MLD	1.3	79.3	77.4	1.2	1.2	2.8	0.0	0.0
TOTAL	26.8	306.3	517.8	1.7	1.7	4.6	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	102.4	7,136.9	4,785.8	181.3	181.3	190.6	38.4	710.3
PIMA	0.1	94.6	106.0	4.7	4.7	7.7	0.0	0.0

 

FINAL 2021/22 MARKETING YEAR
COMMODITY	NET SALES	CARRYOVER SALES 1/	07/31/2022 EXPORTS	ACCUMULATED EXPORTS
PIMA	-1.0	30.4	0.5	448.3
COTTON
UPLAND	-21.5	2,387.8	114.2	13,179.1
RICE
L G RGH	28.6	47.5	30.0	1,322.4
M S RGH	0.0	9.6	0.3	18.6
L G BRN	0.0	2.4	0.4	53.2
M&S BR	0.0	6.9	0.8	80.8
L G MLD	0.5	71.6	2.8	812.0
M S MLD	0.4	78.7	0.6	462.2
TOTAL	29.6	216.7	34.9	2,749.2