FI Evening Grain Comments 03/16/23

PDF Attached

 

USDA
export sales for the complex, corn and wheat were within expectations. Sorghum sales were a marketing year high.

 

WTI
crude oil rebounded, USD was lower and US equities turned higher. Soybeans ended mixed (bull spreading), meal lower and soybean oil higher. Corn was firm led by nearby positions and US wheat settled lower from technical selling. China bought additional US
corn.

 

Weather

 

 

 

MOST
IMPORTANT WEATHER FOR THE DAY

• Europe
  temperatures will rise well above normal once again in the coming week to ten days
• Precipitation
  will be minimal in this first week of the outlook inducing net drying across much of the continent
• Rain
  will then increase in western parts of Europe during the latter part of next week and in the following weekend
• Winter
  crops will green up in many areas across southern Europe during the coming ten days
• Europe
  dryness remains a concern in eastern Spain and the lower Danube River Basin
• Western
  CIS crop weather continues warmer than usual
• Aggressive
  snow melt is occurring in portions of northwestern Russia
• Wheat
  is likely greening in portions of Ukraine and southern parts of Russia’s Southern Region
• North
  Africa drought like conditions are prevailing and limited rainfall over the next ten days will perpetuate the situation in many areas
• Widespread
  rain is needed and it is needed now more than any other time since wheat and barley are reproducing and filling
• Lower
  production is expected because of dryness this season
• Some
  rain is expected Friday into Sunday in north-central and northeastern parts of Algeria
  
• Northwestern
  Russia and the Baltic States into the Volga-Vyatsk will experience waves of snow and some rain during the coming ten days maintaining moisture abundance and raising the potential for flooding in some of the wettest areas
• India’s
  unsettled weather expected today through the first half of next week may raise some concern over wheat, rapeseed and mustard quality, although none of the rain is expected to be heavy or persistent enough to seriously harm most crops
• India’s
  greatest rain will be in the southeast part of the nation where rice and some sugarcane may benefit from it
• China’s
  rapeseed and rice production region in the Yangtze River Basin will experience waves of rain during the next ten days bolstering soil moisture for aggressive crop development and improved rice planting conditions
• Some
  excessive rainfall is possible
• Southern
  coastal rice producing areas may still need a boost in precipitation to support early rice planting
• Yunnan
  corn and rice areas will continue to experience below normal precipitation possibly threatening early season crops
• There
  is plenty of time for improved rainfall, though
• China’s
  wheat production region in the Yellow River Basin and North China Plain is unlikely to get much precipitation for a while and temperatures will briefly cool to near normal before turning around and rising above normal again during the last week of this month
• Wheat
  greening and early development has already begun in this region because of warm temperatures
• Soil
  moisture is being depleted by the warmth and seasonal rains are unlikely until May
• A
  couple of timely rain events will be needed in April to support early season crop development
• Argentina
  rainfall early next week is most likely from Cordoba to northern Buenos Aires and Entre Rios where relief from dryness is expected
• Rain
  totals of 0.50 to 1.75 inches are expected and some of that will fall in one of the drier biased areas, although more rain will be needed farther north in central parts of the nation where the most serious dryness is present
• This
  event has potential to produce more significant rain, but confidence is a little low today even though both the GFS and ECMWF models are generating some 1.00 to 3.00 and local totals over 4.00 inches
• Brazil’s
  forecast has not changed much from that of Wednesday
• Restricted
  rain is expected for a while from northern Rio Grande do Sul through northern Parana to southern Minas Gerais
• This
  change will support better drying conditions between light showers and support some improvement in soybean harvesting and Safrinha corn planting conditions
• Rain
  is expected frequently in northern Brazil from Mato Grosso to Tocantins, Maranhao and Piaui during the next ten days supporting good late season crop development, but the moisture will slow fieldwork
• Eastern
  Australia’s summer crop areas have fallen back into a drier biased environment which will stress dryland crops in New South Wales where not much rain fell last week
• Queensland’s
  dryland crops are likely still benefiting from last week’s rain, although more moisture might be welcome
• The
  drier bias will last for at least the next ten days
• The
  drier bias is good for early season crop maturation and harvest progress
• South
  Africa precipitation will be sporadic and light over the next ten days allowing early season crops to mature favorably and promote some early season harvesting
• Rain
  will be needed soon, though, for late season crops
• U.S.
  hard red winter wheat production areas continue in the midst of the most serious drought in North America and not much precipitation is expected for a while
• U.S.
  Delta, Midwest and southeastern states will remain favorably to abundantly moist over the next ten days resulting in some slower spring planting and early season crop development potential in some areas
• U.S.
  Northwestern Plains and southwestern Canada’s Prairies will remain in a drought pattern for the next couple of weeks
• U.S.
  northeastern Plains and upper Midwest will remain vulnerable to flooding later this spring wheat the region’s deep snowpack melts
• An
  active weather pattern might bring more moisture into the region while snow is melting
• No
  snowmelt of significance is expected through the end of March
• U.S.
  Pacific Northwest will experience a boost in precipitation next week that will benefit dryland winter crop
• Most
  of the region’s winter crops are rated favorably with little change likely
• Canada’s
  Prairies will not see much snow for a while, although some is expected next week in southern most parts of the region
• South
  Texas and the Texas Coastal Bend planting of corn, sorghum and some cotton is underway, but dryland production areas (especially in the south) need significant rain
• Some
  precipitation is expected over the next ten days, but more will be needed to bolster soil moisture for long term crop development especially in unirrigated areas
• West
  Texas precipitation will continue restricted over the next two weeks, although totally dry weather may not occur
• Some
  parts of the dryland production region need a tremendous amount of rain to restore soil moisture and water supply
• Precipitation
  in California will continue periodically over the coming two weeks maintaining soil moisture abundance and impressive snow depths
• Runoff
  potentials this spring and summer will be impressive from the mountain snowpack
  
• West-central
  Africa rainfall is expected to increase Friday of this week through Friday of next week bolstering soil moisture and improving conditions for flowering coffee and cocoa
• Turkey
  will receive frequent bouts of rain over the next ten days bolstering soil moisture for wheat development and rice and cotton planting
• Other
  spring planting will benefit from the coming moisture boost
• Other
  areas in the Middle East will also experience a boost in precipitation
• Syria,
  northern Iraq and much of Iran will receive significant rainfall as will some areas in Afghanistan and northern Pakistan
• Philippines
  rainfall will be light to locally moderate most days through the coming week
  
• Weather
  conditions in the next ten days should be mostly good for the nation
• Indonesia
  and Malaysia rainfall will occur abundantly during the next two weeks with all areas impacted and no area experiencing much net drying
• Mainland
  areas of Southeast Asia will receive very little rain of significance in this coming week, but a notable boost in rain may occur in the last week of this month
• Eastern
  Africa precipitation is expected to scatter from Tanzania to Ethiopia over the next ten days
• The
  moisture will be good for ongoing crop development
• Eastern
  Mexico and portions of Central America will receive rain during the next ten days
• The
  precipitation will be most organized in Central America with Costa Rica and Panama wettest, but some areas in western Honduras, northwestern Nicaragua and Guatemala this weekend into next week
  
• Moisture
  totals may be enough to stimulate premature coffee flowering and that potential event should be closely monitored
• Most
  likely the advertised rain is overdone and will be reduced in future forecast model runs.
  
• Mexico
  rainfall will continue erratic and light as it has been
• Today’s
  Southern Oscillation Index was +1.89 and it was expected to move lower over the coming week

Source:
World Weather, INC.

 

Bloomberg
Ag calendar

Thursday,
March 16:

• IGC
  grains market report
• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• Eurasian
  agri- commodities conference, Kazakhstan, day 2
• Port
  of Rouen data on French grain exports

Friday,
March 17:

• ICE
  Futures Europe weekly commitments of traders report
• CFTC
  commitments of traders weekly report on positions for various US futures and options, 3:30pm
• FranceAgriMer’s
  weekly crop conditions reports
• USDA
  cattle on feed

Source:
Bloomberg and FI

 

 

 

 

 

US
RIN Generation

U.S.
GENERATED 514 MLN BIODIESEL (D4) BLENDING CREDITS IN FEBRUARY, VS 523 MLN IN JANUARY -EPA

U.S.
GENERATED 1.13 BLN ETHANOL (D6) BLENDING CREDITS IN FEBRUARY, VS 1.22 BLN IN JANUARY -EPA

 

Vs.
2022

U.S.
GENERATED 395 MLN BIODIESEL (D4) BLENDING CREDITS IN FEBRUARY, VS 355 MLN IN JANUARY -EPA

U.S.
GENERATED 1.07 BLN ETHANOL (D6) BLENDING CREDITS IN FEBRUARY, VS 1.21 BLN IN JANUARY -EPA

 

Macros

US
Initial Jobless Claims: 192K (exp 205K; prevR 212K)

Continuing
Claims: 1684K (exp 1720K; prevR 1713K)

US
Housing Starts Feb: 1450K (exp 1310K; prevR 1321K)

Housing
Starts (M/M) Feb: 9.8% (exp 0.1%; prevR -2.0%)

US
Building Permits Feb: 1524K (exp 1343K; prev 1339K)

Building
Permits (M/M) Feb: 13.8% (exp 0.3%; 0.1%)

US
Import Price Index (M/M) Feb: -0.1% (exp -0.2%; prevR -0.4%)

Import
Price Index Ex Petroleum (M/M) Feb: -0.4% (exp 0.1%; prevR 0.3%)

Import
Price Index (Y/Y) Feb: 0.2% (exp -1.1%; prevR 0.5%)

Global
Crude Oil Production Fell To A 7-Month Low In January – IEF Citing JODI

US
Philadelphia Fed Business Outlook March: -23.2 (exp -15.0; prev -24.3)

Canadian
Wholesale Trade Sales (M/M) Jan: 2.4% (exp 3.0%; prevR -0.7%)

ECB
Hikes Main Refinancing Rate By 50Bps To 3.50%, As Expected

–         
Hikes Marginal Lending Facility Rate By 50Bps To 3.75%, As Expected

–         
Hikes Deposit Facility Rate By 50Bps To 3.0%, As Expected

US
EIA NatGas Storage Change (BCF) 10-Mar: -58 (est -61; prev -84)

–
Salt Dome Cavern NatGas Stocks (BCF): +5 (prev 0)

 

 

Corn

·        
Spreads for corn futures continued
to widen today after China confirmed they bought a large amount of corn from the US. They bought additional 641,000 tons of corn this morning.
Total
US commitments to China are little more than half what they were a year ago. Latest export sales report shows 375,000 outstanding plus 4.185 MMT accumulated exports. Adding the latest 1.92 MMT 24-H sales, total commitments are running at about 6.5 MMT total
commitments, well below 12.1 million tons year earlier.

·        
BA Grains Exchange estimated the Argentina corn crop at 36 million tons from 37.5 million earlier.

·        
Uruguay confirmed bird flu disease cases are spreading.

·        
EIA’s Annual Energy Outlook 2023 was released today.
https://www.eia.gov/todayinenergy/detail.php?id=55860&src=email

·        
Bloomberg: US Cattle on Feed Placements Seen Falling 6.6%. February placements onto feedlots seen falling y/y to 1.75m head, according to a Bloomberg survey of ten analysts. That would be the sixth y/y decline in a row. Reuters
estimates below.  Due out Friday after the close.

·        
USDA’s Broiler Report showed eggs set in the US up slightly and chicks placed down slightly. Cumulative placements were up 1 percent from the same period a year earlier.

·        
US corn export sales were withing expectations. Sorghum net sales of 293,300 tons were a marketing-year high.

·        
Reuters: “China has bought in advance at least 1.5 million tons of Brazil’s Safrinha crop, representing more than 10% of total forward sales of the staple product. Farmers have sold an estimated 14 million tons of their next Safrinha
crop, traders said.”

 

U
of I: Further Perspective on Trends in the Operational Efficiency of the U.S. Ethanol Industry

Irwin,
S. “Further Perspective on Trends in the Operational Efficiency of the U.S. Ethanol Industry.”
farmdoc
daily
(13):47, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, March 15, 2023.

Further
Perspective on Trends in the Operational Efficiency of the U.S. Ethanol Industry – farmdoc daily (illinois.edu)

 

Export
developments.

• Algeria
  passed on 35,000 tons of corn for April 1-15 shipment.
• USDA
  reported private exporters reported sales of 641,000 tons of corn for delivery to China during the 2022-23 marketing year.

 

 

 

Updated
03/7/23

May
corn $5.80-$6.80

July
corn $5.75-$7.00

 

Soybeans

·        
Soybeans traded two-sided, ending higher for the nearby positions from support in soybean oil. Soybean meal was under pressure from a rebound in soybean oil share. Soybean spreads were firm. Yesterday there were rumors China may
have bought US soybeans. Palm oil futures fell to a one-month low. NOPA’s yesterday showed a decline in US soybean oil stocks and that could have triggered follow through buying against soybean meal.

·        
BA Grains Exchange estimated the Argentina soybean crop at 25 million tons from 29 million earlier.

·        
Argentina’s head of the CIARA oilseed and grain processing chamber said the crush industry is in a crisis and crush rates are running at their lowest level in a quarter century. 2022 soybean product exports amounted to $18.5 billion.
70% of crush capacity is idled. Producer sales of soybean In February were 622,300 tons, well below 1.7 million tons year earlier.

·        
Brazil’s Paranagua port authorities denied soybean shipping delays although average wait time is about 35 days that is expected to increase by the end of April. Reuters noted 56 ships await offshore to approach the port while
100 vessels are due to arrive by April 24 to load or unload various cargos.

·        
Cargo surveyor SGS reported month to date March 15  Malaysian palm exports at 715,230 tons, 265,527 tons above the same period a month ago or up 59.0%, and 140,337 tons above the same period a year ago or up 24.4%.

 

Export
Developments

·        
None reported

 

Updated
03/10/23

Soybeans
– May $14.50-$16.00

Soybean
meal – May $430-$520

Soybean
oil – May 55-61

 

 

Wheat

·        
US wheat futures fell after rising to one-week highs yesterday. Traders are looking for direction over the Black Sea grain export deal extension. Turkey & Ukraine were the latest countries requesting an extension to at least 120
days rather than tentative 60 days.

·        
Egypt is in for wheat for April 15-25 shipment.

·        
Paris May wheat was lower by 2.50 euros at 268.50 per ton.

·        
US HRW wheat areas will see restricted rain over the next week.

·        
Traders need to monitor the ENSO pattern later this year as it could threaten Australia’s wheat production and India’s crops. There is a 50 percent change of El Nino by the Northern Hemisphere fall quarter.

·        
China is open to additional negotiations with Australia to buy beef and barley. They have already been purchasing wheat.

·        
Russia is currently loading wheat for Yemen, Saudi Arabia, Sudan, Oman, Egypt and Algeria.

 

Export
Developments.

·        
Results are awaited for Egypt seeking wheat for April 15-25 shipment. Lowest offer was $279.50/ton for Ukraine origin. Payment will be made via 180-day letters of credit and offers should be submitted on a fob.

·        
Japan bought 73,518 tons of food wheat from US, Canada, and Australia. Original details as follows:

·        
Thailand seeks 21,000 tons of feed barley for July shipment.

·        
Jordan seeks 120,000 tons of feed barley on March 22.

·        
Jordan seeks 120,000 tons of milling wheat on March 21 for Sep-Oct shipment.

·        
China plans to auction off 140,000 tons of wheat from state reserves on March 22.

 

Rice/Other

·        
(Reuters) – Cotton stocks in India could fall by nearly 16% in 2022/23 from a year earlier to their lowest level in nearly two decades as adverse weather curtailed crop yields, a leading trade body said on Thursday. Lower stockpiles
will limit exports from the world’s biggest producer in the next marketing year starting from Oct. 1 and support global prices CTc1. It could also lift domestic prices MCOTc1 and weigh on the margin of local textile companies. Cotton stocks at the end of 2022/23
marketing year could fall to 2.69 million bales, the lowest since 2003/04, the Cotton Association of India (CAI) said. India is likely to produce 31.3 million bales of cotton in the current season ending on Sept. 30, down 2.6% from an earlier estimate, the
CAI said.

·        
South Korea seeks 121,800 tons of rice, most of it from China, on March 21.

 

Updated
03/03/23

Chicago
– May $6.50-$7.75

KC
– May $7.50-$9.25

MN
– May
$8.00-$9.75

 

 

Export
Sales Highlights

This
summary is based on reports from exporters for the period March 3-9, 2023.

Wheat: 
Net sales of 336,700 metric tons (MT) for 2022/2023 were up 26 percent from the previous week and 23 percent from the prior 4-week average. Increases primarily for the Philippines (121,900 MT), Japan (81,400 MT), Mexico (49,100 MT), Vietnam (35,600 MT, including
32,900 MT switched from unknown destinations), and Malaysia (19,500 MT, including 18,600 MT switched from unknown destinations and decreases of 200 MT), were offset by reductions for the Leeward-Windward Islands (20,000 MT), Guatemala (16,000 MT), unknown
destinations (11,300 MT), and Ecuador (5,500 MT). Net sales of 155,900 MT for 2023/2024 were reported for unknown destinations (136,000 MT), Ecuador (8,500 MT), Costa Rica (8,000 MT), Peru (3,000 MT), and Panama (400 MT). Exports of 250,700 MT were down 34
percent from the previous week and 45 percent from the prior 4-week average. The destinations were primarily to Mexico (48,100 MT, including 11,000 MT – late), the Philippines (32,900 MT), Honduras (29,700 MT), Japan (25,200 MT), and Malaysia (19,600 MT).

Late
Reporting: 
For 2022/2023, exports of 11,000 MT were reported late to Mexico.

Corn: 
Net sales of 1,236,200 MT for 2022/2023 were down 13 percent from the previous week, but up 28 percent from the prior 4-week average. Increases primarily for Japan (499,500 MT, including 177,400 MT switched from unknown destinations and decreases of 2,000
MT), Colombia (209,800 MT, including 90,000 MT switched from unknown destinations and decreases of 10,100 MT), Mexico (199,100 MT, including decreases of 300 MT), South Korea (120,000 MT, including decreases of 65,000 MT), and China (73,200 MT, including 65,000
MT switched from unknown destinations and decreases of 1,500 MT), were offset by reductions for unknown destinations (74,400 MT), Guatemala (16,000 MT), and the Leeward-Windward Islands (10,000 MT). Net sales of 183,500 MT for 2023/2024 were reported for Japan
(143,500 MT) and Mexico (40,000 MT). Exports of 1,164,900 MT–a marketing-year high–were up 11 percent from the previous week and 52 percent from the prior 4-week average. The destinations were primarily to Japan (336,100 MT), Mexico (260,600 MT), Colombia
(181,100 MT), China (127,800 MT), and Morocco (66,000 MT).

Optional
Origin Sales: 
For 2022/2023, options were exercised to export 50,000 MT to South Korea from other than the United States. The current outstanding balance of 140,000 MT were for South Korea (100,000 MT) and Egypt (40,000 MT).

Late
Reporting: 
For 2022/2023, net sales totaling 55,900 MT of corn were reported late for the Netherlands (50,500 MT), Taiwan (5,200 MT), and Hong Kong (200 MT). Exports of 9,600 MT were late to Taiwan (5,200 MT), the Netherlands (4,200 MT), and Hong Kong (200 MT).

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

Sorghum: 
Net sales of 293,300 MT for 2022/2023–a marketing-year high–were up 89 percent from the previous week and up noticeably from the prior 4-week average. Increases were reported for unknown destinations (178,000 MT) and China (115,300 MT, including decreases
of 700 MT). Total net sales of 63,000 MT for 2023/2024 were for China. Exports of 72,300 MT were up 47 percent from the previous week and 27 percent from the prior 4-week average. The destination was to China.

Rice: 
Net sales of 25,800 MT for 2022/2023 were down 82 percent from the previous week and 59 percent from the prior 4-week average. Increases were primarily for Japan (13,000 MT), Mexico (10,200 MT), Saudi Arabia (1,200 MT), Canada (1,000 MT), and Belgium (100
MT). Total net sales of 13,000 MT for 2023/2024 were for Japan. Exports of 10,400 MT were down 94 percent from the previous week and 86 percent from the prior 4-week average. The destinations were primarily to Mexico (5,900 MT), Canada (3,100 MT), Jordan (600
MT), Saudi Arabia (200 MT), and the United Kingdom (200 MT).

Soybeans: 
Net sales of 665,000 MT for 2022/2023 were up noticeably from the previous week and from the prior 4-week average. Increases primarily for China (208,100 MT, including decreases of 67,900 MT), Germany (121,500 MT, including 62,000 MT switched from unknown
destinations), Indonesia (60,700 MT, including 14,700 MT – late), Thailand (59,900 MT, including decreases of 100 MT and 58,700 MT – late), and the Netherlands (57,400 MT, including 60,000 MT switched from unknown destinations and decreases of 2,600 MT), were
offset by reductions primarily for Egypt (1,400 MT). Net sales of 66,100 MT for 2023/2024 were reported for unknown destinations (66,000 MT) and South Korea (100 MT). Exports of 773,500 MT were up 33 percent from the previous week, but down 37 percent from
the prior 4-week average. The destinations were primarily to China (196,200 MT), Mexico (136,900 MT), Germany (121,500 MT), the Netherlands (57,400 MT), and Japan (56,800 MT). 

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

Exports
for Own Account:  For
2022/2023, the current exports for own account outstanding balance of 1,600 MT are for Canada (1,500 MT) and Taiwan (100 MT).

Export
Adjustments:  Accumulated
exports of soybeans to the Netherlands were adjusted down 52,262 MT for week ending February 23rd. The correct destination for this shipment is Germany. 

Late
Reporting: 
For 2022/2023, late net sales of 127,100 MT of soybeans were primarily for Thailand (58,700 MT), Malaysia (20,100 MT), Indonesia (14,700 MT), the Philippines (12,700 MT), Taiwan (12,200 MT), Vietnam (4,900 MT), Cambodia (2,200 MT), and Bangladesh (1,000 MT).
Exports of 54,900 MT were late to Malaysia (16,600 MT), Taiwan (12,200 MT), Indonesia (9,700 MT), the Philippines (6,700 MT), Thailand (4,800 MT), Vietnam (4,000 MT), Cambodia (600 MT), and Senegal (300 MT).

Soybean
Cake and Meal: 
Net sales of 220,100 MT for 2022/2023 were down 31 percent from the previous week, but up 6 percent from the prior 4-week average. Increases primarily for the Philippines (44,100 MT, including decreases of 900 MT), the Dominican Republic (39,100 MT), Ecuador
(33,000 MT, including 30,000 MT switched from unknown destinations), Canada (32,200 MT, including decreases of 100 MT), and Sri Lanka (16,500 MT, including 12,700 MT – late), were offset by reductions primarily for unknown destinations (33,000 MT) and Belgium
(700 MT). Total net sales of 35,000 MT for 2023/2024 were for Ireland. Exports of 337,600 MT–a marketing-year high–were up 27 percent from the previous week and 48 percent from the prior 4-week average. The destinations were primarily to Ecuador (60,200
MT), Vietnam (52,000 MT), Colombia (48,600 MT), the Philippines (21,600 MT), and the Dominican Republic (18,900 MT).

Late
Reporting: 
For 2022/2023, net sales totaling 24,600 MT of soybean cake and meal were reported late for Sri Lanka (12,700 MT), Taiwan (4,500 MT), Indonesia (3,800 MT), Burma (3,200 MT), and Hong Kong (400 MT). Exports of 23,000 MT were late to Sri Lanka (12,700 MT), Taiwan
(4,500 MT), Burma (3,200 MT), Indonesia (2,300 MT), and Hong Kong (300 MT).

Soybean
Oil: 
Net sales of 3,900 MT for 2022/2023 were down 47 percent from the previous week and 3 percent from the prior 4-week average. Increases were primarily for Mexico (2,500 MT). Exports of 400 MT were down 31 percent from the previous week and 79 percent from the
prior 4-week average. The destination was to Canada.

Cotton: 
Net sales of 225,500 RB for 2022/2023 were up 97 percent from the previous week, but down 3 percent from the prior 4-week average. Increases were primarily for Vietnam (120,200 RB, including 8,400 RB switched from China and 1,000 RB switched from South Korea),
China (35,800 RB), Turkey (16,900 RB, including decreases of 3,200 RB), Pakistan (10,400 RB, including decreases of 5,300 RB), and South Korea (10,100 RB, including decreases of 100 RB). Net sales of 12,800 RB for 2023/2024 were reported for Turkey (4,400
RB), Pakistan (4,400 RB), and South Korea (4,000 RB). Exports of 273,900 RB were down 5 percent from the previous week, but up 25 percent from the prior 4-week average. The destinations were primarily to Vietnam (78,000 RB), China (51,800 RB), Pakistan (38,200
RB), Turkey (29,900 RB), and Indonesia (13,700 RB). Net sales of Pima totaling 7,600 RB for 2022/2023–a marketing-year high–were up 99 percent from the previous week and up noticeably from the prior 4-week average. Increases primarily for China (2,900 RB),
Vietnam (2,400 RB), Egypt (1,300 RB), Thailand (800 RB, including 200 RB switched from Japan), and Turkey (400 RB), were offset by reductions for Japan (400 RB). Exports of 1,500 RB were down 49 percent from the previous week and 64 percent from the prior
4-week average. The destinations were primarily to Thailand (600 RB), Bangladesh (300 RB), China (300 RB), and Indonesia (200 RB).

Optional
Origin Sales:  For
2022/2023, the current outstanding balance of 7,300 RB, all Malaysia.

Exports
for Own Account:  For
2022/2023, new exports for own account totaling 26,600 RB were to Vietnam (16,400 RB) and China (10,200 RB). Exports for own account totaling 39,700 RB primarily to Vietnam (36,700 RB) were applied to new or outstanding sales. The current exports for own account
outstanding balance of 100,800 RB are for China (74,400 RB), Vietnam (14,000 RB), Pakistan (5,000 RB), Turkey (3,500 RB), South Korea (2,400 RB), and India (1,500 RB).

Hides
and Skins: 
Net sales of 337,500 pieces for 2023 were up 13 percent from the previous week, but down 21 percent from the prior 4-week average. Increases primarily for China (208,000 whole cattle hides, including decreases of 37,500 pieces), Mexico (51,600 whole cattle
hides, including decreases of 8,400 pieces), South Korea (28,600 whole cattle hides, including decreases of 1,000 pieces), Italy (27,100 whole cattle hides, including decreases of 500 pieces), and Indonesia (6,100 while cattle hides), were offset by reductions
for Brazil (100 pieces). Total net sales of 11,100 calf skins were for Italy. In addition, net sales reductions of 400 kip skins resulting in increases for Japan (200 kips skins), were more than offset by reductions for China (600 pieces). Exports of 455,000
pieces were up 24 percent from the previous week and 2 percent from the prior 4-week average. Whole cattle hides exports were primarily to China (285,900 pieces), South Korea (60,700 pieces), Mexico (48,400 pieces), Thailand (18,800 pieces), and Brazil (14,300
pieces). Exports of 5,100 kip skins were to China.

 

Net
sales of 86,400 wet blues for 2023 were down 37 percent from the previous week and 29 percent from the prior 4-week average. Increases were primarily for China (39,100 unsplit), Vietnam (28,000 unsplit), Taiwan (8,100 unsplit), Hong Kong (5,000 unsplit), and
Brazil (2,000 unsplit, including decreases of 100 grain split). Exports of 158,600 wet blues were up 30 percent from the previous week and 6 percent from the prior 4-week average. The destinations were primarily to China (40,900 unsplit), Italy (40,200 unsplit),
Vietnam (33,000 unsplit), Thailand (22,500 unsplit), and Hong Kong (7,000 unsplit). Net sales reductions of 900 splits resulting in increases for Taiwan (2,300 pounds), were more than offset by reductions for Hong Kong (3,300 pounds). Exports of 43,300 pounds
were to Taiwan.

 

Beef: 
Net sales of 17,700 MT for 2023 were up noticeably from the previous week and up 24 percent from the prior 4-week average. Increases primarily for South Korea (5,300 MT, including decreases of 400 MT), Japan (3,200 MT, including decreases of 300 MT), Taiwan
(2,600 MT, including decreases of 100 MT), Hong Kong (1,900 MT, including decreases of 100 MT), and China (1,600 MT, including decreases of 100 MT), were offset by reductions for Chile (100 MT). Exports of 15,900 MT were up 22 percent from the previous week
and 2 percent from the prior 4-week average. The destinations were primarily to South Korea (4,400 MT), Japan (3,900 MT), China (2,600 MT), Mexico (1,300 MT), and Taiwan (1,000 MT).

Pork: 
Net sales of 35,600 MT for 2023 were up 62 percent from the previous week, but down 5 percent from the prior 4-week average. Increases were primarily for Mexico (9,900 MT, including decreases of 300 MT), Japan (6,400 MT, including decreases of 200 MT), China
(5,000 MT, including decreases of 100 MT), South Korea (4,100 MT, including decreases of 1,100 MT), and Canada (2,800 MT, including decreases of 400 MT). Exports of 29,800 MT were down 2 percent from the previous week and 1 percent from the prior 4-week average.
The destinations were primarily to Mexico (13,500 MT), Japan (3,800 MT), China (3,500 MT), South Korea (2,700 MT), and Canada (1,600 MT).

 

U.S.
EXPORT SALES FOR WEEK ENDING  3/9/2023

	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	69.6	691.4	1,705.4	60.7	4,118.3	5,720.6	0.0	112.3
SRW	13.2	524.6	621.6	69.8	2,186.9	2,149.0	155.7	374.3
HRS	138.6	1,030.2	1,080.9	62.0	4,374.9	4,006.9	0.2	89.5
WHITE	95.2	907.9	527.9	39.3	3,568.6	2,734.5	0.0	43.2
DURUM	20.0	44.7	18.8	18.9	290.5	169.7	0.0	36.9
TOTAL	336.7	3,198.9	3,954.5	250.7	14,539.2	14,780.7	155.9	656.2
BARLEY	0.0	3.9	13.8	0.0	8.0	14.7	0.0	6.0
CORN	1,236.2	14,639.5	23,232.1	1,164.9	17,246.7	28,806.5	183.5	1,859.4
SORGHUM	293.3	908.1	3,536.3	72.3	593.3	3,246.5	63.0	63.0
SOYBEANS	665.0	6,495.9	11,298.5	773.5	42,839.0	42,325.5	66.1	1,546.2
SOY MEAL	220.1	2,814.2	3,098.6	337.6	5,451.2	5,693.2	35.0	264.0
SOY OIL	3.9	30.8	188.6	0.4	32.4	415.8	0.0	0.6
RICE
L G RGH	8.0	157.2	242.3	3.1	417.2	890.5	0.0	0.0
M S RGH	1.4	32.1	8.3	1.4	19.8	5.3	0.0	5.0
L G BRN	0.1	4.2	17.0	0.3	14.6	32.7	0.0	0.0
M&S BR	0.1	35.8	43.9	0.0	8.8	42.2	0.0	0.0
L G MLD	2.4	105.4	67.4	3.5	440.0	558.0	0.0	0.0
M S MLD	13.8	141.2	204.1	2.2	177.4	252.9	13.0	13.0
TOTAL	25.8	475.9	583.1	10.4	1,077.6	1,781.5	13.0	18.0
COTTON		THOUSAND RUNNING BALES
UPLAND	225.5	4,920.6	7,806.0	273.9	5,948.3	5,849.7	12.8	1,338.7
PIMA	7.6	46.3	163.6	1.5	101.3	264.7	0.0	3.5