FW: FI Morning Grain Comments 05/21/20

PDF attached

 

 

 

 

Weather

The
US CPC looks for above normal temperatures for June-August period.

 

UNITED
STATES

• No
  serious changes were noted over the next week to ten days, although the day to day distribution of greatest rainfall gets adjusted periodically
  • Frequent
    rain occurs across the Midwest tonight into the end of next week
  • There
    is a little more rainfall in the lower Midwest for late next week than suggested on previous GFS model runs
    
    • This
      feature was overdone
• Cooler
  air is still being advertised to push into the Midwest briefly after the frequent rainfall occurs through the middle to latter part of next week
  • The
    GFS is cooler this morning than its previous model run with a deeper trough of low pressure over eastern North America in the last days of May and early June
• Less
  rain occurs in the last days of May and early June while the cool air is in place
• GFS
  model brings a reinforcing shot of cool air to the Midwest in early June with some rain preceding that event across the Midwest
  • This
    reinforcing shot of cool air and rainfall may be overdone
• Periods
  of rain occur in the southern Plains during the next ten days to two weeks and the morning GFS model run is wetter over the region and has brought significant rain to the high Plains region from Colorado and western Kansas into western Texas
  • Some
    of this rainfall was overdone, but some increase is possible if the cooler air moves through the eastern U.S. as advertised in the last days of May or early June; World Weather, Inc. believes the cold and rain are overdone

 

SOUTH
AMERICA

• No
  serious changes were noted in the first week of the outlook
• The
  second week was a little less wet for western and southern Brazil than the previous model run and the change was needed
• Some
  rain was removed from southern Argentina late next week and that change was needed

 

The
overall bottom line does not change. Argentina will get some rain in the east today and Friday but be dry during the following week favoring a return of fieldwork. Some western and southern areas in Argentina will need significant rain soon to support wheat
planting and establishment. Brazil rainfall will continue periodic from Rio Grande do Sul to Parana and from that region through Parana and Mato Grosso do Sul to southwestern Mato Grosso where soil and crop conditions will continue most favorable. Areas to
the northeast will see more limited rainfall and experience net drying. Rain in these wetter areas is expected today into Saturday and then again in the early days of June.

 

EUROPE/BLACK
SEA

•  No
  significant change was noted in the first week of the outlook
• Rain
  was reduced from eastern Romania and eastern Bulgaria into western Ukraine for late May 28-30
  • Some
    of the reduction was needed
• Showers
  were increased in Poland and areas southward into Austria May 28-30
  • The
    increase was needed
• Showers
  were removed from France and northern Spain
  • Too
    much rain was removed
• Scattered
  showers were removed from much of Europe May 31-June 2
  • Some
    reduction was needed especially in western Europe
• Rain
  was removed from much of Europe June 3-4
  • This
    change was needed, although too much rain was removed from parts of the region
• Rain
  was increased in northeastern Europe and northwestern parts of Russia
  • Some
    increase was needed

Overall,
a favorable scattering of showers and thunderstorms should impact the western CIS and eastern Europe during the coming week to ten days maintaining a favorable environment for crop development in many areas. Some dryness will remain in parts of Kazakhstan
and parts of Russia’s Southern Region, but World Weather, Inc. does not perceive the situation in these areas getting worse. Recent precipitation has brought some improvement, but production cuts because of poor planting an establishment conditions occurred
last autumn and a tough start to the growing season earlier this spring. Spring wheat areas should get enough moisture to experience fair to good development potential. Western Europe, in the meantime, will continue to dry out for a while and that will bring
on increasing moisture stress for crops in the U.K., northern France and possibly some areas in western Germany, Belgium and Netherlands.

Source:
World Weather Inc. and FI

 

Source:
World Weather Inc. and FI

 

Source:
World Weather Inc. and FI

 

 

Seven-day
outlook:

 

Bloomberg
Ag Calendar

THURSDAY,
May 21:

• USDA
  weekly crop net-export sales for corn, soybeans, wheat, cotton, 8:30am
• Port
  of Rouen data on French grain exports
• USDA
  red meat production, 3 pm
• U.S.
  cold storage – pork, beef, poultry
• HOLIDAY:
  France, Germany, Belgium, Indonesia

FRIDAY,
May 22:

• ICE
  Futures Europe weekly commitments of traders report on coffee, cocoa, sugar positions
• 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, poultry slaughter, 3 pm
• Shanghai
  exchange’s weekly commodities inventory, 15.30
• EARNINGS:
  Sime Darby Plantation

SATURDAY,
May 23:

• China
  May trade data, including agricultural imports

Source:
Bloomberg and FI

 

 

 

 

USDA
Export Sales

• US
  pork export sales slumped to 5,800 tons. 
• Soybeans
  were above expectations at 1.205 million tons. China was the dominant buyer of soybeans at 737,400 tons (decrease of 600 tons).  Meal was 198,800 tons with shipments at 208,900 tons and soybean oil export sales at a very good 62,100 tons with shipments at
  11,700 tons.
• All-wheat
  export sales were 175,800 tons. New-crop was better at 252,400 tons. Combined they were within expectations. 
  
• Corn
  export sales came in at 884,200 tons, within expectations. 
• US
  sorghum export sales were 83,100 tons. 

 

 

 

 

Macros

·        
US Initial Jobless Claims May-16: 2438K (exp 2400K; prev 2981K)

–         
Continuing Claims May-9: 25073K (exp 24250K; prev 22833K)

·        
US Philadelphia Fed Business Outlook May: -43.1 (exp -40.0; prev -56.6)

 

 

 

 

Corn.

·        
Corn futures were moderately lower on lower soybeans and higher wheat. China will start its seasonal auction for corn on May 28. 

·        
Some sections of the northern IL river are closed due to flooding. 

·        
China is expected to receive around 9,000 tons of US ethanol after the country waived tariffs. 

·        
The weekly USDA Broiler Report showed eggs set in the US down 2 percent and chicks placed down 10 percent.  Cumulative placements from the week ending January 4, 2020 through May 16, 2020 for the United States were 3.70 billion. Cumulative
placements were down slightly from the same period a year earlier.

·        
US ethanol production for the week ending 5/15 rose less than expected, up 46,000 barrels to 663,000, highest since early April.  Stocks declined a large 564,000 barrels reflecting a rebound in consumption, even though gasoline supplied
fell from the previous week.  A Bloomberg poll looked for weekly US ethanol production to be up 54,000 stocks to decrease 275,000 barrels to 23.915 million.

 

Corn
Export Developments

·        
China plans to sell 4 million tons of corn from state reserves on May 28.  This would be the first auction of the season.  3.66 million tons of corn is from 2015. 

 

 

Soybean
complex.

• Soybean
  complex is trading lower on lack of confirmation of China buying this week out of the US.
  
• July
  soybeans 50-day MA is at $8.5375. 
• APK-Inform
  reported Ukrainian sunflower oil export prices rose to $725-$735 per ton FOB Black Sea from $700-$705 a week earlier.

• No
  Rotterdam cash prices are available as parts of Europe are on holiday.  
  
• Offshore
  values for the week were leading CBOT soybean oil 5 points higher and meal $0.10 lower. 
  

·        
China

·        
China cash crush margins as of this morning, using our calculation, were 72 cents per bushel (71 previous) and compares to 77 cents a week ago and 75 cents around this time last year. 
Early
April crush margins were over $2.00. 

·        
CNGOIC reported China bought 10 cargoes of palm oil for June-October loading. 

·        
Malaysia said they are committed to maintaining good relations with India. Recently Indian buyers purchased up to 200,000 tons of Malaysian palm oil for June and July.

·        
Malaysian palm plantations continue to see a worker shortage.  They rely on foreigners for 70 percent of the plantation workforce.  

·        
Malaysian palm:

 

University
of Illinois Hubbs,
T. and S. Irwin. “The Impact of Late Planting on U.S. Average Soybean Yield.”
farmdoc daily (10):93,  Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, May 20, 2020.

https://farmdocdaily.illinois.edu/2020/05/the-impact-of-late-planting-on-u-s-average-soybean-yield.html?utm_source=farmdoc+daily+and+Farm+Policy+News+Updates&utm_campaign=b6d7df2591-FDD_RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_2caf2f9764-b6d7df2591-173649469

 

Oilseeds
Export Developments

• None
  reported

 

Wheat

• CBOT
  July Chicago, July KC and July MN wheat are again higher this morning on reductions to Russia’s grain and US wheat crop prospects. 
  
• South
  Korea is in for US wheat.
• Western
  Europe will dry down over the next week to ten days.  Eastern Europe will see a good mix of rain and sunshine.  Warmer weather is needed for parts of southern Russia and Ukraine were cool air is expected to continue into next week.  The western CIS will see
  a mix of erratic rain and sunshine through the middle of next week. 

• Russia’s
  IKAR lowered their Russia’s 2020 wheat crop to 76.2 million tons from 77.2 million tons.  Recently the Russian AgMin pegged the 2020 grain crop at 120 million tons from 125.3 million previously, and slightly less than in 2019. 
  
• KS
  and OK crop tour yield estimates are indicating they will below USDA’s projections.
  
• Harvesting
  of winter wheat across TX and OK is expected to slow in the coming days from rain showers. 
  
• Paris
  December wheat futures were up 0.50 euro to 190.25 euros earlier this morning.

 

2020
Kansas Wheat Tour

• The
  Kansas Wheat Commission, the Kansas State University extension and the Kansas Department of Agriculture crop tour showed day one and two average yield for west-central, southwest, north-central and northwest Kansas, at 42.0 bpa, below 47 projected by USDA
  for the entire state. 
• Day
  two results: 32.9 bu/acre in southwest Kansas and 42.5 bu/acre in west-central Kansas.
  
• The
  Oklahoma Wheat Commission believes the wheat crop will be closer to 85-90 million bushels rather than the 96.5 million projected on May 5.  USDA is at 102.6 million bu.
  

http://kswheat.com/harvest/hrw-virtual-wheat-tour

#wheattour20

 

 

Export Developments.

• Results awaited: South Korea’s Kofmia seeks about 90,000 tons of milling wheat for August and September arrival.  Much or all the wheat could be of US origin. 
  

• Results awaited: Syria seeks 200,000 tons of soft wheat on May 20.
• Japan bought 110,573 tons of food wheat. Original details as follows:

• Japan seeks 80,000 tons of feed wheat and 100,000 tons of feed barley to be loaded by August 31 and arrive in Japan by October 29, in its weekly (SBS) tender system, on May 27.

 

Rice/Other

• None reported
  

 

 

 

 

U.S. EXPORT SALES FOR WEEK ENDING 5/14/2020                               

	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	52.7	1,170.2	1,306.7	127.0	8,768.4	8,011.9	80.3	1,071.1
SRW	7.9	193.8	262.8	12.0	2,254.9	3,098.8	44.6	337.8
HRS	81.8	1,185.7	595.5	137.6	6,688.9	6,511.5	42.3	552.7
WHITE	33.4	742.1	490.8	91.4	4,567.8	4,933.1	78.2	355.7
DURUM	0.0	100.8	27.9	0.0	883.3	476.0	7.0	219.0
TOTAL	175.8	3,392.6	2,683.7	368.0	23,163.3	23,031.4	252.4	2,536.3
BARLEY	0.2	9.8	20.2	0.6	40.3	41.0	0.0	31.0
CORN	884.2	12,804.5	9,460.1	1,261.3	26,673.9	37,880.2	-29.4	3,338.5
SORGHUM	83.1	1,282.8	599.8	263.8	2,389.7	1,010.6	32.0	195.0
SOYBEANS	1,205.0	6,406.7	11,838.2	500.0	35,111.2	33,934.7	464.0	2,129.4
SOY MEAL	198.8	2,250.5	2,848.7	208.9	7,586.6	7,862.6	0.0	235.1
SOY OIL	62.1	296.3	149.0	11.7	787.8	557.0	0.5	11.0
RICE
L G RGH	69.3	262.2	259.5	61.9	1,216.7	1,024.3	0.0	0.0
M S RGH	4.5	37.2	35.7	1.5	59.2	63.9	0.0	0.0
L G BRN	3.8	20.5	4.4	0.5	46.4	31.9	0.0	0.0
M&S BR	2.1	56.9	13.9	2.7	59.2	132.7	0.0	0.0
L G MLD	30.8	66.2	64.7	44.5	797.8	699.0	0.0	0.0
M S MLD	2.8	178.9	181.2	8.8	531.8	439.6	0.0	0.0
TOTAL	113.3	622.0	559.4	119.9	2,711.1	2,391.4	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	128.9	5,481.1	5,052.7	252.2	10,810.1	9,569.5	120.2	2,650.0
PIMA	0.6	136.5	218.9	4.6	410.3	488.4	0.0	33.8

 

 

 

Export Sales Highlights 

This summary is based on
reports from exporters for the period May 8-14, 2020.

Wheat: 
Net sales of 175,800 metric tons for 2019/2020 were down 14 percent from the previous week and 39 percent from the prior 4-week average.  Increases primarily for the Philippines (59,000 MT), South Korea (37,700 MT), unknown destinations (31,200 MT), Italy
(20,900 MT), and Mexico (17,700 MT, including decreases of 100 MT), were offset by reductions for the Dominican Republic (6,300 MT).  For 2020/2021, net sales of 252,400 MT were primarily for unknown destinations (128,000 MT), the Philippines (50,000 MT),
Mexico (42,200 MT), the Dominican Republic (9,800 MT), and Chile (7,500 MT).  Exports of 368,000 MT were unchanged from the previous week, but down 23 percent from the prior 4-week average.  The destinations were primarily to Japan (69,300 MT), the Philippines
(64,200 MT), South Korea (56,500 MT), Mexico (54,000 MT), and Taiwan (53,200 MT).

Corn:  Net sales of 884,200 MT for 2019/2020 were down 18 percent from the previous week and 10 percent from the prior 4-week average.  Increases
primarily for Japan (332,600 MT, including 39,600 MT switched from unknown destinations and decreases of 4,100 MT), Mexico (215,000 MT, including 30,000 MT switched from unknown destinations and decreases of 5,200 MT), South Korea (133,000 MT, including decreases
of 2,900 MT), Peru (64,000 MT), and the Dominican Republic (35,000 MT), were offset by reductions for the French West Indies (4,400 MT) and Egypt (2,400 MT).  For 2020/2021, net sales reductions of 29,400 MT resulting in increases for Honduras (3,700 MT),
Canada (1,100 MT), and Guatemala (400 MT), were more than offset by reductions for Mexico (34,500 MT).  Exports of 1,261,300 MT were down 4 percent from the previous week, but up 10 percent from the prior 4-week average.  The destinations were primarily to
Mexico (362,900 MT), Japan (263,800 MT), China (129,600 MT), South Korea (122,000 MT), and Colombia (115,100 MT).  Optional Origin Sales:  For 2019/2020, options were exercised to export 65,000 MT to South Korea from the United States.  The current outstanding
balance of 777,000 MT is for South Korea (517,000 MT), Vietnam (195,000 MT), and Taiwan (65,000 MT).

 

Barley:
Net sales of 200 MT for 2019/2020 were reported for Taiwan.  Exports of 600 MT were down 5 percent from the previous week, but up noticeably from the prior 4-week average.  The destination was Japan.

 

Sorghum: 
Net sales of 83,100 MT for 2019/2020 were down noticeably from the previous week and down 29 percent from the prior 4-week average.  Increases for China (131,500 MT, including 116,000 MT switched from unknown destinations and decreases of 200 MT), were offset
by reductions for unknown destinations (48,000 MT) and Japan (300 MT).  For 2020/2021, net sales of 32,000 MT for China (65,000 MT), were offset by reductions for New Zealand (33,000 MT).  Exports of 263,800 MT–a marketing-year high–were up noticeably from
the previous week and up 91 percent from the prior 4-week average.  The destinations were primarily to China (254,100 MT) and
Japan (9,700 MT).

 

Rice: 
Net sales of 113,300 MT for 2019/2020 were up noticeably from the previous week and from the prior 4-week average.  Increases
were primarily for Mexico (80,300 MT), Honduras (19,300 MT), Canada (5,300 MT), Haiti (3,200 MT, including decreases of 500 MT), and South Korea (2,000 MT). 
Exports of 119,900 MT were up 60 percent from the previous week and up noticeably from the prior 4-week average.  The destinations
were primarily to Mexico (64,100 MT), Colombia (25,900 MT), Haiti (14,900 MT), South Korea (4,600 MT), and Japan (3,100 MT).

Exports for Own Account:  For 2019/2020, new exports for own account totaling 100 MT were to Canada.  The current exports for own account outstanding
balance is 100 MT, all Canada.

 

Soybeans: 
Net sales of 1,205,000 MT for 2019/2020 were up 99 percent from the previous week and 80 percent from the prior 4-week average.  Increases were primarily for China (737,400 MT, including decreases of 600 MT), unknown destinations (177,700 MT), Egypt (89,300
MT, including 85,800 MT switched from unknown destinations and decreases of 400 MT), Italy (38,600 MT), and Canada (28,800 MT).  For 2020/2021, net sales of 464,000 MT were for China (462,000 MT) and Taiwan (2,000 MT).  Exports of 500,000 MT were up 18 percent
from the previous week and 2 percent from the prior 4-week average.  The destinations were primarily to Egypt (137,300 MT), China (76,700 MT), Mexico (61,300 MT), Italy (38,600 MT), and Taiwan (36,000 MT). 

Exports for Own Account: 
For 2019/2020, the current exports for own account outstanding balance is 2,100 MT, all Canada. 
Export Adjustments: Accumulated exports of soybeans to Italy were adjusted down 48,605 MT for week ending May 7th.  These exports were reported in error.

 

Soybean Cake and Meal: 
Net sales of 198,800 MT for 2019/2020 were up 96 percent from the previous week and 59 percent from the prior 4-week average.  Increases primarily for the Philippines (140,200 MT), the Dominican Republic (17,500 MT), Canada (12,300 MT), Morocco (8,000 MT),
and Peru (6,000 MT), were offset by reductions primarily for the French West Indies (4,300 MT) and Guatemala (300 MT).  Exports of 208,900 MT were up 20 percent from the previous week, but down 14 percent from the prior 4-week average.  The destinations were
primarily to the Philippines (50,800 MT), Mexico (34,700 MT), Ecuador (32,100 MT), Colombia (25,300 MT), and Canada (24,700 MT). 

 

Soybean Oil: 
Net sales of 62,100 MT for 2019/2020 were primarily for South Korea (22,000 MT),
China (20,000 MT), Guatemala (6,000 MT), Colombia (5,500 MT), and the Dominican Republic (5,400 MT).  For 2020/2021, total net sales of 500 MT were for Mexico.  Exports of 11,700 MT were down 82 percent from the previous week and 67 percent from the prior
4-week average.  The destinations were to Guatemala (5,500 MT), Colombia (3,000 MT), Mexico (2,900 MT), and Canada (300).

 

Cotton: 
Net sales of 128,900 RB for 2019/2020 were down 46 percent from the previous week and 51 percent from the prior 4-week average.  Increases primarily for China (153,600 RB, including 1,800 RB switched from Vietnam and decreases of 5,500 RB), Turkey (5,400 RB,
including decreases of 1,000 RB), Vietnam (3,900 RB, including decreases of 3,800 RB), Nicaragua (2,200 RB switched from Vietnam), and Taiwan (2,200 RB), were offset by reductions primarily for Bangladesh (16,300 RB), Thailand (11,900 RB), Japan (4,000 RB),
Malaysia (3,500 RB), and Mexico (2,800 RB).  For 2020/2021, net sales of 120,200 RB were primarily for China (79,200 RB), Bangladesh (19,800 RB), and Thailand (11,200 RB).  Exports of 252,200 RB were up 4 percent from the previous week, but down 11 percent
from the prior 4-week average.  Exports were primarily to China (64,100 RB), Vietnam (58,500 RB), Pakistan (34,200 RB), Bangladesh (22,300 RB), and Turkey (20,800 RB).  For 2019/2020, net sales of Pima totaling 600 RB were primarily for Turkey (300 RB) and
South Korea (300 RB).  Exports of 4,600 RB were down 42 percent from the previous week and 27 percent from the prior 4-week average.  The destinations were primarily to Pakistan (1,300 RB), China (1,100 RB), Turkey (600 RB), Bahrain (400 RB), and Indonesia
(400 RB).  Exports for Own Account:  For 2019/2020, new exports for own account totaling 3,300 RB were to China (2,200 RB), Thailand (900 RB), and Vietnam (300 RB).  Exports for own account totaling 900 RB to Thailand were applied to new or outstanding
sales.  Decreases were reported for China (900 RB).  The current exports for own account outstanding balance of 20,500 RB is for China (10,700 RB), Indonesia (8,200 RB), Bangladesh (1,000 RB), and Vietnam (600 RB).  

Export Adjustments: Accumulated exports of Pima to Turkey were adjusted down 85 RB for week ending February 6^th and 85 RB for week ending
February 13th.  These exports were reported in error.

 

Hides and Skins:
Net sales of 354,100 pieces for 2020 were up 24 percent from the previous week, but down 9 percent from the prior 4-week average.  Increases were reported for China (323,600 whole cattle hides, including decreases of 45,600 pieces), South Korea (11,400 whole
cattle hides, including decreases of 5,100 pieces), Thailand (9,000 whole cattle hides, including decreases of 300 pieces), Vietnam (4,700 whole cattle hides, including decreases of 100 pieces), and Brazil (1,400 whole cattle hides).  Additionally, net sales
reported for Italy (1,800 calf skins, including decreases of 300 calf skins) and Belgium (1,100 kip skins, including decreases of 400 kip skins), were offset by reductions for Canada (100 kip skins).  Exports of 417,000 pieces reported for 2020 were up 6 percent
from the previous week and 10 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (354,800 pieces), South Korea (19,700 pieces), Thailand (9,300 pieces), Indonesia (9,100 pieces), and Taiwan (5,200 pieces).  In addition,
there were exports primarily to Italy (1,800 calf skins) and Belgium (2,600 kip skins).

 

Net sales of 19,800 wet blues
for 2020 were down 39 percent from the previous week and 68 percent from the prior 4-week average.  Increases reported for Italy (21,400 unsplit, including decreases of 200 unsplit), China (800 unsplit, including decreases of 100 unsplit), Taiwan (600 unsplit),
and Vietnam (200 grain splits), were offset by reductions for Brazil (3,000 unsplit and 100 grain splits).  Exports of 62,000 wet blues for 2020 were down 18 percent from the previous week and 17 percent from the prior 4-week average.  The destinations were
to Italy (43,300 unsplit), Thailand (8,800 unsplit), Brazil (4,500 grain splits), Vietnam (2,300 unsplit and 2,000 grain splits), and China (1,200 unsplit).  No net sales of splits were reported for the week.  Exports of 81,000 pounds–a marketing-year low–were
to China (41,000 pounds) and Vietnam
(40,000 pounds).

 

Beef:
Net sales of 4,000 MT reported for 2020–a marketing-year
low–were down 4 percent from the previous week and 47 percent from the prior 4-week average.  Increases primarily for Japan (2,900 MT, including decreases of 900 MT), South Korea (1,000 MT, including decreases of 200 MT), Hong Kong (300 MT, including decreases
of 200 MT), China (200 MT), and the Philippines (200 MT, including decreases of 100 MT), were offset by reductions primarily for Mexico (400 MT) and Taiwan (100 MT).  Exports of 11,000 MT were down 10 percent from the previous week and 16 percent from the
prior 4-week average.  The destinations were primarily to Japan (4,000 MT), South Korea (2,700 MT), Hong Kong (1,400 MT), Canada (900 MT), and Taiwan (700 MT).

Pork:
Net sales reductions of 5,800 MT reported for 2020 resulting in increases for Japan (3,200 MT, including decreases of 600 MT), Canada (1,000 MT, including decreases of 500 MT), Nicaragua (800 MT), Mexico (700 MT, including decreases of 1,900 MT), and
South Korea (400 MT, including decreases of 1,100 MT), were more than offset by reductions for China (12,600 MT) and Chile (700 MT).  Exports of 49,700 MT–a marketing-year high–were up noticeably from the previous week and up 36 percent from the prior 4-week
average.  The destinations were primarily to China (19,800 MT), Mexico (13,600 MT), Japan (6,100 MT), South Korea (4,100 MT), and Canada (2,000 MT).