FI Morning Grain Comments 11/25/22

PDF attached

 

Good
morning.

 

Calls
post USDA export sales report:

Soybeans
2-5 cents higher

Meal
$1.50-$3.00 higher

Oil
Steady to 30 points higher

Corn
1-3 cents higher

Wheat
4-7 cents higher

 

The
CBOT closes early today. A higher trade in WTI crude oil may support the agriculture market open this morning. The USD was higher earlier and US equities mixed. Malaysia palm oil rallied overnight and China futures over a 2-day period for the soybean complex
were up between 1.2 and 2.1%. Weather outlooks calling for net drying for northern Argentina and part of the US Great Plains are still bullish. Argentina soybean and corn plantings are running well below this time last year. Global wheat exports remain strong
with Algeria, Iraq and Egypt picking up wheat. Ukraine has not seen a large pickup in grain exports since the grain deal was renewed. Paris December and March wheat rallied this morning after trading lower Thursday. CBOT December options expire today. USDA
export sales were good for meal and all-wheat, low end for corn and soybeans. SBO sales were poor. Some bearish points to note. Brazil corn shipments are expected to close out 2022 at a strong pace with China interest. Rain improves for Brazil over the next
week. Brazil 2023 soybean exports are projected at a record 90MMT. China’s crush is running below month ago levels and well below year ago. India wheat and oilseed planting progress is ahead of this time last year. Avian bird flu so far this year wiped out
a record amount of US birds. Paris rapeseed futures hit a 2-month low on Thursday before recovering a touch. Argentina could announce its “soybean dollar” plan on Monday.

 

Week
to date price changes

 

Weather

Northern
Argentina and central & northern US Great Plains will see limited precipitation over the next week. Southern Argentina will see rain across La Pampa and BA Saturday through Tuesday. Brazil will see favorable rain across Mato Grosso, Goias, Bahia, Minas Gerais,
and eastern Parana through Tuesday. The southeastern areas of the US Midwest will see rain Saturday and central & eastern areas Sunday. Central TX, parts of KS & OK will get rain today. NW may see a wintery mix this Tuesday.

 

 

 

World
Weather, INC.

WORLD
WEATHER HIGHLIGHTS FOR NOVEMBER 25, 2022

• Argentina
  heated up over the past two days with extreme highs in the 90s to over 100 degrees Fahrenheit except in La Pampa and Buenos Aires where 80s and lower 90s occurred
• Extreme
  highs reached 104 in Cordoba and Santiago del Estero
• Argentina
  will see minimal rainfall through Monday with showers mostly in the southwest
• Argentina
  will get scattered showers and thunderstorms Tuesday into Thursday, but the resulting rainfall is still advertised to occur poorly in the north, central and east-central parts of the nation
• Rainfall
  will be greatest from Buenos Aires to southern Cordoba where some 0.50 to 1.50-inch amounts are expected and locally more in southern and central Buenos Aires
• Other
  areas will get less than 0.65 inch
• Very
  little rain will fall in Argentina during the latter part of next week through the following weekend, although a few showers will pop from time to time mostly in the north and southwest parts of the nation
• Another
  round of rain will develop in southwestern Argentina Dec. 5, but it may fall apart as it moves northeast similar to previous rain events
• Better
  rain is possible in northern Argentina Dec. 10-12, but confidence is low
• Center
  west and southern Brazil will be quite dry during the coming five days (through Wednesday) and showers that occur in those areas late next week and into the following weekend will be scattered with light rainfall of 0.05 to 0.60 inch resulting each day
• Brazil’s
  center west and southern crop areas from Rio Grande do Sul to southern Mato Grosso will see improved rainfall during the Dec. 4-10 period
• Relief
  from dryness is most likely during this period of time, although a general soaking is may still not occur in some areas
• Brazil’s
  northern grain, oilseed and cotton areas from eastern Mato Grosso through Tocantins, and northern Goias to Maranhao, Piaui, Bahia and Minas Gerais central through northern Minas Gerais will be plenty wet during the next two weeks with some potential for flooding
  in the northeastern crop areas eventually
• Sao
  Paulo will start getting some rain during the middle to latter part of next week with some of that getting into Parana crop areas during the second half of next week into the following weekend
• The
  driest areas in Brazil will eventually be Mato Grosso do Sul, southern Mato Grosso, southern Goias, western Sao Paulo and Rio Grande do Sul along with Paraguay during the next seven days
• U.S.
  weather has not changed much with a storm in the southern Plains moving through the southwestern Corn Belt and Delta into the lower eastern Midwest and a part of the southeastern states today through the weekend
• Some
  snow will fall in the western parts of West Texas
• Rainfall
  of 0.50 to 1.50 inches and locally more will result
• West-central
  U.S. Plains and its hard red winter wheat production area will remain dry biased during much of the next two weeks, although a little moisture may occur briefly during mid-week next week
• Another
  storm will evolve in the U.S. Delta and move through the lower Midwest and southeastern states during mid- to late-week next week
  
• A
  third system may move through the lower U.S. Midwest in the Dec. 3-5 period, although confidence is low
• Cooling
  is likely in western Europe and northeastern Europe in this first week of the outlook with some of the colder weather to shift into a larger part of Europe during the second week of the forecast
• Bitter
  cold in eastern Russia will slip into eastern China next week
• Waves
  of rain and some snow and freezing rain will occur next week in east-central China
• Soil
  moisture is rated well for winter crops in eastern China
• India
  weather will remain wet in the far south and mostly dry elsewhere which should be mostly favorable for crops nationwide
• Eastern
  and Queensland, Australia will begin receiving rain frequently next week supporting sugarcane and cotton development
• Other
  crop areas in Australia are expecting to see relatively normal weather favoring a drying trend for winter crop areas
• South
  Africa weather will be well mixed for spring and summer crops during the next two weeks
• Europe
  and western Russia precipitation will be periodic during the next two weeks favoring most crop needs.
  

Source:
World Weather INC

 

Bloomberg
Ag Calendar

Friday,
Nov. 25:

• ICE
  Futures Europe weekly commitments of traders report
• CFTC
  commitments of traders weekly report on positions for various US futures and options
• FranceAgriMer
  weekly update on crop conditions
• Malaysia’s
  Nov. 1-25 palm oil export data

Monday,
Nov. 28:

• USDA
  export inspections – corn, soybeans, wheat, 11am
• US
  crop harvesting for corn and cotton; winter wheat planting and condition, 4pm

Tuesday,
Nov. 29:

• Vietnam’s
  General Statistics dept releases November coffee, rice and rubber export data
• EU
  weekly grain, oilseed import and export data
• Roundtable
  on Sustainable Palm Oil (RSPO) 2022 conference, Kuala Lumpur, Nov. 29-30

Wednesday,
Nov. 30:

• EIA
  weekly US ethanol inventories, production, 10:30am
• Malaysia’s
  November palm oil exports
• US
  agricultural prices paid, received, 3pm

Thursday,
Dec. 1:

• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• Port
  of Rouen data on French grain exports
• Australia
  commodity index
• USDA
  soybean crush, DDGS production, corn for ethanol, 3pm

Friday,
Dec. 2:

• FAO
  World Food Price Index
• Canada’s
  StatCan to release wheat, canola and barley production data, 8:30am
• ICE
  Futures Europe weekly commitments of traders report
• CFTC
  commitments of traders weekly report on positions for various US futures and options
• FranceAgriMer
  weekly update on crop conditions

Source:
Bloomberg and FI

 

 

 

 

 

USDA
export sales were very good for soybean meal and improved for all-wheat. Soybeans were near the low end of a trade range and soybean oil was poor.

 

Soybean
net sales saw a large reduction for unknown destinations.  Several countries switched from unknown to their respected sales. Soybean net sales of 690,100 tons for 2022-23 included China (715,200 MT, including 330,000 MT switched from unknown destinations and
decreases of20,300 MT), the Netherlands (177,500 MT, including 176,000 MT switched from unknown destinations and decreases of 5,000 MT), Mexico (119,400 MT, including 47,500 MT switched from unknown destinations and decreases of 12,800 MT), Vietnam (73,700
MT, including 66,000 MT switched from unknown destinations), and Germany (69,700 MT), were offset by reductions primarily for unknown destinations (563,300 MT).

 

Soybean
meal net sales of 516,400 MT for 2022/2023primarily for the Philippines (99,200 MT, including decreases of 100 MT),Ecuador (90,800 MT), Mexico (61,800 MT), Colombia (52,500 MT), and Chile(45,000 MT), were offset by reductions for Belgium (500 MT). Soybean
oil net sales were a reduction of 100 tons. Exports for meal were ok at 227,100 tons and SBO only 1,000 tons.

 

Corn
sales were 1,850,300 tons with Mexico booking 1.705 million tons (already known). Sorghum sales were net reductions of 2,400 tons. All wheat sales were good at 511,800 tons, up sharply from the previous week and included 200,000 tons for Iraq.

 

 

Macros

No
major headlines

 

Corn

·        
Corn futures may
see a tow-sided trade. News is on the lighter side for corn and USDA export sales was already known with the 24-hour sale announcements. Look for wheat futures to influence corn prices today.

·        
The CBOT ag markets close early today. December options expire today.

·        
Avian bird flu resulted in the culling / deaths of 50.54 million birds in the US so far this year, largest amount of loss in history, according to USDA. This is the deadliest since 2015. 46 states have reported outbreaks. The
UK and many other parts of Europe are battling the disease.

·        
Brazil corn shipments to China this month could be at least four vessels to upwards as much as six (up to 368,000 tons). Cofco was thought be the main buyer. China shipped their first notable corn shipment to China earlier this
week.

·        
Anec told AgriCensus Brazil corn exports could reach 4 million tons throughout 2022. Anec projects total corn exports would reach 41 million mt in 2022.

·        
Brazil election protests increased the freight rates for corn across many major producing states. Truck freight rates were up 20 percent or $9.40/ton across Mato Grosso.

 

Export
developments.

·        
None reported

 

U
of I: Crop Production in Brazil Outpaces Storage Capacity

Colussi,
J., G. Schnitkey and N. Paulson. “Crop Production in Brazil Outpaces Storage Capacity.” farmdoc daily (12):178, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, November 23, 2022.

https://farmdocdaily.illinois.edu/2022/11/crop-production-in-brazil-outpaces-storage-capacity.html

 

Soybeans

·        
CBOT soybeans
could see a two-sided trade today on positioning ahead of the weekend. Many traders are still out due to the US holiday. We look for a higher open in the complex led by soybean meal after export sales for meal topped 500,000 tons.

·        
Palm oil futures in Malaysia appreciated Friday (good export data) and ended the week up 7.4%. Malaysian markets will be closed on Monday for a public holiday.

·        
DTN-   “Daily reports of new COVID cases are hitting new highs in China, but according to CNBC.com, the People’s Bank of China will ease the bank reserve requirements by 0.25% on December 5 in an effort to ease the strain on the
economy.”

·        
Argentina is expected to announce their new soybean dollar on Monday. The industry estimates it will be set at 225 pesos, up from 200 rolled out back in September. Up to 12 million tons of old crop soybeans could be theoretically
sold, but the government said that number is closer to 5 million tons. In September about 13 million tons changed hands.

·        
BA Grains Exchange reported 19 percent of the Argentina crop had been sowed, 20 points below this time year ago. Corn plantings were 24 percent, 6 points below last year. The planted area is expected to increase to 16.7 million
hectares to 16.3 million hectares last year. 

·        
Anec projected Brazil soybean exports at a record 90 million tons for 2023, up from 78 million tons projected for 2022 and record 86.6 million during 2021.

·        
Brazil’s Goias passed a 1.65% tax on agriculture products for future infrastructure developments (mainly roads we presume), despite pushback from producers and end users. The state of Goias is a big producer in Brazil. Conab last
reported Goias is expected to produce 17.4 million tons of soybeans and 13 million corn.

·        
Paris rapeseed futures hit a 2-month low on Thursday.

·        
China crushed just over 1.5 million tons of soybeans for the week ending Tuesday, November 22, according to then CNGOIC. The rate is down about 5 percent from month earlier and nearly 20 percent below year ago, according to AgriCensus.
Soybean stocks saw a build but remain well below year ago level due to the slow import pace.

·        
Cargo surveyor SGS reported month to date November 25 Malaysian palm exports at 1,192,881 tons, 46,768 tons above the same period a month ago or up 4.1%, and 143,244 tons below the same period a year ago or down 10.7%. Cargo surveyor
ITS reported Malaysian November 1-25 palm oil export rose 12.9% to 1,272,721 tons from 1,127,792 tons shipped during October 1-25. AmSpec reported a 4.7% increase to 1.199 million tons.

·        
Malaysia February palm oil futures was up 94 ringgit on Friday 4,134 and cash was up $17.50/ton to $962.50/ton.

·        
Over a two day period Malaysian palm futures gained 35 ringgit and cash was up $15.00/ton.

·        
Over a two day period, China November soybeans were up 1.2%, meal 1.9% higher, soybean oil 2.1% higher and palm oil up 2.9%.

·        
Rotterdam vegetable oils were up unchanged to 20 euros lower from this time Wednesday (2-day period) morning. SA meal was mixed lower.

·        
Offshore values this morning were leading soybean oil 29 points lower earlier this morning (116. Points lower for the week to date)and meal $2.20
higher (1.10 lower for the week).

 

Export
Developments

·        
China auctioned off 33,000 tons of soybeans from reserves from 500,000 tons offered.

 

Wheat

·        
US wheat futures are expected to see a bullish undertone with additional global import developments. Some rain relief is expected for the southern Great Plains, but the central and northern growing areas will need net drying.

·        
Paris December wheat was higher by 7.75 euros earlier at 329.00 euros a ton after trading lower Thursday. March was up 4.25 euros at 319.25.

·        
Concerns over how much grain Ukraine will be able to export going forward is on the rise after Russian missiles knocked out key Ukrainian energy infrastructures. Ukraine wheat still remains the cheapest origin worldwide. Ukraine’s
AgMin reported Ukraine produced 51 million tons of grain in 2022, down sharply from 86 million tons year ago.

·        
Some traders noted since the extension of the Black Sea grain deal, there has been no notable increase in grain exports.

·        
India wheat planting progress reached 15.3 million hectares, up just over 10 percent from 13.8 million year ago. Rapeseed plantings were 7.1 million versus 6.7 million year ago.

·        
France’s soft wheat and winter wheat crops remained 98 percent good/excellent conditions as of November 21. Both crops are about running 6 days ahead of their respected rate of development. 93% of the soft wheat crop had emerged
and 38% tillering stage.

 

Export
Developments.

·        
Algeria bought 300,000 to 350,000 tons of durum wheat for last half December and first half January arrival at around $495 per ton c&f for large bulk carriers and between $502 and $503 a ton c&f for smaller cargoes.

·        
In a private import tender, Egypt’s GASC bought two cargoes of Russian wheat and one cargo of Ukraine wheat at $361/ton for shipment in December through January.

·        
Iraq bought about 300,000 tons of Australian (200k) and Canadian wheat (100k). Prices were not provided.

·        
Turkey seeks 495,000 tons of feed barley on December 1 for Jan through Feb shipment.

·        
Pakistan is in for 500,000 tons of wheat on November 30, two days later than previous announcement.

·        
Turkey seeks 455,000 tons of milling wheat on November 29 for Dec/Jan shipment.

·        
Jordan seeks 120,000 tons of hard milling wheat on November 29 for March/April shipment.

·        
China plans to auction off 40,000 tons of wheat from reserves on November 30.

 

Rice/Other

·        
Results awaited: Turkey seeks 40,000 tons of rice on November 25 for Dec 5-Feb 15 shipment.

 

 

USDA Export Sales

 

U.S. EXPORT SALES FOR WEEK ENDING  11/17/2022

 

	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	69.2	891.8	2,028.4	96.0	2,708.5	3,611.9	0.0	6.3
SRW	2.2	524.5	602.0	0.5	1,678.0	1,455.6	0.0	6.6
HRS	351.2	1,479.7	1,280.2	24.4	2,640.6	2,556.8	0.0	10.8
WHITE	67.1	1,092.9	823.0	17.4	2,118.7	1,733.4	0.0	0.3
DURUM	22.0	83.7	52.5	0.0	77.7	96.7	0.0	0.0
TOTAL	511.8	4,072.5	4,786.1	138.4	9,223.6	9,454.4	0.0	24.0
BARLEY	-2.4	7.4	22.6	0.3	4.3	7.4	0.0	0.0
CORN	1,850.3	12,320.9	25,701.2	462.3	5,428.8	8,708.2	628.1	939.0
SORGHUM	-2.1	251.5	3,181.1	52.0	100.4	567.4	0.0	0.0
SOYBEANS	690.1	19,655.5	17,360.4	2,432.6	16,948.8	18,743.3	10.0	10.0
SOY MEAL	516.4	3,663.6	3,693.5	227.1	1,260.2	1,587.2	17.1	19.0
SOY OIL	-0.1	23.6	206.8	1.0	9.0	47.0	0.0	0.6
RICE
L G RGH	54.2	124.2	171.1	0.7	121.5	474.6	0.0	0.0
M S RGH	0.0	12.5	6.5	1.7	9.4	2.6	0.0	0.0
L G BRN	0.1	7.1	9.1	0.4	5.9	17.1	0.0	0.0
M&S BR	6.6	10.1	68.5	0.7	4.3	14.6	0.0	0.0
L G MLD	12.6	108.1	108.2	18.0	198.5	251.3	0.0	0.0
M S MLD	13.5	57.7	97.4	3.8	85.8	106.2	0.0	0.0
TOTAL	87.1	319.7	460.8	25.3	425.3	866.3	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	-116.4	5,583.9	6,649.1	143.7	3,100.6	2,321.3	12.3	1,133.1
PIMA	5.2	82.1	238.1	3.3	27.9	106.6	0.0	0.9

 

 

Export Sales Highlights

This
summary is based on reports from exporters for the period November 11-17, 2022.

Wheat:
Net sales of 511,800 metric tons (MT) for 2022/2023 primarily for Iraq (200,000 MT), the Philippines (58,000 MT), Mexico (52,500 MT, including decreases of 12,000 MT), Japan (49,900 MT), and Taiwan (43,200 MT, including decreases of 500 MT), were offset by
reductions for Italy (2,500 MT).  Exports of 138,400 MT were primarily to Venezuela (30,200 MT), Japan (29,000 MT), Taiwan (25,900 MT), Mexico (23,300 MT), and Honduras (11,000 MT).  

Corn: 
Net sales of 1,850,300 MT for 2022/2023 primarily for Mexico (1,704,700 MT, including decreases of 83,400 MT), Saudi Arabia (49,800 MT, including 50,000 MT switched from unknown destinations and decreases of 200 MT), Guatemala (34,800 MT, including decreases
of 300 MT), Honduras (19,200 MT, including decreases of 2,200 MT), and Canada (15,200 MT, including decreases of 2,800 MT), were offset by reductions for unknown destinations (21,600 MT).  Total net sales of 628,100 MT for 2023/2024 were for Mexico.  Exports
of 462,300 MT were primarily to Mexico (229,600 MT), China (70,700 MT), Saudi Arabia (49,800 MT), Honduras (34,700 MT), and Costa Rica (31,800 MT).

Barley: 
Total net sales reductions of 2,400 MT for 2022/2023 were for Japan.  Exports of 300 MT were to South Korea. 

Sorghum: 
Net sales reductions of 2,100 MT for 2022/2023 resulting in increases for China (51,100 MT switched from unknown destinations), Mexico (200 MT), and South Korea (100 MT), were more than offset by reductions primarily for unknown destinations (53,000 MT). 
Exports of 52,000 MT were to China (51,100 MT) and Mexico (900 MT).

Rice:
 Net
sales of 87,100 MT for 2022/2023 were primarily for Nicaragua (25,000 MT), Honduras (20,000 MT), Japan (13,000 MT), Mexico (8,900 MT), and Haiti (7,000 MT, including decreases of 200 MT).  Exports of 25,300 MT were primarily to Haiti (15,300 MT), Mexico (3,200
MT), Canada (2,800 MT), South Korea (2,800 MT), and Taiwan (700 MT).

Soybeans: 
Net sales of 690,100 MT for 2022/2023 primarily for China (715,200 MT, including 330,000 MT switched from unknown destinations and decreases of 20,300 MT), the Netherlands (177,500 MT, including 176,000 MT switched from unknown destinations and decreases of
5,000 MT), Mexico (119,400 MT, including 47,500 MT switched from unknown destinations and decreases of 12,800 MT), Vietnam (73,700 MT, including 66,000 MT switched from unknown destinations), and Germany (69,700 MT), were offset by reductions primarily for
unknown destinations (563,300 MT).  Total net sales of 10,000 MT for 2023/2024 were for Japan.  Exports of 2,432,600 MT were primarily to China (1,901,800 MT), the Netherlands (177,500 MT), Mexico (86,400 MT), Vietnam (75,900 MT), and Germany (69,700 MT). 

Optional
Origin Sales:
For 2022/2023, the current outstanding balance of 300 MT, all South Korea.

Export
for Own Account:
For 2022/2023, the current exports for own account outstanding balance is 47,300 MT, all Canada.

Export
Adjustments:
Accumulated exports of soybeans to the Netherlands were adjusted down 69,740 MT for week ending November 10^th.  The correct destination for this shipment is Germany.

Soybean
Cake and Meal: 
Net sales of 516,400 MT for 2022/2023 primarily for the Philippines (99,200 MT, including decreases of 100 MT), Ecuador (90,800 MT), Mexico (61,800 MT), Colombia (52,500 MT), and Chile (45,000 MT), were offset by reductions for Belgium (500 MT).  Total net
sales of 17,100 MT for 2023/2024 were for Canada.  Exports of 227,100 MT were primarily to the Philippines (50,800 MT), Guatemala (44,900 MT), Ecuador (39,800 MT), Canada (30,100 MT), and Venezuela (26,000 MT).

Soybean
Oil: 
Net sales reductions of 100 MT for 2022/2023 resulting in increases for Mexico (1,000 MT), were more than offset by reductions for Canada (1,100 MT).  Exports of 1,000 MT were primarily to Canada (800 MT).

Cotton: 
Net
sales reductions of 116,400 RB for 2022/2023 resulting in increases for India (7,500 RB), Indonesia (2,600 RB), Turkey (1,200 RB, including decreases of 1,700 RB), Taiwan (1,100 RB), and Mexico (400 RB), were more than offset by reductions for China (109,500
RB), Pakistan (15,400 RB), El Salvador (4,500 RB), and Peru (400 RB).  Net sales of 12,300 RB for 2023/2024 were reported for Turkey (11,000 RB) and Pakistan (1,300 RB).  Exports of 143,700 RB were primarily to China (70,700 RB), Pakistan (24,200 RB), Turkey
(15,600 RB), Mexico (10,500 RB), and Taiwan (6,400 RB).  Net sales of Pima totaling 5,200 RB were reported for China (3,700 RB), Egypt (700 RB), Vietnam (400 RB), Indonesia (300 RB), and Japan (100 RB).  Exports of 3,300 RB were primarily to Egypt (900 RB),
Peru (900 RB), Thailand (900 RB), and Djibouti (400 RB).

Optional
Origin Sales:
For 2022/2023, the current outstanding balance of 9,300 RB, all Malaysia.

Export
for Own Account:
For 2022/2023, new exports for own account totaling 25,500 RB were to Pakistan (17,600 RB) and China (7,900 RB).  The current exports for own account outstanding balance of 99,100 RB are for China (55,200 RB), Vietnam (23,900 RB), Pakistan (18,100 RB), India
(1,500 RB), and Indonesia (400 RB). 

Hides
and Skins: 
Net sales of 342,700 pieces for 2022 primarily for China (234,600 whole cattle hides, including decreases of 9,000 pieces), Mexico (55,900 whole cattle hides, including 500 whole cattle hides switched from China and decreases of 3,000 pieces), South Korea
(21,700 whole cattle hides, including decreases of 1,200 pieces), Thailand (11,100 whole cattle hides, including decreases of 1,300 pieces), and Turkey (9,300 whole cattle hides, including decreases of 100 pieces), were offset by reductions for Taiwan (900
pieces), Brazil (900 pieces), and Indonesia (600 pieces).  In addition, net sales of 6,300 kip skins resulting in increases for China (6,600 kip skins), were offset by reductions for Belgium (300 kip skins).  Net sales reductions of 8,300 pieces for 2023 resulting
in increases for Taiwan (3,600 pieces), were more than offset by reductions for China (4,900 pieces), Thailand (4,000 pieces), and South Korea (3,000 pieces).  In addition, total net sales of 2,200 calf skins were for China.  Exports of 455,800 whole cattle
hides exports were primarily to China (314,600 pieces), Mexico (58,100 pieces), South Korea (33,000 pieces), Thailand (15,600 pieces), and Brazil (14,300 pieces).  In addition, exports of 3,800 kip skins were primarily to Belgium (2,600 kip skins).

Net
sales reductions of 115,000 wet blues for 2022 resulting in increases for Italy (47,300 unsplit), Vietnam (20,900 unsplit, including decreases of 7,300 unsplit), China (17,300 unsplit, including decreases of 8,000 unsplit), and India (4,000 grain splits),
were more than offset by reductions primarily for Thailand (204,300 unsplit).  Net sales of 119,500 wet blues for 2023 were reported for Italy (104,300 unsplit), China (8,000 unsplit), and Vietnam (7,200 unsplit).  Exports of 64,400 wet blues were primarily
to Italy (19,000 unsplit), Vietnam (17,300 unsplit), Taiwan (8,800 unsplit), China (7,700 unsplit), and Hong Kong (5,000 unsplit).  Net sales of 52,700 splits reported for China (44,000 pounds) and South Korea (11,200 pounds, including decreases of 4,100 pounds),
were offset by reductions for Vietnam (2,500 pounds).  Exports of 253,000 splits were to China (126,000 pounds), South Korea (84,800 pounds), and Vietnam (42,200 pounds).

Beef: 
Net sales of 12,900 MT for 2022 primarily for South Korea (4,600 MT, including decreases of 400 MT), China (4,100 MT, including decreases of 200 MT), Japan (1,700 MT, including decreases of 700 MT), Mexico (900 MT, including decreases of 100 MT), and Canada
(800 MT), were offset by reductions for Taiwan (300 MT) and Indonesia (100 MT).  Net sales of 4,000 MT for 2023 were primarily for South Korea (1,800 MT), Taiwan (700 MT), Japan (500 MT), Mexico (500 MT), and China (300 MT).  Exports
of 17,300 MT were primarily to South Korea (4,700 MT), Japan (4,200 MT), China (3,100 MT), Mexico (1,600 MT), and Canada (1,300 MT). 

Pork: 
Net sales of 45,800 MT for 2022 were primarily for Mexico (18,200 MT, including decreases of 400 MT), Japan (10,200 MT, including decreases of 300 MT), Canada (4,100 MT, including decreases of 300 MT), Australia (3,900 MT), and South Korea (3,300 MT, including
decreases of 100 MT).  Net sales of 4,400 MT for 2023 were primarily for Canada (2,900 MT), Mexico (600 MT), Australia (400 MT), Japan (200 MT), and the Dominican Republic (100 MT). 
Exports of 33,200 MT were primarily to Mexico (16,300 MT), China (5,000 MT), Japan (3,300 MT), Canada (2,400 MT), and South Korea (2,200 MT).