FW: FI Morning Grain Comments 02/21/20

PDF attached

 

Morning. 
USDA released 2020-21 US S&D’s.  SK was in for more corn. China expanded travel/lockdown restrictions as coronavirus continues to spread (500 cases in prisons). Look for
positioning today.  Palm oil exports during the Feb 16-20 period improved. 

 

 

USDA
released 2020 US Outlook Tables

 

https://www.usda.gov/oce/forum/2020/Outlooks.htm

https://www.usda.gov/oce/forum/

 

2020-21
US soybean ending stocks 320 vs. trade ave. 519 (-199) and compares to 2019-20 of 425

2020-21
US corn ending stocks 2637 vs. trade ave. 2443 (+194) and compares to 2019-20 of 1892

2020-21
US all-wheat ending stocks 777 vs. trade ave. 829 (-52) and compares to 2019-20 of 940

 

Stocks for corn are very
high, soybeans lower than expected and wheat lower than expected.

·        
Favors soybean/corn spreading.

·        
Tighter US soybean stocks of 320 million were 10 less than the lowest trade estimate (FI) and 105 million below 2019-20. STU falls to 7.4% versus 10.5 percent for 2019-20.  USDA projects 2020-21 US crush up
25 million to 2.130 billion and exports up 225 million to 2.050 billion. 

·        
US soybean meal domestic use estimated up 700,000 short tons to record 37.500 million and exports are down 100,000 from 2019-20. 

·        
US soybean oil stocks are expected to rise 35 million pounds at 1.550 billion from 2019-20. They see US soybean oil for biodiesel use at 8.500 billion pounds, unchanged from the baseline, and up 300 million
pounds from 2019-20.  Interestingly they have a 33 cent target on SBO.

·        
Corn for ethanol projected up only 25 million bushels from 2019-20, while exports are up 375 million from 2019-20. US corn for feed is up 275 million.  Unusually high US carryout of 2.637 billion yields a
17.9% STU. 

·        
Wheat for feed projected down 30 million bushels and stocks are down 163 million from 2019-20.  No major surprises.

 

IMO
– Overall the USDA 2020-21 outlook is supportive for the US soybean complex, but traders will need verification of USDA’s high 2020-21 export number from fresh China buying.  Our upward objective for the SX0/CZ0 ratio is 2.425-2.44 area.  We like owning soybean
oil over meal over the long-term, unless soybean meal demand shifts from Argentina to US amid increasing economic woes within Argentina in 2020. US corn stocks are viewed as negative, but the market is seeing support from higher wheat prices. 

 

 

Weather

MARKET
WEATHER MENTALITY FOR CORN AND SOYBEANS: 

Drying
in Argentina over the next week to ten days will eventually grab the market’s attention, but today’s soil moisture is very good, and crops will coast through this first week of net drying without much stress. Timely rain will be needed again later in March
to ensure the best production potential. Most models are suggesting a drier bias for at least ten days and possibly two weeks with southern Rio Grande do Sul and Uruguay to be included.

            Most
of Brazil’s crop weather still looks quite appealing with timely rain in most production areas and seasonable temperatures.

            South
Africa will have its best summer grain and oilseed production year since 2017 with weather over the next two weeks maintaining that favorable outlook.

            Southeast
Asia palm oil weather remains quite favorable and little change will occur through the next two weeks.

            China’s
winter rapeseed should experience much improvement early this spring after abundant winter precipitation. India’s winter grain and oilseed crops are also expected to perform well.

            Europe
weather is mostly good and winter crops will need timely rainfall to support normal development this spring especially in Spain where the greatest drying has occurred recently.

            Concern
is rising over early season corn planting delays in the U.S. Delta and interior southeastern states because of too much rain. The problem of moisture excesses will continue into March delay will be realized.

            Overall,
weather today will likely support a mixed influence on market mentality with bearish bias.

 

MARKET
WEATHER MENTALITY FOR WHEAT: 

North
Africa, Spain and Portugal are drying down and significant rain will soon be needed in unirrigated areas to ensure the best production potential. Some yield cuts have already occurred in southwestern Morocco, but losses elsewhere have not been as significant.
Rain must fall soon, however, since reproduction is getting under way in North Africa and will soon occur in the Iberian Peninsula and without rain and good soil moisture yields will come crashing downward.

            Limited
winterkill around the world this year has kept production potentials mostly good, although winter crops were not well established in the U.S., Southeastern Europe, southern Russia, Kazakhstan or China. With that said most of these areas have received good
amounts of moisture during the winter which should translate into improving crop development potential early in the spring so that production potentials are favorably restored.

            India
is still expecting a large crop even though there is not much precipitation expected in key wheat areas for a while. Some showers will occur in eastern and far northern parts of the nation in this coming week which will support some reproduction.

            Overall,
weather is still not offering a good reason for serious market price appreciation. If anything, weather conditions have left a good reason to expect crop improvements early this spring. Overall, weather today may offer a neutral to bearish bias to market mentality.

Source:
World Weather Inc. and FI

 

 

Source:
World Weather Inc. and FI

 

Source:
World Weather Inc. and FI

 

Bloomberg
Ag Calendar

FRIDAY,
FEB. 21:

·        
USDA outlook — corn, soy, wheat cotton end-stockpiles

·        
USDA weekly crop net-export sales for corn, soybeans, wheat, 8:30am

·        
ICE Futures Europe weekly commitments of traders report on coffee, cocoa, sugar positions ~1:30pm (~6:30pm London)

·        
CFTC commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm

·        
FranceAgriMer weekly update on crop conditions

·        
U.S. Cattle on Feed, 3pm

·        
EARNINGS: Pilgrim’s Pride

MONDAY,
FEB. 24:

·        
USDA weekly corn, soybean, wheat export inspections, 11am

·        
EU weekly grain, oilseed import and export data

·        
Ivory Coast cocoa arrivals

·        
U.S. poultry slaughter; cold storage – pork, beef, poultry, 3pm

·        
Malaysian Palm Oil Council Online POINTERS seminar

TUESDAY,
FEB. 25:

·        
AmSpec, Intertek, SGS palm oil export data for Feb. 1-25

WEDNESDAY,
FEB. 26:

·        
EIA U.S. weekly ethanol inventories, production, 10:30am (26 feb 2100)

THURSDAY,
FEB. 27:

·        
USDA weekly crop net-export sales for corn, soybeans, wheat, 8:30am

·        
Port of Rouen data on French grain exports

·        
International Grains Council monthly market report

FRIDAY,
FEB. 28:

·        
ICE Futures Europe weekly commitments of traders report on coffee, cocoa, sugar positions ~1:30pm (~6:30pm London)

·        
CFTC commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm

·        
FranceAgriMer weekly update on crop conditions

·        
U.S. agricultural prices paid, received, 3pm

·        
AmSpec, Intertek, SGS palm oil export data for Feb. 1-28

·        
EARNINGS: Olam, Golden Agri, Sime Darby

Source:
Bloomberg and FI

 

CBOT
registrations

·        
No changes

 

 

 

 

USDA
export sales

·        
11,500 soybeans were reported for China, lowest since August 15, 2019.  

·        
USDA export sales were below expectations for soybeans and meal, but good for soybean oil. 

·        
US corn sales exceeded expectations while wheat fell below the trade range. 

 

 

 

 

Macros

·        
Canada Retail Sales (M/M) Dec: 0.0% (est 0.1%, prevR 1.1%)

 

 

Corn.

·        
Corn futures may
trade two-sided after USDA issued a bearish outlook for the US 2020-21 US ending stocks.  But prices are higher from strength in wheat and good export sales.

·        
Crude oil was breaking further after the agriculture markets opened. 

·        
CH traded at $3.80 today, and every trading day since January 27. 

·        
EIA reported D6 RIN generation for the month of January at 1.25 billion credits, down from 1.31 billion in December. 

·        
US weekly ethanol stocks increased 423,000 barrels to a record 24.781 million barrels.  A Bloomberg poll looked for a 47,000-barrel increase.  US weekly ethanol production was up 7,000 barrels to 1.040 million.
A poll called for a 16,000-barrel increase.  Ethanol production over the past 4 weeks is down on average 2,000 barrels.  Production is finally catching up to last year’s pace, on a corn crop-year year calendar basis (Sep-Aug).  Sep 1 to date production is
running 0.2% below last year’s pace, compared to 1.6 percent at the beginning of the year.  Gasoline stocks declined nearly 2 million barrels from the previous week. 

 

Export
Developments

·        
South Korea’s NOFI group bought 135,000 tons at around $210.25-$211.25 for at least 101,000 tons. Rest was done at around $1.49 over the July.  It’s for June arrival. 

·        
Reportedly Iran seeks 200,000 tons of corn for March shipment.  

 

 

Soybean
complex.

·        
Soybeans are higher in response to USDA’s tighter US 2020-21 soybean stocks estimate.  Soybean and soybean meal export sales were poor while soybean oil was above expectations. 
11,500
soybeans were reported for China, lowest since August 15, 2019.  

·        
The Argentina BA Grains Exchange maintained their estimate for the Argentina soybean crop at 53.1 million tons but noted recent rains could increase production.  About 58 percent of the soybean crop is in
the critical pod development stage. 

·        
Argentina will be closed for holiday Monday and Tuesday. 

·        
EIA reported US D4 RIN generation for the month of January at 297 million credits, down from 376 million in December.  We believe soybean oil use for biodiesel production will end up somewhere between 500
and 550 million pounds, down from about 600-650 million in December. 

·        
CNGOIC noted China soybean stocks at 1.04 million tons, up 130,000 from the previous week. 

·        
Offshore values are leading CBOT soybean oil 33 points higher (9 higher for the week to date) and meal $0.20 lower ($1.40 lower for the week).

·        
Rotterdam vegetable oils this morning were down 2-3 euros for nearby soybean oil positions and down 2-3 euros for rapeseed oil. Rotterdam meal when imported from SA were unchanged to 2.00 lower. 

·        
China:

·        
China cash crush margins as of this morning, using our calculation, were 159 cents per bushel (166 previous), compared to 147 cents a week ago and 8 cents around this time last year. 

·        
Cargo surveyor SGS reported month to date February 20 Malaysian palm exports at 744,230 tons, 21,571 tons below the same period a month ago or down 2.8%, and 173,817 tons below the same period a year ago or
down 18.9%.

·        
Malaysian palm markets:
 higher
on improving exports and weaker MYR

 

Oilseeds
Export Developments

·        
None reported

 

Wheat

·        
US wheat traded higher at the open after USDA estimate 2020-21 US ending stocks below an average trade guess. Lower than expected USDA export sales may limit gains today. 

·        
Kazakhstan collected 17.4 million tons of grain in 2019 in clean weight, 2.9 million tons or 14.3% less than 2018. 

·        
March Paris wheat futures were up 0.50 at 196.50 euros as of early this morning.

 

Export Developments.

·        
Taiwan bought 102,525 tons of US wheat for April and/or early May shipment. 

·        
Saudi Arabia seeks 715,000 tons of 11% and 12.5& protein wheat on February 21 for April-June shipment. 

·        
Tunisia bought 75,000 tons of feed barley at $205.67-$206.56/ton c&f for March and April shipment. 

·        
Jordan issued a new import tender for 120,000 tons of wheat set to close February 25 for Sep-Oct shipment. 

·        
Jordan issued a new import tender for 120,000 tons of feed barley set to close February 26 for June-July shipment. 

·        
Japan in an SBS import tender seeks 120,000 tons of feed wheat and 200,000 tons of feed barley for arrival in Japan by July 30, on Feb. 26. 

·        
Bangladesh seeks 50,000 tons of wheat by February 27. 

·        
Morocco seeks 354,000 tons of US durum wheat on March 5 for arrival by May 31.

 

Rice/Other

·        
None reported

 

                                                                                                                                        

Export Sales Highlights   

This summary is based on reports from exporters for the period February 7-13, 2020.

Wheat:  Net sales of 346,300 metric tons for 2019/2020 were down 46 percent from the previous week and 40 percent from the prior 4-week average.  Increases
primarily for Indonesia (73,400 MT), Mexico (72,400 MT, including decreases of 1,000 MT), Colombia (49,400 MT, including 36,000 MT switched from the Dominican Republic), Thailand (47,300 MT, including 48,000 MT switched from unknown destinations and decreases
of 2,400 MT), and Japan (43,000 MT), were offset by reductions primarily for unknown destinations (42,600 MT), the Dominican Republic (26,100 MT), and Guatemala (14,000 MT).  For 2020/2021, net sales of 60,100 MT were for Colombia (29,500 MT), the Philippines
(18,500 MT), unknown destinations (6,200 MT), Trinidad (3,900 MT), and Honduras (2,000 MT).  Exports of 595,300 MT were up 18 percent from the previous week and 44 percent from the prior 4-week average.  The destinations were primarily to Mexico (95,100 MT),
Thailand (57,800MT), the Philippines (57,200 MT), Italy (56,000 MT), and Taiwan (55,600 MT). 

Optional Origin Sales:  For 2019/2020, options were exercised to export 56,000 MT  to the Philippines from other than the United States. 

Corn:  Net sales of 1,249,200 MT for 2019/2020 were up 29 percent from the previous week and 12 percent from the prior 4-week average.  Increases primarily
for Japan (504,000 MT, including 57,000 MT switched from unknown destinations and decreases of 2,500 MT), Mexico (288,100 MT, including decreases of 3,600 MT), South Korea (197,200 MT), unknown destinations (145,200 MT), and Colombia (108,200 MT, including
38,000 MT switched from unknown destinations and decreases of 4,700 MT), were offset by reductions primarily for Trinidad (66,000 MT) and Jamaica (24,000 MT).  For 2020/2021, total net sales of 1,000 MT were for El Salvador.  Exports of 761,200 MT were down
3 percent from the previous week, but up 24 percent from the prior 4-week average.  The destinations were primarily to Mexico (247,200 MT), Japan (232,800 MT), Colombia (81,500 MT), South Korea (66,200 MT), and Panama (41,900 MT). 

Optional Origin Sales:  For 2019/2020, new optional origin sales of 60,000 MT were reported for Israel.  The current outstanding balance of 584,900 MT is for
South Korea (466,000 MT), Israel (60,000 MT), and Egypt (58,900 MT).

Barley: For 2019/2020, total net sales of 100 MT were for South Korea.  Exports of 400 MT were down 61 percent from the previous week and 58 percent from the prior 4-week average.  The destinations
were Japan (200 MT) and Taiwan (200 MT).

Sorghum:  For 2019/2020, net sales of 49,600 MT resulting in increases for China (48,000 MT switched from unknown destinations), New Zealand (33,000 MT),
and Japan (32,200 MT, including 10,200 MT switched from unknown destinations and decreases of 900 MT), were offset by reductions primarily for unknown destinations (63,200 MT).  For 2020/2021, total net sales of 33,000 MT were for New Zealand.  Exports of
85,200 MT were up 1 percent from the previous week and 25 percent from the prior 4-week average.  The destinations were China (48,000 MT), Japan (19,200 MT), and Mexico (18,000 MT).

Rice:  Net sales of 106,600 MT for 2019/2020 were down 22 percent from the previous week, but up 32 percent from the prior 4-week average.  Increases were primarily for Japan (28,700 MT, including
decreases of 1,300 MT), Nicaragua (24,000 MT), Haiti (15,300 MT), Venezuela (10,000 MT), and El Salvador (9,200 MT). 
Exports of 107,900 MT were up 25 percent from the previous week and 73 percent from the prior 4-week average.  The destinations were primarily to Mexico (31,200 MT), Colombia (28,000 MT), Venezuela (20,000 MT), the United Kingdom (10,500
MT), and South Korea (7,000 MT).

Exports for Own Account:  For 2019/2020, the current exports for own account outstanding balance is 100 MT, all Canada.

Soybeans:  Net sales of 494,300 MT for 2019/2020 were down 23 percent from the previous week and 22 percent from the prior 4-week average.  Increases primarily for Indonesia (91,300 MT, including
55,000 MT switched from unknown destinations and decreases of 3,500 MT), Japan (89,800 MT, including 36,000 MT switched from unknown destinations and decreases of 2,100 MT), the Netherlands (82,400 MT, including 80,000 MT switched from unknown destinations),
Mexico (79,700 MT, including decreases of 1,200 MT), and Israel (41,200 MT), were offset by reductions for Nepal (100 MT).  For 2020/2021, total net sales of 3,400 MT were for Japan.  Exports of 957,800 MT were up 57 percent from the previous week, but down
10 percent from the prior 4-week average.  The destinations were primarily to China (269,500 MT), Mexico (139,900 MT), Japan (104,600 MT), the Netherlands (82,400 MT), and Indonesia (82,000 MT). 

Exports for Own Account:  For 2019/2020, the current exports for own account outstanding balance is 2,100 MT, all Canada.

Soybean Cake and Meal:  Net sales of 169,400 MT for 2019/2020 were down 28 percent from the previous week and 56 percent from the prior 4-week average.  Increases primarily for Bangladesh (47,000
MT switched from unknown destinations), the Dominican Republic (40,100 MT, including decreases of 3,000 MT), Libya (32,400 MT, including 29,500 MT switched from unknown destinations), Saudi Arabia (25,000 MT), and Canada (23,500 MT), were offset by reductions
for unknown destinations (79,600 MT) and Nicaragua (4,500 MT).  Exports of 237,100 MT were down 12 percent from the previous week, but up 10 percent from the prior 4-week average.  The destinations were primarily to Mexico (37,600 MT), Libya (32,400 MT), Ecuador
(30,300 MT), Colombia (29,600 MT), and Canada (21,600 MT).

Soybean Oil:  Net sales of 42,000 MT for 2019/2020 were primarily for South Korea (17,400 MT), the Dominican Republic (10,800 MT), Colombia (5,000 MT), Guatemala (3,500 MT), and Mexico (3,000
MT).  Exports of 87,500 MT–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average.  The destinations were primarily to South Korea (44,100 MT), Egypt (30,000 MT), Colombia (7,000 MT), Mexico (2,700 MT), and Haiti
(2,000 MT). 

Cotton:  Net sales of 235,300 RB for 2019/2020 were down 33 percent from the previous week and 30 percent from the prior 4-week average.  Increases primarily
for Vietnam (57,300 RB, including 700 RB switched from Japan and 400 RB switched from Taiwan), Pakistan (57,200 RB, including decreases of 27,100 RB), Turkey (46,600 RB, including 7,300 RB switched from Vietnam), South Korea (24,400 RB), and Indonesia (13,200
RB, including 2,700 RB switched from Japan), were offset by reductions primarily for Malaysia (12,500 RB), Japan (4,900 RB), China (1,100 RB), and Honduras (400 RB).  For 2020/2021, net sales of 141,200 RB were primarily for Indonesia (90,400 RB), Pakistan
(29,900 RB), and Malaysia (11,000 RB).  Exports of 375,700 RB were down 6 percent from the previous week, but up 5 percent from the prior 4-week average.  Exports were primarily to Pakistan (97,100 RB), Vietnam (85,200 RB), China (46,400 RB), Turkey (31,400
RB), and Indonesia (21,100 RB).  Net sales of Pima totaling 9,500 RB were down 13 percent from the previous week and 27 percent from the prior 4-week average.  Increases were primarily for India (3,600 RB), Pakistan (2,300 RB), Turkey (1,100 RB), El Salvador
(500 RB), and Germany (400 RB).  Exports of 10,200 RB were up 38 percent from the previous week and 25 percent from the prior 4-week average.  The primary destinations were India (4,400 RB), Pakistan (2,000 RB), Vietnam (900 RB), China (900 RB), and Peru (800
RB). 

Exports for Own Account:  For 2019/2020, new exports for own account totaling 1,400 RB were to Thailand (900 RB) and Vietnam (500 RB).  Exports for own account
totaling 6,500 RB primarily to Vietnam (3,600 RB), South Korea (1,000 RB), Thailand (900 RB), and Bangladesh (900 RB), were applied to new or outstanding sales.  Decreases were reported for India (900 RB).  The current exports for own account outstanding balance
of 33,900 RB is for Indonesia (17,900 RB), Bangladesh (5,300 RB), Vietnam (4,400 RB), India (3,400 RB), China (2,500 RB), and Malaysia (400 RB).

Hides and Skins: Net sales of 249,700
pieces for 2020 were up 5 percent from the previous week, but down 21 percent from the prior 4-week average.  Increases were primarily for China (98,600 whole cattle hides, including decreases of 17,100 pieces), Mexico (66,600 whole cattle hides, including
decreases of 2,300 pieces), Taiwan (29,600 whole cattle hides, including decreases of 600 pieces), South Korea (19,500 whole cattle hides, including decreases of 1,500 pieces), and Thailand (13,100 whole cattle hides, including decreases of 1,400 pieces). 
Exports of 420,400 pieces reported for 2020 were down 13 percent from the previous week and 7 percent from the prior 4-week average.  Whole cattle hide exports of 412,400 pieces were primarily to China (241,200 pieces), South Korea (74,200 pieces), Mexico
(45,100 pieces), Indonesia (16,000 pieces), and Thailand (15,900 pieces).  Whole kip skins exports of 8,000 pieces were to Belgium (5,400 kip skins), Italy (1,400 kip skins), and Mexico (1,200 kip skins).

Net sales of 104,900 wet blues for 2020 were up 13 percent from the previous week, but down 6 percent from the prior 4-week average.  Increases were primarily for Thailand
(41,000 unsplit), China (13,800 unsplit and 8,000 grain splits), Vietnam (17,900 unsplit and 100 grain splits), Italy (11,300 unsplit and 1,500 grain splits), and South Korea (4,100 grain splits).  Exports of 145,500 wet blues for 2020 were up 6 percent from
the previous week and 3 percent from the prior 4-week average.  The destinations were primarily to Vietnam (53,500 unsplit and 3,800 grain splits), China (27,800 unsplit and 2,200 grain splits), Italy (22,000 unsplit and 3,600 grain splits), Thailand (22,600
unsplit), and Mexico (4,400 unsplit and 2,000 grain splits).
Net sales reductions of splits, 9,100 pounds for 2020 resulting in increases for China (3,000 pounds), were  more than offset by reductions for Vietnam (12,100 pounds). 
Exports of 361,200 pounds were to Vietnam (358,200 pounds) and China (3,000 pounds).

Beef:
Net sales of 19,400 MT reported for 2020 were up 11 percent from the previous week, but down 10 percent from the prior 4-week average.  Increases were primarily for Japan (8,900 MT, including
decreases of 500 MT), South Korea (3,300 MT, including decreases of 600 MT), Mexico (2,400 MT, including decreases of 100 MT), Canada (1,800 MT), and Taiwan (500 MT).  Exports of 17,900 MT were up 6 percent from the previous week and 2 percent from the prior
4-week average.  The destinations were primarily to Japan (5,900 MT), South Korea (4,800 MT), Mexico (2,100 MT), Taiwan (1,600 MT), and Canada (1,000 MT). 

Pork:
Net sales of 23,700 MT reported for 2020 were down 17 percent from the previous week and 22 percent from the prior 4-week average.  Increases were primarily for Mexico (7,400 MT), Japan (3,300 MT), Canada (2,200 MT), Colombia (2,000
MT), and Chile (1,800 MT).  Exports of 42,200 MT
were down 2 percent from the previous week and 3 percent from the prior 4-week average.  The destinations were primarily to China (15,000 MT), Mexico (10,700 MT), Japan (5,200 MT), South Korea (4,300 MT), and Canada (2,400 MT).

            

                                                                                                  

 

U.S. EXPORT SALES FOR WEEK ENDING 2/13/2020

 

	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	166.1	1,852.1	2,565.7	222.1	6,483.1	4,724.6	6.2	87.1
SRW	16.1	364.1	941.7	45.2	1,854.3	1,851.1	31.5	56.7
HRS	78.4	1,488.5	1,468.7	166.5	4,898.8	4,658.6	22.4	105.4
WHITE	78.7	1,191.9	1,401.8	105.6	3,294.1	3,394.4	0.0	20.9
DURUM	7.0	148.4	119.2	56.0	679.8	357.8	0.0	61.0
TOTAL	346.3	5,045.0	6,497.2	595.3	17,210.1	14,986.5	60.1	331.0
BARLEY	0.1	15.5	27.8	0.4	33.4	30.4	0.0	30.5
CORN	1,249.2	12,357.3	13,559.8	761.2	12,651.2	24,756.2	1.0	1,259.9
SORGHUM	49.6	248.3	98.3	85.2	974.4	630.3	33.0	33.0
SOYBEANS	494.3	5,041.4	13,458.7	957.8	28,405.5	23,304.1	3.4	319.9
SOY MEAL	169.4	3,562.5	3,761.7	237.1	4,122.6	4,616.8	0.0	87.3
SOY OIL	42.0	253.0	190.9	87.5	430.4	307.2	0.0	0.5
RICE
L G RGH	55.3	418.1	301.6	77.8	835.6	634.4	0.0	0.0
M S RGH	0.0	42.8	4.5	0.5	17.5	23.1	0.0	0.0
L G BRN	0.4	11.5	5.7	11.1	33.1	27.3	0.0	0.0
M&S BR	0.1	60.7	90.2	5.4	29.9	50.7	0.0	0.0
L G MLD	17.8	107.3	88.9	2.5	591.1	530.3	0.0	0.0
M S MLD	33.0	151.4	188.8	10.6	345.7	267.9	0.0	0.0
TOTAL	106.6	791.9	679.8	107.9	1,852.9	1,533.8	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	235.3	7,189.5	6,851.5	375.7	6,243.2	5,004.4	141.2	1,284.1
PIMA	9.5	227.1	226.3	10.2	222.9	283.1	0.0	35.3