FI Evening Grain Comments 05/06/21

PDF Attached

 

Another
higher day in CBOT agriculture on tight supplies despite a rather neutral to disappointing USDA export sales report.  Unwinding of bull spreads was a feature for SBO and corn.   

 

 

 

 

 

 

 

 

Weather

 

 

Next
7 days

 

World
Weather, Inc.

VERY
LITTLE CHANGE OVERNIGHT

• Brazil’s
  Safrinha crops will continue to dry down over the next ten days
• The
  pattern is normal for this time of year, but what is not normal was the early demise of soil moisture in April that has left late planted crops without sufficient moisture to support good yields – production cuts are inevitable
  
• A
  few more showers were suggested for late next week in western and southern Parana, but the precipitation diminishes to insignificance as it tries to move northeast during the following weekend
• Temperatures
  will be warm enough to add more stress during the coming week with highs in the 80s and lower 90s in southern Safrinha corn areas and more in the lower the middle 90s in the north
• Some
  cooling is expected in the second week, but the change will be slight
• Argentina
  experienced another crisp morning today with frost and light freezes from central through southern parts of the nation
• An
  extreme lows were no colder than 30 Fahrenheit (-1C)
• World
  Weather, Inc. does not believe there has been much damage from the nightly frost and freezes this week, although faster crop maturation, leaf droppage and harvesting may result from the chilling conditions
• Most
  crops should have been sufficiently mature to handle frost and the freezes were brief and light enough to induce now shattering of soybeans and induce no serious harm to immature peanuts, corn or sorghum.
• Argentina
  weather will be favorably mixed over the next two weeks with brief bouts of precipitation and periods of dry weather
• Crop
  maturation and harvest progress should advance well
• Northwestern
  U.S. Plains and southwestern Canada’s Prairies will experience much needed rainfall Friday into Saturday with moisture totals of 0.20 to 0.80 inch and local totals to 1.50 inches
  
• The
  moisture will be ideal in lifting topsoil moisture for improved crop planting, emergence and establishment conditions
• The
  wetter bias will be from central and western South Dakota to southwestern Saskatchewan and Alberta, including Montana and the southwestern one-third of North Dakota
• Most
  of Saskatchewan (outside of the southwest) and Manitoba will remain quite dry over the next week favoring some fieldwork in areas that have favorable planting moisture, but rain will be needed soon to stimulate germination, emergence and establishment
• There
  is some potential for showers in the May 14-20 period, but no generate soaking rain is anticipated
• Upper
  U.S. Midwest will be drier and cooler biased in this first week of the two-week outlook while the second week trends a little wetter and warmer.
  
• The
  environment should prove beneficial as long as rain evolves next week as advertised.
  
• Frequent
  frost and freezes will occur from the upper Midwest to the Great Lakes region
• Crop
  damage is not very likely, but emergence and crop establishment will be slow because of cool weather
• U.S.
  Delta, lower Midwest and Tennessee River Basin will be a little too wet for a while
• Drier
  weather is needed to stimulate improved early season crop development and better field working conditions
  
• U.S.
  southeastern states will experience a good mix of rainfall and sunshine during the next ten days maintaining a mostly good environment for crops
• Some
  rain delay will occur at times, however
• West
  Texas cotton areas will have an opportunity for rain Friday into Saturday of this week and in the second weekend of the two-week outlook with a few showers during mid-week next week, as well
• Despite
  the opportunities for rain, most of the precipitation will be a little too erratic and light for a serious bolstering of soil moisture
  
• Temperatures
  will be seasonable this week, but could trend warmer than usual near and beyond mid-month
• South
  Texas rain chances may improve late next week into May 20, but resulting amounts will likely stay less than usual through the next ten days
• Far
  western U.S. weather will continue drier biased for an extended period of time.
• Europe
  will receive waves of rain for the next ten days across some of the central and north improving topsoil moisture in some areas after recent drying
• Southern
  Europe will be a little drier the remainder of this week before increasing somewhat this weekend next week, especially in the southwest
• Temperatures
  will be cooler than usual in the north and near normal in the south
• Temperatures
  will trend warmer in eastern Europe next week
• Some
  heavy rain is possible in southeastern France, parts of southern Germany and the Alps during the next couple of days
• Several
  waves of rain will impact western Russia, Belarus, the Baltic States and in a few areas of northern Ukraine during the coming week maintaining wet field conditions
  
• Farming
  activity will remain restricted in these areas with rising concern over delayed spring planting in Russia
• Less
  frequent and less significant rain is expected late next week through May 20, although it will not be completely dry
• Good
  field progress will occur farther to the south where much less precipitation is expected and temperatures will be more seasonable; including southern and central Ukraine and Russia’s Southern Region
• Temperatures
  will be cooler than usual in the wetter areas of the northwest this week and then a little more seasonable May 14-20
• Eastern
  Russia New Lands will experience a dry and warm bias through the next ten days
• The
  environment will eventually be great for spring planting
• North
  China Plain weather will be limited on precipitation for the next week and temperatures will be warming
• A
  steady decline in soil moisture is expected with temperatures trending warmer
  
• A
  rising need for rain is expected later this month
• Excellent
  planting progress is anticipated for a while until dryness becomes more of an issue
• Northeastern
  China will experience frequent rain and mild to cool weather over the next week resulting in farming delays, but soil moisture will be bolstered for use later this spring
• Warming
  and less rain is expected in the following week, May 14-20
• Southern
  China rain will fall abundantly and frequently over the next couple of weeks limiting some farming activity and keeping the region saturated or nearly saturated
• Some
  local flooding will be possible at times
• Australia
  precipitation over the next two weeks will be sporadic and mostly light.
• The
  moisture will support some early season wheat, barley and canola planting, but follow up moisture will be needed
• A
  few sporadic showers may occur in other areas, but resulting rainfall will not likely be very great except in the Great Dividing Range of the east
  
• Temperatures
  will be near to above average
• South
  Africa will receive some late season showers again Friday through the weekend
  
• Next
  week will trend drier once again
• Most
  of the showers will not be significant rain producers
• The
  environment will be good for harvesting and late season crop maturation
• Production
  this year has been very good for nearly all crops
• Winter
  wheat and barley planting should benefit from the moisture, although rain will soon be needed in the west
• India
  weather will remain good for winter crop maturation and harvest progress, although showers will continue periodically in some areas
• Southern
  India will be wetter than usual over the next couple of weeks and rain will also fall frequently from Bangladesh into the far Eastern States
• Delays
  to harvest progress will be greatest in the south
• Showers
  in northern India will not be great enough to be much of a factor to crop maturation or harvesting
• No
  tropical cyclones are present in the world today
• Southern
  Oscillation Index is mostly neutral at +1.58 and the index is expected to move a little higher over the next few days
• Mexico
  drought will continue during the next two weeks, although scattered showers will occur periodically in the east and far south with the south wettest.
  
• Next
  week will be wetter than this week favoring the east half of the nation
• Xinjiang
  China’s cotton areas experienced seasonable temperatures and dry conditions Wednesday with warming likely today
• Warm
  weather will dominate through the weekend, but next week will trend cooler and some rain may fall in the northeast
• Crop
  development and additional planting are occurring favorably
• North
  Africa rainfall will receive erratic rainfall today favoring Algeria and Tunisia where crop conditions will be good or getting better. Northwestern Algeria will see the lightest rain
• Morocco
  is not likely to see nearly as much rain and may experience net drying, but crops are in the best shape in northern Morocco and drying should not induce any harm.
  
• Southwestern
  Morocco is still too dry, though
• Most
  of northern Africa will be drier biased late this week through much of next week
• Temperatures
  are trending warmer than usual
• West-central
  Africa will see a mix of rain and sunshine during the next ten days
• Crop
  conditions will stay good
• East-central
  Africa rainfall has been erratic in recent weeks and a boost in rainfall is coming to Kenya, Ethiopia and northern Tanzania during the coming week
• Southeast
  Asia rainfall will be favorably distributed in Indonesia, Malaysia and most of the mainland areas during the next two weeks
• Greater
  rain is needed in the northern and western Philippines and in southern parts of central Vietnam and other mainland crop areas
• New
  Zealand precipitation for the next two weeks will be lighter than usual in North Island and eastern parts of South Island while moderate to heavy rain occurs along the west coast of South Island possibly inducing some flooding
• Temperatures
  were above average

Source:
World Weather, Inc.

 

Bloomberg
Ag Calendar

Friday,
May 7:

• China
  customs publishes trade data, including imports of soy, edible oils, meat and rubber
• 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
• CNGOIC
  monthly report on Chinese grains & oilseeds
• Canada’s
  StatsCan to issue wheat, canola, barley and durum stockpile data
• FranceAgriMer
  weekly update on crop conditions

Source:
Bloomberg and FI

 

 

 

USDA
Export Sales

Soybean
complex was within expectations while corn was poor and wheat, when combined within expectations.  Sorghum sales were only 200 tons, barley 1,000 tons and pork a large 48,200 tons (China 15,000).  China was very quiet for the week ending April 29.  They did
buy a small amount of old crop corn. 

 

 

 

Macro

US
Initial Jobless Claims May 1: 498K (est 538K; prevR 590K; prev 553K)

US
Continuing Claims Apr 24: 3690K (est 3620K; prevR 3653K; prev 3660K)

US
Nonfarm Productivity Q1 P: 5.4% (est 4.3%; prevR -3.8%; prev -4.2%)

US
Unit Labour Costs Q1 P: -0.3% (est -1.0%; prevR 5.6%; prev 6.0%)

US
Challenger Job Cuts (Y/Y) Apr: -96.6% (prev -86.2%)

 

Corn

• CBOT
  corn
  ended sharply higher on adverse Brazil weather and strong interior US corn cash prices.  Bear spreading was a feature.  New crop prices appear cheap relative to spot.  Rain will fall across the lower Midwest, Delta and southeastern states as well as the central
  U.S. Plains. USDA weekly export sales are starting to slow for all the major commodities, a reminder rising prices will reduce demand if consumers are able to find substitutions. 
  
• The
  USD was down about 37 points at 2:00 pm CT. 
• Dry
  weather is not only affecting corn production.  Argentina grain loading continues to be hindered by low river water levels forcing boats to cut back on 5,500 to 7,000 tons of material so they don’t run aground.  Argentina is more than a third complete on soybean
  harvesting and more than a quarter for corn. 
• Rumors
  were circulating prior to the day session open that China bought 5 million tons of new crop corn, but nothing showed up in the USDA 24-hour sales system. 
  

 

Export
developments.

• South
  Korea’s NOFI group bought about 276,000 tons of corn for four shipment arrival periods between late July and mid-October.  Details were lacking at the time this was written. 
  

 

EIA:
Energy production in the United States fell by more than 5% in 2020

https://www.eia.gov/todayinenergy/detail.php?id=47856&src=email

 

July
is seen in a $6.00 and $7.75 range

December
corn is seen in a $4.00-$6.50 range.

 

Soybeans

• The
  CBOT soybean complex was higher led by the front months for soybeans and meal, and back months for soybean oil.  Nothing new developed from this morning.  Cash soybean meal was steady.  USDA export sales were within expectations but remain on the low side
  for products for this time of year. 
• July
  ICE canola futures rose its daily limit of $30/ton to $963.50.  It will expand to 45 tomorrow.
• Paris
  August rapeseed hit a contract high of 541.75 euros, settling at 540.50. 
• Back
  from holiday, China agriculture futures naturally appreciated.  China cash soybean crush margins improved on our analysis to 215 cents vs. 178 cents late last week and compares to 132 cents year earlier. 
  
• Malaysian
  palm oil futures closed at a 13-year high. 

 

July
ICE Canola

Source:
Reuters and FI

 

SBO
July/December

Source:
Reuters and FI

 

CBOT
July crush

Source:
Reuters and FI

 

Export
Developments

• None
  reported

 

MPOB
SND poll April – Reuters Poll

April
stocks seen down 0.27% m/m at 1.44 mln T

Output
seen up 8.9% at 1.55 mln T – survey

Exports
seen up 10% at 1.3 mln T – survey

 

Updated
4/26/21

July
soybeans are seen in a $14.75-$16.50; November $12.75-$15.00

Soybean
meal – July $400-$460; December $380-$460

Soybean
oil – July 56-70; December 48-60 cent range

 

Wheat

• Higher
  trade in US wheat futures on strength in corn and soybeans.  It did trade two-sided a few times during the session. September Paris wheat hit a contract high of 233.50 euros but settled below that level.  Rain will fall across the southwestern Canada Prairies
  and the northwestern U.S. Plains this weekend.  Rain will also fall across the central U.S. Plains. West Texas will continue struggling with dryness.  Europe weather is expected to remain mild to cool.
  
• September
  milling wheat settled 4 euros higher, or 1.8%, at 230.25 euros/ton. 
• Morocco
  plans to reintroduce its wheat import tax from June 1. 
• UN’s
  Food and Agriculture Organization’s food price index was up for the 11th consecutive month in April, up to 120.9 points from 118.9 in March, and highest since May 2014.  Sugar led the increase. 
  

• StatsCan
  is due out with March 31 stocks on Friday.  The trade is looking for 16.7MM tons for wheat, 2.6MM durum, 6.7MM canola, 1.9MM oats and 3.3MM barley.
  

 

Export
Developments.

• Bangladesh’s
  lowest offer was $324.90 a ton CIF for 50,000 tons of wheat for shipment 40 days after the date of contract signing.
  
• Thailand
  seeks up to 455,000 tons of animal feed wheat and 420,000 tons of feed barley on May 6 in seven consignments of 60,000 to 65,000 tons between June and December.  The barley should be sourced from Australia only for shipments between June and December.
• Bangladesh
  seeks 50,000 tons of milling wheat on May 6. 
• Taiwan
  Flour Millers’ Association seeks 89,425 tons US milling wheat on May 13.  One consignment of 42,505 tons is sought for shipment between July 2 and July 16. A second consignment of 46,920 tons is sought for shipment between July 19 and Aug. 2.

 

Rice/Other

·        
South Korea’s Agro-Fisheries & Food Trade Corp seeks 134,994 tons of rice from Vietnam, China, the United States and Australia, on May 13, for arrival between September 2021 and January 2022.

 

Updated
4/26/21

July
Chicago wheat is seen in a $6.75-$8.00 range

July
KC wheat is seen in a $6.60-$7.50

July
MN wheat is seen in a $7.15-$8.00

 

 

U.S.
EXPORT SALES FOR WEEK ENDING  04/29/2021

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	-23.1	922.3	1,411.4	152.4	7,779.1	8,463.3	87.2	818.4
SRW	26.2	235.3	173.4	45.5	1,600.7	2,225.4	157.9	706.6
HRS	-85.5	909.5	1,243.6	192.6	6,745.7	6,495.7	93.6	795.1
WHITE	-10.7	877.9	831.7	194.9	5,762.4	4,390.9	58.5	664.0
DURUM	-2.4	69.6	89.8	0.1	595.0	851.4	2.4	7.4
TOTAL	-95.6	3,014.6	3,749.9	585.6	22,482.9	22,426.7	399.6	2,991.5
BARLEY	1.0	5.1	10.7	0.4	25.5	39.1	0.0	20.2
CORN	137.4	24,353.6	13,419.4	2,195.1	43,503.3	24,034.2	106.2	2,791.1
SORGHUM	0.2	1,634.0	1,483.1	175.9	5,524.2	2,121.6	55.0	1,191.0
SOYBEANS	165.3	4,955.8	5,520.1	264.1	56,328.9	34,033.6	192.9	6,823.5
SOY MEAL	202.0	2,119.2	2,333.7	201.4	7,506.3	7,203.1	64.7	450.6
SOY OIL	6.1	78.1	304.3	21.2	590.7	711.0	0.0	0.6
RICE
L G RGH	11.2	239.1	293.8	83.4	1,299.3	1,112.9	0.0	0.0
M S RGH	0.0	5.3	37.5	0.0	23.5	54.5	0.0	0.0
L G BRN	0.4	2.7	18.7	0.6	36.0	44.3	0.0	0.0
M&S BR	0.2	45.4	54.9	0.3	109.5	55.6	0.0	0.0
L G MLD	13.9	29.5	81.7	21.8	523.9	722.1	0.0	0.0
M S MLD	12.2	240.6	188.9	15.9	425.7	514.7	0.0	0.0
TOTAL	37.9	562.7	675.6	122.0	2,418.0	2,504.1	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	63.7	3,929.0	5,608.1	456.6	11,284.0	10,316.1	61.2	1,734.9
PIMA	11.3	184.2	148.8	24.7	588.6	397.7	0.2	3.8

 

This
summary is based on reports from exporters for the period April 23-29, 2021.

Wheat:  Net
sales reductions of 95,600 metric tons (MT) for 2020/2021–a marketing-year low–were down noticeably from the previous week and from the prior 4-week average.  Increases primarily for Mexico (31,800 MT, including decreases of 200 MT), Haiti (27,500 MT, switched
from unknown destinations), Nigeria (12,400 MT), Portugal (8,600 MT, including 9,500 MT switched from unknown destinations and decreases of 900 MT), and South Korea (4,100 MT), were more than offset by reductions primarily for unknown destinations (131,500
MT).  For 2021/2022, net sales of 399,600 MT were primarily for unknown destinations (127,400 MT) and Mexico (108,900 MT).  Exports of 585,600 MT were up 7 percent from the previous week and 6 percent from the prior 4-week average.  The destinations were primarily
to China (198,900 MT), Mexico (88,400 MT), Japan (59,200 MT), South Korea (54,100 MT), and Canada (28,700 MT). 

Optional
Origin Sales: 
For 2020/2021, new optional origin sales of 1,600 MT were reported for Spain.  The current outstanding balance of 55,100 MT is for Spain.

Corn: 
Net sales of 137,400 MT for 2020/2021 were down 74 percent from the previous week and 72 percent from the prior 4-week average.  Increases primarily for Japan (206,800 MT, including 109,600 MT switched from unknown destinations and decreases of 1,800 MT),
Mexico (141,600 MT, including decreases of 9,400 MT), South Korea (121,700 MT, including 65,000 MT switched from unknown destinations and decreases of 12,800 MT), Colombia (118,600 MT, including 100,000 MT switched from unknown destinations and decreases of
37,800 MT), and China (83,100 MT, including 64,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (559,100 MT).  For 2021/2022, net sales of 106,200 MT were reported for unknown destinations (50,800 MT),
Japan (32,500 MT), and Mexico (22,900 MT).  Exports of 2,195,100 MT were up 15 percent from the previous week and 19 percent from the prior 4-week average.  The destinations were primarily to China (698,100 MT), Japan (448,600 MT), Mexico (293,100 MT), South
Korea (255,900 MT), and Colombia (136,600 MT). 

Optional
Origin Sales: 
For 2020/2021, options were exercised to export 8,900 MT to China from other than the United States.  The current outstanding balance of 268,500 MT is for unknown destinations (189,500 MT) and South Korea (79,000 MT). 

Barley: 
Net sales of 1,000 MT for 2020/2021 were up noticeably from the previous week and from the prior 4-week average.  Increases were reported for South Korea (600 MT) and Canada (400 MT). 
Exports of 400 MT were down 3 percent from the previous week and 17 percent from the prior 4-week average.  The destinations were to South Korea (200 MT), Taiwan (100 MT), and Canada (100 MT).     

Sorghum: 
Total net sales of 200 MT for 2020/2021 were down noticeably from the previous week and from the prior 4-week average.  Increases were for China, including decreases of 6,000 MT.  For 2021/2022, total net sales of 55,000
MT were for China.  Exports of 175,900 MT were down 27 percent from the previous week and 54 percent from the prior 4-week average.  The destination was to China.

Rice: 
Net sales of 37,900 MT for 2020/2021 were up 18 percent from the previous week, but down 16 percent from the prior 4-week average.  Increases were primarily for Guatemala (7,500 MT), Haiti (7,200 MT), Saudi Arabia (6,700 MT), El Salvador (4,200 MT), and Israel
(3,800 MT).  Exports of 122,000 MT were up 49 percent from the previous week and up noticeably from the prior 4-week average.  The destinations were primarily to Mexico (44,600 MT), Nicaragua (23,800 MT), Haiti (15,300 MT), El Salvador (9,200 MT), and Guatemala
(7,200 MT).

Exports
for Own Account: 
For 2020/2021, exports for own account totaling 100 MT to Canada were applied to new or outstanding sales.

Soybeans: 
Net sales of 165,300 MT for 2020/2021 were down 44 percent from the previous week, but up 86 percent from the prior 4-week average.  Increases primarily for unknown destinations (135,500 MT), Japan (55,600 MT), Malaysia (17,600 MT, including 1,000 MT switched
from Indonesia), Indonesia (11,500 MT, including decreases of 500 MT), and Colombia (1,700 MT), were offset by reductions primarily for Mexico (53,400 MT).  For 2021/2022, net sales of 192,900 MT were for unknown destinations (192,000 MT) and Japan (900 MT). 
Exports of 264,100 MT were down 22 percent from the previous week and 20 percent from the prior 4-week average.  The destinations were primarily to Mexico (95,900 MT), Malaysia (32,200 MT), Indonesia (29,500 MT), China (27,300 MT), and Costa Rica (16,700 MT). 

Exports
for Own Account: 
For 2020/2021, the current exports for own account outstanding balance is 5,800 MT, all Canada.

Soybean
Cake and Meal: 
Net sales of 202,000 MT for 2020/2021 were up 24 percent from the previous week and 66 percent from the prior 4-week average.  Increases primarily for the Philippines (83,000 MT), Mexico (44,300 MT, including decreases of 2,300 MT), the Dominican Republic
(18,500 MT), Canada (16,600 MT, including decreases of 400 MT), and Morocco (12,500 MT, including decreases of 2,200 MT), were offset by reductions primarily for Jamaica (600 MT) and El Salvador (300 MT).  For 2021/2022, net sales of 64,700 MT were for unknown
destinations (50,000 MT) and Canada (14,700 MT).  Exports of 201,400 MT were up 7 percent from the previous week, but down 5 percent from the prior 4-week average.  The destinations were primarily to Mexico (40,900 MT), Ecuador (31,900 MT), Honduras (24,700
MT), Guatemala (24,100 MT), and Canada (23,400 MT).

Late
Reporting:
For 2020/2021, net sales and exports totaling 4,500 MT of soybean cake and meal were reported late to Venezuela.

Soybean
Oil: 
Net sales of 6,100 MT for 2020/2021 were up 67 percent from the previous week and 3 percent from the prior 4-week average.  Increases primarily for the Dominican Republic (8,000 MT), Mexico (700 MT), and Canada (300 MT), were offset by reductions for Colombia
(3,000 MT).  Exports of 21,200 MT were up 71 percent from the previous week and up noticeably from the prior 4-week average.  The destinations were primarily to South Korea (20,000 MT), Canada (700 MT), and Mexico (400 MT). 

Cotton: 
Net sales of 63,700 RB for 2020/2021 were down 17 percent from the previous week and 56 percent from the prior 4-week average.  Increases primarily for Pakistan (16,200 RB), Bangladesh (15,400 RB), Indonesia (10,600 RB, including 400 RB switched from Japan),
Mexico (9,000 RB), and Turkey (7,600 RB, including decreases of 2,800 RB), were offset by reductions for Vietnam (13,500 RB), China (4,000 RB), and Hong Kong (2,300 RB).  For 2021/2022, net sales of 61,200 RB were primarily for Bangladesh (21,600 RB), Pakistan
(15,400 RB), Thailand (10,600 RB), Honduras (4,600 RB), and Nicaragua (3,700 RB).  Exports of 456,600 RB–a marketing-year high–were up 34 percent from the previous week and 35 percent from the prior 4-week average.  Exports were primarily to China (155,000
RB, including 78,600 RB – late), Vietnam (84,100 RB), Pakistan (47,500 RB), Turkey (39,200 RB), and Mexico (27,100 RB).  Net sales of Pima totaling 11,300 RB were up noticeably from the previous week and from the prior 4-week average.  Increases were primarily
for India (3,500 RB, including decreases of 100 RB), Turkey (3,500 RB), Vietnam (2,200 RB), Greece (900 RB), and El Salvador (400 RB).  For 2021/2022, total net sales of 200 RB were for El Salvador.  Exports of 24,700 RB were up 70 percent from the previous
week and 37 percent from the prior 4-week average.  The destinations were primarily to China (10,700 RB), India (5,700 RB), Peru (1,800 RB), Pakistan (1,600 RB), and Thailand (900 RB).  

Exports
for Own Account: 
For 2020/2021, new exports for own account totaling 4,900 RB were for Vietnam.  The current exports for own account outstanding balance of 17,500 RB is for Vietnam (9,500 RB), China (7,600 RB), and Bangladesh (400 RB).

Late
Reporting:
For 2020/2021, exports totaling 78,600 RB of upland cotton were reported late to China.

Hides
and Skins: 
Net sales of 275,700 pieces for 2021 were up 7 percent from the previous week, but down 15 percent from the prior 4-week average.  Increases primarily for China (165,300 whole cattle hides, including decreases of 7,900 pieces), South Korea (46,900 whole cattle
hides, including decreases of 900 pieces), Thailand (25,100 cattle hides, including decreases of 600 pieces), Brazil (20,000 whole cattle hides), and Mexico (8,000 whole cattle hides, including decreases of 1,100 pieces), were offset by reductions for Italy
(2,000 pieces), Cambodia (200 pieces), and Spain (100 pieces).  Exports of 358,100 pieces were down 21 percent from the previous week and 10 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (238,300 pieces), South
Korea (36,700 pieces), Thailand (33,700 pieces), Mexico (24,100 pieces), and Brazil (10,200 pieces).  Exports of 1,400 kip skins were to China.

Net
sales of 35,400 wet blues for 2021 were down 89 percent from the previous week and 73 percent from the prior 4-week average.  Increases primarily for China (11,400 unsplit), Thailand (9,800 unsplit, including decreases of 200 unsplit), Vietnam (8,000 unsplit),
and the Dominican Republic (6,400 unsplit), were offset by reductions for Italy (400 unsplit), Japan (100 unsplit), and Mexico (100 unsplit).  Exports of 130,500 wet blues were down 14 percent from the previous week, but up 3 percent from the prior 4-week
average.  The destinations were primarily to Italy (38,400 unsplit and 3,200 grain splits), China (40,300 unsplit), Vietnam (27,800 unsplit), Thailand (13,600 unsplit), and Mexico (4,000 grain splits and 800 unsplit).  Net sales of 99,500 splits reported for
Vietnam (199,200 pounds, including decreases of 17,300 pounds) and China (117,700 pounds, including decreases of 12,500 pounds), were offset by reductions for Taiwan (217,400 pounds).  Exports of 781,600 pounds were to Vietnam (487,000 pounds), China (210,000
pounds), and Taiwan (84,600 pounds).

Beef: 
Net
sales of 16,900 MT reported for 2021 were down 28 percent from the previous week and 18 percent from the prior 4-week average.  Increases were primarily for Japan (4,600 MT, including decreases of 500 MT), Mexico (3,000 MT, including decreases of 100 MT),
Taiwan (2,900 MT, including decreases of 100 MT), South Korea (2,300 MT, including decreases of 500 MT), and Canada (2,100 MT, including decreases of 100 MT).  For 2022, total net sales of 200 MT were for Canada.  Exports of 18,500 MT were down 1 percent from
the previous week and 3 percent from the prior 4-week average.  The destinations were primarily to Japan (5,300 MT), South Korea (5,100 MT), China (3,200 MT), Mexico (1,500 MT), and Taiwan (900 MT). 

Pork: 
Net
sales of 48,200 MT reported for 2021 were up 36 percent from the previous week and up noticeably from the prior 4-week average.  Increases primarily for Mexico (19,400 MT, including decreases of 500 MT), China (15,000 MT, including decreases of 1,000 MT),
Japan (4,700 MT, including decreases of 200 MT), South Korea (3,300 MT, including decreases of 300 MT), and Canada (2,900 MT, including decreases of 400 MT), were offset by reductions for Australia (300 MT) and the Philippines (200 MT).  Exports of 37,100
MT were down 37 percent from the previous week and 18 percent from the prior 4-week average.  The destinations were primarily to Mexico (12,100 MT), China (10,500 MT), Japan (4,600 MT), South Korea (2,500 MT), and Canada (1,500 MT).