FI Morning Grain Comments 08/18/22

PDF attached

 

Good
morning.

 

Grains
are lower from a pickup in Ukraine grain shipments, improving US & EU weather, and expectations for US yields to improve for summer crops. Soybeans are mostly lower but losses are limited from higher soybean meal. Soybean oil is lower following a decline in
palm oil despite higher WTI crude. The USD is higher and equities near flat to higher. USDA export sales were ok. New-crop soybeans were above expectations and wheat fell short. China buying of corn and soybeans increased.

 

Rain
fell across the upper Great Plains, southeast CO, and parts of OK and TX, near expectations. MN and WI also saw rain. MN, OK, TX will see rain through Friday. The Midwest west-central areas will see rain today Saturday before moving into the east-central areas
Sunday. Argentina will remain dry through the balance of the week before improvement next week. The EU will see additional rains across the dry areas this week.
China’s Yangtze Valley will continue to see unwanted net drying.

 

 

 

 

Weather

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR AUGUST 18, 2022

• Not
  many changes overnight around the world
• Brazil
  will see one more day of rain in the south today into early Friday and then see a week to ten days of drier biased conditions and that will be welcome and beneficial after a little too much rain recently
• The
  ECMWF model has advertised more significant rain southwestern Canada’s Prairies for next week, but the event looks overdone
• Significant
  rain was advertised for mid-week next week in southern Alberta and this will likely be reduced in future model runs
• Heave
  rain is still expected in the southern U.S. Plains late Saturday through Monday with 1.00 to 3.00 inches of rain and locally much more near the Red River
  
• All
  of northern and western Texas and much of central and southern Oklahoma will be impacted
• The
  moisture will be good for future planting of wheat and improved pasture and range conditions later this autumn, but much of it will come too late for summer crop production
• A
  good mix of rain and sunshine will impact the U.S. Delta, Southeastern States and Midwest during the next two weeks
• Argentina
  will be dry biased, especially in the west, into the last days of this month
• Europe
  will see scattered showers through the weekend and then a new high-pressure ridge is expected next week to heat up the continent and dry it out once again
• The
  exception may be in a part of the Balkan Countries where scattered showers and thunderstorms will continue through next week, but mostly in the east and south
  
• Western
  Europe’s new ridge of high pressure will break down at the end of this month
• China
  will continue hot and dry in the Yangtze River Basin for at least another week while frequent rain prevails in the North China Plain and northeastern provinces
• India
  is still expecting a new monsoon low pressure center to move from Odisha to Rajasthan and Gujarat  starting Friday and continuing into early next week while southern and far northern India are dry
• Southern
  India will see greater rainfall at the end of this month
• Australia’s
  wet weather bias is expected to break down with Western Australia trending drier for a while and the precipitation in the east will become lighter and less frequent over time

Source:
World Weather INC

 

Bloomberg
Ag Calendar

Thursday,
Aug. 18:

• China’s
  second batch of July trade data, including corn, pork and wheat imports
• International
  Grains Council report
• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am

Friday,
Aug. 19:

• 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
• Brazil’s
  Conab releases sugar, cane and ethanol output data
• US
  cattle on feed, 3pm
• EARNINGS:
  Deere

Saturday,
Aug. 20: 

• China’s
  third batch of July trade data, including soy, corn and pork imports by country
• AmSpec
  to release Malaysia’s Aug. 1-20 palm oil export data

Source:
Bloomberg and FI

 

 

 

 

 

USDA
Export Sales looked good with exception of soybean oil and wheat. Brazil and South Africa bought wheat from the US.

 

New
crop soybean sales were 1.303 million tons, well up from 477,200 tons previous week and reflects some of the 24-hour sales announcements reported during the week ending Aug 11. 2022-23 sales included China (779,000 MT), unknown destinations (273,000 MT), Mexico
(165,300 MT), and Egypt (60,000 MT). Old crop soybean sales of 96,900 tons were within expectations. Soybean meal sales were 66,600 MT for 2021-22. 2022-23 meal sales were a good 296,700 tons that included Mexico (123,000 MT), the Philippines (88,000 MT),
and Canada (53,300 MT). Shipments for meal were 193,600 tons.  Soybean oil sales were only 1,600 tons and shipments were 1,200.

 

Old
crop corn sales were only 99,300 tons but new crop were 750,000 tons. The 2022-23 sales included China (51,300 MT, including 50,000 MT switched from unknown destinations) and Mexico (10,200 MT), were offset by reductions for unknown destinations (50,000 MT). 
All wheat sales were 207,200 tons, below expectations and Included Mexico (85,300 MT, including decreases of 3,100 MT), the Philippines (64,800 MT), Brazil (28,200 MT, including 25,000 MT switched from unknown destinations), Japan (26,300 MT), and South Africa
(16,500 MT).   

 

 

 

Macros

US
Initial Jobless Claims Aug 13: 250K (est 264K; prev 262K; prevR 252K)

–
Continuing Claims Aug 6: 1.437K (est 1450K; prev 1428K; prevR 1430K)

US
Philadelphia Fed Business Outlook Aug: 6.2 (est -5; prev -12.3)

 

Canada
Producer Prices (M/M) Jul: -2.1% (prev -1.1%; prevR -0.8%)

–
Producer Prices (Y/Y) Jul: 11.9% (prev 14.3%)

–
Raw Mat Prices (M/M) Jul: -7.4% (prev -0.1%)

–
Raw Mat Prices (Y/Y) Jul: 19.1% (prev 32.4%)

 

Corn

·        
Corn futures are lower from an increase in Ukraine port grain shipments, favorable US & EU weather and sharply lower US wheat futures. Not all of the US Midwest will see rain over the next 7-10 days but many areas of the WCB,
where crop conditions have been struggling, will see rain over the next week, with exception of much of NE and part of southern SD.

·        
IGC cut their world corn crop by 10 million tons to 1.179 billion.

·        
The 25th ship left Ukraine today. About 622,000 tons oof agriculture products have been shipped since the safe passage agreement.

·        
China’s Sinograin and COFCO have formed a joint venture, called China Enterprise United Grain Reserve Co., to operate the country’s grain reserves, with 51% controlled by Sinograin. Goal is to improve food security.

·        
USD as higher by 10 points as of 8:00 am CT and WTI crude oil up more than $1.80.

·        
The USDA Broiler Hatchery Report showed eggs set in the US up 3 percent and chicks placed up 2 percent. Cumulative placements from the week ending January 8, 2022, through August 13, 2022, for the United States were 6.01 billion.
Cumulative placements were up slightly from the same period a year earlier.

·        
The Buenos Aires Grains exchange estimated Argentina’s 2022-23 corn planting area will decline 2.6% to 7.5 million hectares from this year to 7.5 million hectares. Lower profitability was noted.

·        
Consultancy MB Agro estimated 2022 Brazil fertilizer consumption at 43 million tons, down from 45.85 million for 2021. They did note the failure of the 2021-22 soybean crop may have left some nutrients in the soil.

·        
EIA weekly ethanol production decreased 39,000 barrels to 983,000 for the week ending 8/12, lowest level since May 13, and stocks increased 190,000 barrels to 23.446 million barrels, highest in a month

 

Export
developments.

·        
None reported

 

Soybeans

·        
Soybeans
are higher led by strength in meal but gains are limited from improving US weather. Soybean oil is lower on weaker palm oil despite higher WTI crude oil. We lowered our US use for cottonseed for 2022-23, resulting in about 9% decline in cotton meal from 2021-22,
and raised SBM by 200,000 short tons.

·        
Russia does not plan to extend their sunflower seed export ban at the end of August. The ban has been in place since April 1. Russia does plan to leave its 50% export tax for sunflower seeds in place until the end of August 2023.

·        
Malaysia November palm oil was 150MYR lower at 4043/ton, and cash was down $30.00 at $997.50/ton.

·        
China soybean futures were up 0.6 percent, meal 0.5% higher, soybean oil down 0.7%, and palm 1.2% lower.

·        
Rotterdam vegetable oils were
down about 10 euros earlier, and meal up 1-7 euros for the positions we follow, from this time yesterday morning.

·        
Offshore values were leading SBO 23 points lower earlier this morning and meal $2.30 short ton lower.

 

USDA
Attaché: Brail Oilseeds and Products Update

https://apps.fas.usda.gov/newgainapi/api/Report/DownloadReportByFileName?fileName=Oilseeds%20and%20Products%20Update_Brasilia_Brazil_BR2022-0046.pdf

 

Export
Developments

·        
Tunisia seeks 6,000 tons of crude degummed vegetable oil on Wednesday for August 27 to September 10 shipment.

 

Wheat

·        
US wheat
futures are lower from lack of bullish news, poor USDA export sales, higher USD, and less threatening weather for late developing Northern Hemisphere spring wheat crops.

·        
Ukraine is preparing to ramp up wheat shipments during September.

·        
Paris September wheat was down 11.50 euros as of 7:45 am CT.

·        
IGC raised their world wheat crop by 8 million tons to 778 million tons.

 

Export
Developments.

·        
Taiwan Flour Millers’ Association seeks 34,025 tons of grade 1 milling wheat from the United States on August 25 for shipment out of the PNW between October 12 and October 26.

·        
Yesterday SK’s NOFI bought two cargoes of feed wheat, optional origin, at $364.61 and $377.00 per ton, for arrival on December 1 and LF January.

·        
Bangladesh seeks 50,000 tons of milling wheat on September 1, optional origin, for shipment within 40 days of contract signing.

·        
Results awaited: Iraq’s state grains buyer seeks 50,000 tons of milling wheat from the United States.

·        
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

·        
Results awaited: Iraq’s state grains buyer seeks 50,000 tons of rice.

 

 

USDA Export Sales looked good with exception of soybean oil and wheat. Brazil and South Africa bought wheat from the US.

 

New crop soybean sales were 1.303 million tons, well up from 477,200 tons previous week and reflects some of the 24-hour sales announcements reported during the week ending Aug 11. 2022-23 sales
included China (779,000 MT), unknown destinations (273,000 MT), Mexico (165,300 MT), and Egypt (60,000 MT). Old crop soybean sales of 96,900 tons were within expectations. Soybean meal sales were 66,600 MT for 2021-22. 2022-23 meal sales were a good 296,700
tons that included Mexico (123,000 MT), the Philippines (88,000 MT), and Canada (53,300 MT). Shipments for meal were 193,600 tons.  Soybean oil sales were only 1,600 tons and shipments were 1,200.

 

Old crop corn sales were only 99,300 tons but new crop were 750,000 tons. The 2022-23 sales included China (51,300 MT, including 50,000 MT switched from unknown destinations) and Mexico (10,200 MT),
were offset by reductions for unknown destinations (50,000 MT).  All wheat sales were 207,200 tons, below expectations and Included Mexico (85,300 MT, including decreases of 3,100 MT), the Philippines (64,800 MT), Brazil (28,200 MT, including 25,000 MT switched
from unknown destinations), Japan (26,300 MT), and South Africa (16,500 MT).   

 

 

 

Export Sales Highlights

This
summary is based on reports from exporters for the period August 5-11, 2022.

Wheat:
Net sales of 207,200 metric tons (MT) for 2022/2023–a marketing-year low–were down 42 percent from the previous week and 46 percent from the prior 4-week average.  Increases primarily for Mexico (85,300 MT, including decreases of 3,100 MT), the Philippines
(64,800 MT), Brazil (28,200 MT, including 25,000 MT switched from unknown destinations), Japan (26,300 MT), and South Africa (16,500 MT), were offset by reductions primarily for unknown destinations (30,000 MT) and Portugal (18,000 MT).  Exports of 349,600
MT were down 43 percent from the previous week, but up 1 percent from the prior 4-week average.  The destinations were primarily to the Philippines (87,800 MT), Mexico (64,700 MT), Brazil (55,700 MT), Japan (36,200 MT), and Portugal (22,000 MT). 

Corn: 
Net sales of 99,300 MT for 2021/2022 were down 48 percent from the previous week and 8 percent from the prior 4-week average.  Increases primarily for China (71,500 MT), Colombia (13,600 MT), Honduras (11,400 MT, including 7,500 MT switched from Nicaragua,
6,000 MT switched from El Salvador, and decreases of 6,900 MT), Mexico (7,000 MT, including decreases of 26,000 MT), and Costa Rica (5,000 MT), were offset by reductions primarily for Nicaragua (7,500 MT), El Salvador (6,000 MT), and Trinidad and Tobago (1,900
MT).  Net sales of 750,000 MT for 2022/2023 were primarily for unknown destinations (286,000 MT), Mexico (216,400 MT), China (136,500 MT), Guatemala (30,400 MT), and Colombia (24,000 MT).  Exports of 623,000 were down 12 percent from the previous week and
33 percent from the prior 4-week average.  The destinations were primarily to China (273,500 MT), Mexico (271,300 MT), Trinidad and Tobago (25,100 MT, including 200 MT – Late), Panama (24,200 MT), and Honduras (14,700 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 3,000 MT were reported for Italy. 
The current outstanding balance of 51,200 MT is for Italy.

Late
Reporting:
For 2021/2022, exports totaling 200 MT of corn were reported late for Trinidad and Tobago.

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

Sorghum: 
Net sales of 11,500 MT for 2021/2022 reported for China (51,300 MT, including 50,000 MT switched from unknown destinations) and Mexico (10,200 MT), were offset by reductions for unknown destinations (50,000 MT). 
Total net sales of 200 MT for 2022/2023 were for Japan.  Exports of 63,600 MT were up 11 percent from the previous week, but down 19 percent from the prior 4-week average.  The destinations were to China (54,000 MT) and Mexico (9,600 MT).

Rice:
 Net
sales of 6,500 MT for 2022/2023 primarily for Canada (3,900 MT), Mexico (1,600 MT), Belgium (500 MT), Saudi Arabia (200 MT), and Liberia (200 MT), were offset by reductions for Guatemala (200 MT).  Exports of 17,200 MT were primarily to Guatemala (8,600 MT),
Canada (3,200 MT), El Salvador (2,100 MT), Mexico (1,800 MT), and Belgium (500 MT).   

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

Soybeans: 
Net sales of 96,900 MT for 2021/2022 primarily for China (80,800 MT, including 70,000 MT switched from unknown destinations and decreases of 200 MT), the Netherlands (66,100 MT, including 66,000 MT switched from unknown destinations), South Korea (59,600 MT,
including 62,000 MT switched from unknown destinations and decreases of 2,400 MT), Spain (58,300 MT, including 55,000 MT switched from unknown destinations), and Colombia (16,700 MT, including 12,000 MT switched from unknown destinations and decreases of 300
MT), were offset by reductions for unknown destinations (133,000 MT), Egypt (62,000 MT), and Mexico (9,900 MT).  Net sales of 1,302,800 MT for 2022/2023 were primarily for China (779,000 MT), unknown destinations (273,000 MT), Mexico (165,300 MT), Egypt (60,000
MT), and Indonesia (14,500 MT), were offset by reductions for Japan (100 MT).  Exports of 691,100 MT were down 23 percent from the previous week, but up 19 percent from the prior 4-week average.  The destinations were primarily to China (285,000 MT), Mexico
(126,200 MT), the Netherlands (66,100 MT), South Korea (60,700 MT), and Spain (58,300 MT). 

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

Soybean
Cake and Meal: 
Net sales of 66,600 MT for 2021/2022 were down 27 percent from the previous week and 36 percent from the prior 4-week average.  Increases primarily for Mexico (29,600 MT, including decreases of 2,000 MT), Canada (19,600 MT), Morocco (16,000 MT), Guatemala
(10,600 MT, including decreases of 400 MT), and Colombia (3,900 MT, including decreases of 4,000 MT), were offset by reductions primarily for Vietnam (8,300 MT), El Salvador (5,600 MT), Costa Rica (4,500 MT), and Honduras (3,400 MT).  Net sales of 296,700
MT for 2022/2023 were primarily for Mexico (123,000 MT), the Philippines (88,000 MT), Canada (53,300 MT), Colombia (8,300 MT), and El Salvador (8,000 MT).  Exports of 193,600 MT were down 5 percent from the previous week and 2 percent from the prior 4-week
average.  The destinations were primarily to Colombia (48,700 MT), Mexico (39,100 MT), Ecuador (38,000 MT), Morocco (30,000 MT), and Canada (20,700 MT). 

Soybean
Oil: 
Net sales of 1,600 MT for 2021/2022 were up noticeably from the previous week, but down 12 percent from the prior 4-week average.  Increases reported for Guatemala (3,500 MT), were offset by reductions for Canada (1,900 MT).  Exports of 1,200 MT were down
92 percent from the previous week and 82 percent from the prior 4-week average.  The destinations were primarily to Mexico (700 MT) and Canada (400 MT).

Cotton: 
Net
sales of 49,500 RB for 2022/2023 primarily for China (30,000 RB, including decreases of 5,500 RB), Turkey (14,600 RB, including decreases of 100 RB), Honduras (10,900 RB), Nicaragua (8,000 RB switched from Vietnam), and Indonesia (7,400 RB, including decreases
of 400 RB), were offset by reductions primarily for Vietnam (32,100 RB), Pakistan (3,700 RB), and India (2,900 RB).  Net sales of 10,600 RB for 2023/2024 were reported for Bangladesh (5,500 RB) and Mexico (5,100 RB).  Exports of 267,400 RB were primarily to
China (67,000 RB), Turkey (46,600 RB), Vietnam (30,400 RB), Bangladesh (20,900 RB), and India (20,800 RB).  Net sales of Pima totaling 300 RB were reported for Turkey (200 RB) and Japan (100 RB).  Exports of 1,700 RB were primarily to Indonesia (900 RB), India
(500 RB), and South Korea (300 RB). 

Optional
Origin Sales:
For 2022/2023, new optional origin sales of 500 RB were reported for Pakistan.  The current outstanding balance of 11,100 RB is for Malaysia (9,300 RB) and Pakistan (1,800 RB).

Export
for Own Account: 
For 2022/2023, new exports for own account totaling 1,300 RB were reported for Vietnam.  Exports for own account totaling 3,600 RB primarily to China (2,200 RB) were applied to new or outstanding sales.  The current exports for own account outstanding balance
of 70,300 RB is for China (34,000 RB), Vietnam (23,500 RB), Turkey (10,600 RB), India (1,500 RB), Indonesia (400 RB), and Pakistan (300 RB). 

Hides
and Skins: 
Net sales of 455,500 pieces for 2022 were up 30 percent from the previous week and 18 percent from the prior 4-week average.  Increases primarily for China (281,800 whole cattle hides, including decreases of 10,700 pieces), Thailand (107,000 whole cattle hides,
including 34,200 pieces switched from Taiwan and decreases of 900 pieces), Indonesia (21,700 whole cattle hides), South Korea (18,300 whole cattle hides, including decreases of 600 pieces), and Mexico (17,500 whole cattle hides, including decreases of 9,600
pieces), were offset by reductions primarily for Taiwan (30,100 pieces).  In addition, total net sales of 7,200-kip skins were for Belgium.  Exports of 526,200 pieces were up 30 percent from the previous week and 23 percent from the prior 4-week average. 
Whole cattle hides exports were primarily to China (329,900 pieces), South Korea (82,600 pieces), Thailand (38,900 pieces), Mexico (34,600 pieces), and Indonesia (6,900 pieces).  Total exports of 14,900 calf skins were to Italy.  In addition, total exports
of 1,400-kip skins were to Italy.

Net
sales of 93,300 wet blues for 2022 were down 25 percent from the previous week, but up 2 percent from the prior 4-week average.  Increases reported for Italy (54,500 unsplit, including decreases of 200 unsplit), Vietnam (15,600 unsplit), China (11,600 unsplit),
Thailand (7,700 unsplit, including decreases of 800 unsplit), and Mexico (4,200 unsplit), were offset by reductions for Portugal (300 grain splits).  Exports of 103,000 wet blues were down 29 percent from the previous week and 36 percent from the prior 4-week
average.  The destinations were primarily to Italy (34,400 unsplit and 4,400 grain splits), Thailand (18,700 unsplit), Vietnam (17,200 unsplit), China (14,500 unsplit), and Brazil (5,200 unsplit).  Net sales of 160,000 splits were up 41 percent from the previous
week, but down 60 percent from the prior 4-week average.  Increases were reported for Taiwan (85,000 pounds), South Korea (64,000 pounds), Vietnam (10,500 pounds), and China (900 pounds).  Exports of 499,300 pounds were down 8 percent from the previous week,
but up 6 percent from the prior 4-week average. The destinations were to South Korea (164,400 pounds), China (129,900 pounds), Vietnam (120,000 pounds), and Taiwan (84,900 pounds).

Beef: 
Net sales of 18,900 MT for 2022 were up 29 percent from the previous week and unchanged from the prior 4-week average.  Increases primarily for China (7,400 MT, including decreases of 100 MT), Japan (5,300 MT, including decreases of 200 MT), South Korea (1,900
MT, including decreases of 400 MT), Mexico (1,300 MT, including decreases of 200 MT), and Indonesia (900 MT), were offset by reductions for Chile (100 MT).  Total net sales of 100 MT for 2023 were for Japan.  Exports of 19,000 MT were down 9 percent from the
previous week and 4 percent from the prior 4-week average.  The destinations were primarily to South Korea (5,600 MT), Japan (4,700 MT), China (3,800 MT), Taiwan (1,100 MT), and Mexico (1,100 MT). 

Pork: 
Net sales of 13,600 MT for 2022 were down 37 percent from the previous week and 43 percent from the prior 4-week average.  Increases primarily for Mexico (7,100 MT, including decreases of 300 MT), Japan (2,600 MT, including decreases of 300 MT), South Korea
(900 MT, including decreases of 600 MT), Colombia (700 MT, including decreases of 300 MT), and Canada (600 MT, including decreases of 400 MT), were offset by reductions for Honduras (200 MT), Guatemala (100 MT), and Indonesia (100 MT).  Exports of 25,600 MT
were down 6 percent from the previous week and 4 percent from the prior 4-week average.  The destinations were primarily to Mexico (11,600 MT), China (5,000 MT), Japan (3,400 MT), South Korea (1,700 MT), and Canada (1,500 MT).

 

U.S. EXPORT SALES FOR WEEK ENDING  8/11/2022

	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	46.4	1,471.3	1,630.7	93.1	1,162.8	1,530.5	0.0	0.0
SRW	46.8	865.7	889.4	85.9	745.1	705.8	0.0	30.0
HRS	71.7	1,489.2	1,271.0	89.7	1,011.0	1,291.0	0.0	0.0
WHITE	42.3	1,419.6	877.0	80.9	521.0	766.0	0.0	0.0
DURUM	0.0	109.4	8.4	0.0	18.0	42.2	0.0	0.0
TOTAL	207.2	5,355.2	4,676.5	349.6	3,457.9	4,335.5	0.0	30.0
BARLEY	0.0	11.7	22.0	0.0	3.8	2.9	0.0	0.0
CORN	99.3	3,208.6	4,905.6	623.0	57,740.9	65,412.0	750.0	8,798.3
SORGHUM	11.5	96.7	368.9	63.6	6,879.7	6,712.6	0.2	203.2
SOYBEANS	96.9	4,076.2	2,381.4	691.1	55,482.0	59,703.3	1,302.8	17,045.8
SOY MEAL	66.6	1,409.5	1,585.4	193.6	10,345.3	10,415.1	296.7	1,427.1
SOY OIL	1.6	47.4	17.5	1.2	647.9	666.0	0.0	0.6
RICE
L G RGH	-0.2	59.8	222.3	10.6	10.6	36.1	0.0	0.0
M S RGH	0.0	16.6	9.0	0.0	0.0	0.2	0.0	0.0
L G BRN	0.1	5.8	2.2	0.2	0.3	10.5	0.0	0.0
M&S BR	0.2	6.9	0.1	0.2	0.3	0.2	0.0	0.0
L G MLD	2.3	127.0	176.2	2.3	2.7	26.9	0.0	0.0
M S MLD	4.1	79.7	59.2	3.7	4.9	22.9	0.0	0.0
TOTAL	6.5	295.7	469.0	17.2	18.9	96.7	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	49.5	6,919.1	4,807.1	267.4	448.6	411.7	10.6	720.9
PIMA	0.3	93.1	112.9	1.7	6.5	11.4	0.0	0.0