FI Morning Grain Comments 11/26/21

PDF attached

 

Good
morning

 

Today
is a hard open and shortened session. https://www.cmegroup.com/tools-information/holiday-calendar.html 
Due to the Federal holiday on Thursday, November 25, the weekly Commitments of Traders report will be released on Monday, November 29 at 3:30pm.

 

Opening
Calls:

Soybeans
15-25 lower

Soybean
meal $4-$7 lower

Soybean
oil 75-125 points lower

Corn
6-10 lower

Wheat
10-20 cents lower bias Chicago to the downside

 

The
US equity markets are rolling over in part to renewed concerns over a new South African Covid-19 variant. Major Asian stock indexes were down about 0.5-2.5%. FTSE was off 3.0%. WTI crude oil is down about $4.44 and USD is down 55 points. The outside
markets are suggesting a sharply lower open for CBOT agriculture markets, although some money inflow from equities onto some commodity markets could limit losses. There is still concern over the quality of the Australian wheat crop. Over the last couple days,
we saw a few import tenders, notably Egypt buying SBO and Turkey buying nearly 400,000 tons of wheat.  USDA export sales were good all around. 

 

 

 

 

USDA
export sales were good all around.

 

 

 

 

 

Weather
                                                                                                 

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR NOVEMBER 26, 2021

• Rain
  fell in Argentina as expected during the past two days, although the far northwest and extreme southeast did not get much moisture.
  
• Brazil
  experienced a little rain in the southwest Thursday; otherwise, it was a drier and warmer biased two day period.
  
• The
  forecast continues to generate some timely rainfall for parts of South America, but southeastern Argentina, Uruguay and far southernmost Brazil are not likely to get large volumes of rain and may experience some net drying.
  
• U.S. 
  weather will remain tranquil over the coming week with well above normal temperatures in the central and west and restricted rainfall for many areas, including hard red winter wheat areas.
  
• The
  second week of the forecast seems colder for western and north-central parts of North America with a boost in precipitation.
  
• South
  Africa will continue to receive some periodic rainfall as will North Africa
  
• A
  boost in Europe precipitation will soon reach into Russia and Ukraine winter crop areas.
  
• Australia
  received more rain the past two days and it will continue periodically into mid-week next week raising some concern over unharvested crop quality in New South Wales.
  
• China
  weather will be tranquil for a while
• Southern
  India’s rainfall will continue with some potential for greater rain along the east coast. 

 

Bloomberg
Ag Calendar

Friday,
Nov. 26:

• ICE
  Futures Europe weekly commitments of traders report (6:30pm London)
• CFTC
  commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
• USDA
  weekly net- export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• FranceAgriMer
  weekly update on crop conditions

Monday,
Nov. 29:

• USDA
  export inspections – corn, soybeans, wheat, 11am
• U.S.
  winter wheat conditions, cotton harvest data, 4pm
• Vietnam’s
  General Statistics Office releases November trade data
• Ivory
  Coast cocoa arrivals

Tuesday,
Nov. 30:

• EU
  weekly grain, oilseed import and export data
• Malaysia’s
  November palm oil exports
• U.S.
  agricultural prices paid, received, 3pm
• Australia’s
  quarterly crop report

Wednesday,
Dec. 1:

• EIA
  weekly U.S. ethanol inventories, production
• Gapki’s
  Indonesian Palm Oil Conference, day 1
• Brazil
  Unica sugar output, cane crush data (tentative)
• U.S.
  DDGS production, corn for ethanol, 3pm
• USDA
  soybean crush, 3pm
• Australia
  Commodity Index

Thursday,
Dec. 2:

• FAO
  World Food Price Index
• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• Port
  of Rouen data on French grain exports
• Gapki’s
  Indonesian Palm Oil Conference, day 2

Friday,
Dec. 3:

• ICE
  Futures Europe weekly commitments of traders report (6:30pm London)
• CFTC
  commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
• Canada’s
  Statcan releases wheat, durum, canola, barley, soybean production data
• FranceAgriMer
  weekly update on crop conditions

Source:
Bloomberg and FI

 

 

 

 

Corn

·        
CBOT corn is expected to follow soybeans and wheat lower if they selloff as we predict this morning. WTI is down more than $4. USD was 55 points lower at the time this was written. The new South African Covid-19 variant is sending
a negative undertone to global markets, both equities and commodities.  

·        
December options expire today.

·        
South Africa’s CEC estimated the corn crop at 16.23 million tons for 2020-21, up from 16.21 million tons projected previous month and 6 percent higher previous year (15.3MMT).  It includes 8.609 MMT white and 7.625 MMT yellow. 
USDA sees a 16.9 MMT crop. 

·        
Agroconsult: Brazil corn crop production was estimated at 124 MMT.  USDA is at 118 MMT, up from 86 MMT for 2020-21. 

·        
Buenos Aires Grains Exchange: Argentina corn plantings at 30% of expected area.

·        
China’s AgMin reported the sow herd was up 6.6% year-on-year at the end of October at 43.48 million heads but the herd was down 2.5% from the previous month.

·        
French reported that as of November 22 the corn harvest was 97% complete, up from 91% a week earlier.

·        
Austria reported an outbreak of bird flu on a small chicken farm near Vienna.

·        
Germany reported an African swine fever case in wild boar in eastern German state of Mecklenburg-Vorpommern.

·        
The USDA Broiler Report showed eggs set in the US up 3 percent from the previous year and chicks placed up 2 percent. Cumulative placements from the week ending January 9, 2021 through November 20, 2021 for the United States were
8.52 billion. Cumulative placements were up slightly from the same period a year earlier.

 

Export
developments.

·        
None reported.

 

Soybeans

·        
Soybeans are expected to open sharply lower on weakness in outside commodity markets. Concerns over new lockdowns and lower lead in soybean oil.  The Brazilian real is down sharply with 7700 caks traded so far. USD was down more
than 55 points.

·        
ICE canola was down 16.40.

·        
There were no changes in CBOT ag registrations.

·        
Agroconsult: Brazil soybean crop production was estimated at 144.3 MMT.  USDA is at 144 MMT vs. 138 MMT for 2020-21. 

·        
Buenos Aires Grains Exchange: Argentina soybean plantings were up 10.7 points to 39.3% of expected area.

·        
Offshore values are leading soybean oil 65 points lower and meal $2.70 short ton higher. 

·        
Over a two day period China soybean futures were up 0.5%, meal 1.1% lower, SBO up 0.8%, and palm up 0.2%.

·        
China combined two day period:

·        
Rotterdam meal values were mixed over two-day period and vegetable oils mixed with SBO higher and rapeseed oil down about 20 eros.

·        
Malaysian February palm futures edged higher by 7 ringgit on Thursday.  They fell on Friday by 76 ringgit.  Over a two day period cash was off $17.50/ton to $1222.50/ton.

·        
Malaysia combined two day period: (down around 3% for the week)

·        
Cargo surveyor SGS reported month to date November 25 Malaysian palm exports at 1,336,125 tons, 130,370 tons above the same period a month ago or up 10.8%, and 208,630 tons above the same period a year ago or up 18.5%. The Nov
1-25 amount was a record for other November comparable years.  Other estimates vary. 
AmSpec reported 1.255 million tons of palm oil shipments, up 4.45 percent from October 1-25.  ITS reported palm exports at 1.341 million tons, a 10.9 percent increase. 

·        
China crush margins on our analysis was last $2.17/bu ($2.25 previous), compared to $2.30 at the end of last week and compares to $0.75 a year ago.

 

Export
Developments

·        
Egypt’s GASC bought 30,000 tons of international soybean oil at $1,468/ton for January 15-31 arrival and passed on sunflower oil. It’s for payment at sight and/or 180-day letters of credit. They also bought 39,000 tons of domestic
soybean oil for Jan 5-25 arrival. 

 

Wheat

·        
US wheat is expected to traded lower this morning following weakness in Matif wheat and renewed concerns over the new Covid-19 variant. However, there are still concerns over Austrian wheat quality problems and global demand remains
good for high protein wheat. We look for Chicago to lose ground to KC and MN contracts. 

·        
The USD is 55 points lower and that may limit losses. 

·        
March Matif Paris wheat was 8.00 euros lower at 300.75 as of 6:55 am CT and over a two day period down about 7.50 euros.  Matif March 260 puts traded 12,000x yesterday. Open interest dropped from 12,677 to 6,727. Renewed concerns
over a new South African Covid-19 variant weighed on the contract. But there is still concern over the quality of the Australian wheat crop. 

·        
The European Commission increased their estimate of soft wheat exports in 2021-22 to 32 million tons from 30 million tons last month. Stocks were lowered to 12.7 million tons from 13.9 million.

·        
French reported that as of November 22 the soft wheat crop was 97% complete, up from 93% the previous week.

·        
Buenos Aires Grains Exchange: Argentina wheat production estimated at 20.3 million tons from 19.8MMT previous, which would be a new record.  In 2018-19, Argentina produced a record 19 million tons.

·        
Flooding across western Canada last week slowed or stopped rail service but the Canadian Pacific Railway will restart service on Tuesday and Canadian National Railway plans to reopen to limited traffic on Wednesday.  (Reuters)

·        
AgriCensus noted France over the past couple months exported about 677,000 tons of wheat to China and 480,000 tons of barley to China. 

·        
India extended its domestic aid wheat program from end of December to March 2022.  Under the PMGKAY program, poor families will receive 5 kg of wheat and rice per month.

·        
Note Russia will increase its wheat export duty for the November 24-30 period to $78.30/ton from $77.10/ton. The duty on barley will fall to $65.3 from $66 per ton, while the corn duty fell to $53.6 from $62.9/ton.

 

Export
Developments.

·        
Turkey bought 385,000 tons of wheat for Jan 10-31 arrival at between $381.79 to $390.80/ton. The tender sought wheat with 12.5% and 13.5% protein content. 

·        
Jordan passed on 120,000 tons of wheat for shipment between March 16-31, April 1-15, April 16-30 and May 1-15. 

·        
Jordan seeks 120,000 tons of barley on December 1 for shipment between May 1-15, May 16-31, June 1-15 and June 16-30.

·        
Iraq seeks 500,000 tons of wheat starting in December for an unknown shipment period. 

 

Rice/Other

·        
None reported

 

 

U.S. EXPORT SALES FOR WEEK ENDING  11/18/2021

FAX 202-690-3275

	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	304.6	2,028.4	1,530.5	111.6	3,611.9	4,949.4	0.0	0.0
SRW	34.5	602.0	393.6	7.1	1,455.6	1,000.5	0.0	22.5
HRS	133.8	1,280.2	1,520.8	37.6	2,556.8	3,594.9	0.0	0.0
WHITE	75.0	823.0	2,503.1	23.5	1,733.4	2,433.9	0.0	0.0
DURUM	19.5	52.5	172.4	19.4	96.7	393.0	0.0	0.0
TOTAL	567.5	4,786.1	6,120.3	199.2	9,454.4	12,371.6	0.0	22.5
BARLEY	0.0	22.6	30.4	0.0	7.4	12.4	0.0	0.0
CORN	1,429.2	25,701.2	27,920.3	929.0	8,708.2	10,372.9	90.0	564.9
SORGHUM	146.9	3,181.1	3,255.7	215.4	567.4	1,275.5	0.0	0.0
SOYBEANS	1,564.5	17,360.4	25,211.2	2,253.0	18,810.2	27,059.5	6.0	48.0
SOY MEAL	136.9	3,693.5	3,192.9	277.5	1,587.2	1,908.4	-0.8	35.4
SOY OIL	42.0	206.8	289.7	18.0	47.0	100.3	0.0	0.0
RICE
L G RGH	26.1	171.1	245.8	85.3	474.6	531.2	0.0	0.0
M S RGH	0.0	6.5	19.4	0.0	2.6	9.5	0.0	0.0
L G BRN	0.1	9.1	10.4	0.5	17.1	11.7	0.0	0.0
M&S BR	0.1	68.5	16.1	0.1	14.6	33.3	0.0	0.0
L G MLD	27.4	108.2	48.1	10.5	251.3	197.8	0.0	0.0
M S MLD	20.5	97.4	195.6	2.6	106.2	139.8	0.0	0.0
TOTAL	74.2	460.8	535.5	99.1	866.3	923.2	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	196.9	6,649.1	5,733.9	97.1	2,321.3	4,127.1	46.2	921.9
PIMA	18.1	238.1	235.9	6.3	106.6	251.1	1.3	3.1

 

This
summary is based on reports from exporters for the period November 12-18, 2021.

 

Wheat:  Net
sales of 567,500 metric tons (MT) for 2021/2022 were up 42 percent from the previous week and 70 percent from the prior4-week average.  Increases primarily for Japan (154,200 MT), Nigeria (102,100 MT), Mexico (82,000 MT, including decreases of 17,700 MT),
the Philippines (50,800 MT), and Taiwan (48,000 MT), were offset by reductions primarily for Peru (5,000 MT), Jamaica (2,000 MT), and Belize (1,200 MT).  Exports of 199,200 MT were down 36 percent from the previous week and 10 percent from the prior 4-week
average.  The destinations were primarily to Mexico (60,100 MT), South Korea (50,700 MT), Japan (32,800 MT), Spain (19,200 MT), and the Philippines (13,800 MT).

 

Late
Reporting:
For 2021/2022, net sales and exports totaling 200 MT of durum wheat were reported late for Japan.

 

Export
Adjustments: 
Accumulated exports of durum wheat to Italy were adjusted down 19,236 MT for week ending November 4th.  This shipment was reported in error.

 

Corn: 
Net sales of 1,429,200 MT for 2021/2022–a marketing-year high–were up 58 percent from the previous week and 40 percent from the prior 4-week average.  Increases were primarily for Mexico (629,600 MT, including decreases of 2,600 MT), Canada (306,900 MT,
including decreases of 14,500 MT), Japan (120,900 MT, including 93,600 MT switched from unknown destinations), China (77,500 MT, including 68,000 MT switched from unknown destinations), and Saudi Arabia (73,400 MT, including 68,000 MT switched from unknown
destinations). Total net sales of 90,000 MT for 2022/2023 were for Mexico.  Exports of 929,000 MT were down 20 percent from the previous week, but up 12 percent from the prior 4-week average.  The destinations were primarily to Mexico (285,400 MT), China (281,500
MT), Japan (93,600 MT), Colombia (79,400 MT), and Saudi Arabia (73,400 MT).

 

Optional
Origin Sales: 
For 2021/2022, the current outstanding balance of 498,700 MT is for unknown destinations (429,000 MT), Italy (60,700 MT), and Saudi Arabia (9,000 MT).

 

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

 

Sorghum: 
Net sales of 146,900 MT for 2021/2022 resulting in increases for China (149,900 MT, including 68,000 MT switched from unknown destinations and decreases of 1,000 MT), were offset by reductions for unknown destinations (3,000 MT).  Exports of 215,400 MT–a
marketing-year high–were up noticeably from the previous week and from the prior 4-week average.  The destinations were to China (214,800 MT) and Mexico (600 MT).

 

Rice:
 Net
sales of 74,200 MT for 2021/2022 were down 27 percent from the previous week, but up 48 percent from the prior 4-week average.  Increases were primarily for Haiti (25,200 MT, including decreases of 100 MT), Mexico (24,600 MT), Israel (19,000 MT), Canada (1,900
MT), and El Salvador (1,100 MT).  Exports of 99,100 MT–a marketing-year high–were up 13 percent from the previous week and 82 percent from the prior 4-week average.  The destinations were primarily to Mexico (39,900 MT), Nicaragua (24,400 MT), Guatemala
(12,700 MT), El Salvador (8,900 MT), and Haiti (7,200 MT). 

 

Exports
for Own Account:
For 2021/2022, the current exports for own account outstanding balance is 100 MT, all Canada.

 

Soybeans: 
Net sales of 1,564,500 MT for 2021/2022 were up 13 percent from the previous week and from the prior 4-week average.  Increases primarily for China (882,500 MT, including 461,000 MT switched from unknown destinations and decreases of 24,500 MT), Mexico (168,200
MT, including decreases of 1,100 MT), Thailand (148,600 MT, including 70,000 MT switched from unknown destinations and 66,000 MT switched from the Netherlands), Egypt (117,300 MT, including decreases of 700 MT), and Indonesia (98,300 MT, including 68,000 MT
switched from unknown destinations), were offset by reductions primarily for unknown destinations (56,400 MT) and the Netherlands (47,500 MT).  Total net sales of 6,000 MT for 2022/2023 were for unknown destinations.  Exports of 2,253,000 MT were down 4 percent
from the previous week and 18 percent from the prior 4-week average.  The destinations were primarily to China (1,410,700 MT), Thailand (152,100 MT), Pakistan (128,200 MT), Mexico (112,700 MT), and the Netherlands (84,500 MT).

 

Export
for Own Account:
For 2021/2022, new exports for own account totaling 29,900 MT were for Canada.  The current exports for own account outstanding balance is 41,200 MT, all Canada.

 

Soybean
Cake and Meal: 
Net sales of 136,900 MT for 2021/2022 were down 25 percent from the previous week and 36 percent from the prior 4-week average.  Increases primarily for Mexico (65,900 MT, including decreases of 3,400 MT), the Philippines (45,000 MT, including decreases of
3,200 MT), Colombia (44,600 MT, including 29,000 MT switched from unknown destinations and decreases of 20,400 MT), Panama (23,300 MT, including decreases of 400 MT), and Canada (10,800 MT, including decreases of 800 MT), were offset by reductions primarily
for unknown destinations (55,000 MT) and Romania (27,000 MT).  Net sales reductions of 800 MT for 2022/2023 were for Japan (600 MT) and the Netherlands (200 MT).  Exports of 277,500 MT were up 20 percent from the previous week and 40 percent from the prior
4-week average.  The destinations were primarily to the Philippines (87,100 MT), Ecuador (72,400 MT), Mexico (29,400 MT), Japan (28,900 MT), and Canada (28,500 MT). 

 

Soybean
Oil: 
Net sales of 42,000 MT for 2021/2022 were down 38 percent from the previous week, but up 62 percent from the prior 4-week average.  Increases primarily for India (30,000 MT), the Dominican Republic (7,000 MT, including 6,300 MT switched from Guatemala and
decreases of 3,100 MT), Colombia (4,000 MT), Jamaica (3,500 MT), and Mexico (3,000 MT), were offset by reductions for Guatemala (6,000 MT).  Exports of 18,000 MT were up noticeably from the previous week and from the prior 4-week average.  The destinations
were primarily to the Dominican Republic (10,800 MT), Mexico (2,300 MT), Guatemala (1,600 MT), Nicaragua (1,500 MT), and El Salvador (1,200 MT).

 

Cotton: 
Net sales of 196,900 RB for 2021/2022 were up 44 percent from the previous week and 3 percent from the prior 4-week average.  Increases primarily for China (58,500 RB), Vietnam (44,500 RB, including 400 RB switched from South Korea, 100 RB switched from Japan,
and decreases of 500 RB), Pakistan (34,200 RB), Turkey (20,100 RB), and Bangladesh (16,700 RB), were offset by reductions for South Korea (500 RB) and El Salvador (300 RB).  Net sales of 46,200 RB for 2022/2023 were reported for Bangladesh (19,800 RB), Turkey
(13,200 RB), China (8,800 RB), and Pakistan (4,400 RB).  Exports of 97,100 RB were up 25 percent from the previous week and 5 percent from the prior 4-week average.  The destinations were primarily to China (35,100 RB), Mexico (20,900 RB), Vietnam (13,300
RB), South Korea (4,100 RB), and Bangladesh (3,700 RB).  Net sales of Pima totaling 18,100 RB were down 12 percent from the previous week, but up 7 percent from the prior 4-week average.  Increases were primarily for China (10,100 RB), Peru (2,700 RB), Thailand
(2,000 RB), India (1,100 RB), and Vietnam (900 RB).  Total, net sales of Pima totaling 1,300 RB for 2022/2023 were for Egypt.  Exports of 6,300 RB were down 4 percent from the previous week and 3 percent from the prior 4-week average.  The destinations were
to India (2,900 RB), China (2,000 RB), Peru (900 RB), Bahrain (300 RB), and Italy (100 RB).

 

Optional
Origin Sales: 
For 2021/2022, the current outstanding balance of 8,800 RB is for Pakistan. 

 

Exports
for Own Account: 
For 2021/2022, the current exports for own account outstanding balance of 100 RB is for Vietnam. 

 

Hides
and Skins: 
Net sales of 443,100 pieces for 2021 were down 14 percent from the previous week and 19 percent from the prior 4-week average.  Increases primarily for China (312,000 whole cattle hides, including decreases of 14,700 pieces), South Korea (53,800 whole cattle
hides, including decreases of 400 pieces), Thailand (21,900 whole cattle hides, including decreases of 1,100 pieces), Mexico (18,200 whole cattle hides, including decreases of 600 pieces), and Taiwan (17,600 whole cattle hides, including decreases of 100 pieces),
were offset by reductions for Brazil (100 pieces).  Net sales of 46,700 pieces for 2022 primarily for China (28,200 whole cattle hides), Thailand (9,800 whole cattle hides), and Italy (7,000 whole cattle hides), were offset by reductions for Mexico (2,000
whole cattle hides).  Exports of 357,700 pieces were down 10 percent from the previous week and 9 percent from the prior 4-week average.  Whole cattle hide exports were primarily to China (233,200 pieces), Thailand (39,100 pieces), South Korea (28,600 pieces),
Mexico (28,100 pieces), and Indonesia (11,300 pieces).

 

Net
sales of 30,500 wet blues for 2021 were down 79 percent from the previous week and 75 percent from the prior 4-week average.  Increases reported for China (13,100 unsplit), Vietnam (12,000 unsplit), and the Dominican Republic (6,400 unsplit), were offset by
reductions primarily for Thailand (400 unsplit) and Italy (300 unsplit and 100 grain splits).  Net sales of 108,100 wet blues for 2022 were reported for Vietnam (40,200 unsplit), Italy (16,000 unsplit and 18,500 grain splits), China (28,000 unsplit), Brazil
(3,000 unsplit), and Taiwan (2,400 unsplit).  Exports of 104,600 wet blues were down 27 percent from the previous week and 16 percent from the prior 4-week average.  The destinations were primarily to Italy (27,100 unsplit and 5,400 grain splits), Vietnam
(29,900 unsplit), China (23,300 unsplit), Thailand (9,000 unsplit), and Taiwan (7,100 unsplit). 
Net
sales of 87,400 splits were primarily for Vietnam (83,100 splits).  Total net sales reductions of 82,400 splits for 2022 were for Vietnam.  Exports of 360,200 pounds were to Vietnam (280,000 pounds) and China (80,200 pounds).

 

Beef: 
Net sales of 19,300 MT for 2021 were down 24 percent from the previous week and 6 percent from the prior 4-week average.  Increases primarily for South Korea (4,600 MT, including decreases of 500 MT), China (4,400 MT, including decreases of 200 MT), Canada
(2,800 MT), Mexico (2,800 MT, including decreases of 100 MT), and Japan (2,100 MT, including decreases of 500 MT), were offset by reductions for Belgium (100 MT).  Net sales of 5,800 MT for 2022 were primarily for South Korea (3,300 MT), Canada (900 MT), Japan
(700 MT), Taiwan (400 MT), and China (200 MT).   Exports of 18,200 MT were unchanged from the previous week and up 6 percent from the prior 4-week average.  The destinations were primarily to South Korea (4,800 MT), Japan (4,500 MT), China (3,600 MT), Mexico
(1,500 MT), and Taiwan (1,400 MT). 

 

Pork: 
Net sales of 17,500 MT for 2021 were down 30 percent from the previous week and 43 percent from the prior 4-week average.  Increases primarily for Mexico (11,300 MT, including decreases of 600 MT), Japan (2,400 MT, including decreases of 400 MT), South Korea
(1,600 MT, including decreases of 500 MT), Colombia (1,100 MT), and Canada (400 MT, including decreases of 400 MT), were offset by reductions for Nicaragua (300 MT), China (200 MT), and Costa Rica (100 MT).  Net sales of 15,600 MT for 2022 were primarily for
Japan (8,300 MT), South Korea (3,700 MT), and Canada (2,700 MT).  Exports of 28,900 MT were down 17 percent from the previous week and 13 percent from the prior 4-week average.  The destinations were primarily to Mexico (11,900 MT), China (4,300 MT), Japan
(3,500 MT), South Korea (2,700 MT), and Colombia (1,700 MT).