FI Evening Grain Comments 05/25/23

PDF Attached

 

Lower
trade in soybeans led by weakness in soybean meal. Soybean oil rallied in part to higher palm oil futures. Corn ended mixed with July higher (strong US corn basis) and back months lower. Nearby Chicago wheat fell while KC and MN ended higher on US Great Plains
weather concerns. The USD was sharply higher, up 4 consecutive sessions. USDA export sales were very good for soybean meal. Rest of the commodities were about as expected. China cancelled a good amount of corn, but Mexico stepped up purchases last week.

 

SX/CZ

 

Fund
estimates as of May 25

 

 

Weather

 

 

 

World
Weather Inc.

WEATHER
TO WATCH

• U.S.
  Midwest will experience another week of dry weather and temperatures will rise above normal for a while with multiple days of 80-degree Fahrenheit highs that will accelerate drying in the topsoil
• Crop
  conditions and fieldwork will remain favorable during the week, but rain will become an increasingly more important need for the region
• Some
  rain will develop during the June 2-8 period, though it is a little unclear how significant that will be
• U.S.
  hard red winter wheat areas will continue to receive periodic showers and thunderstorms over the next week providing late season moisture for more immature crops
• There
  is need for drier weather in parts of Texas and Oklahoma where crops are most advanced, but so far there has not been any serious impact on grain quality
• U.S.
  Delta and southeastern states will continue to experience favorable weather over the next two weeks, despite drying for a while in the Delta
• Heavy
  rain is expected in the Carolinas this weekend as a low pressure center comes inland producing 1.00 to 3.00 inches of rain and local totals near the coast of more than 5.00 inches
• West
  Texas cotton areas benefited greatly from rain this past week with 1.00 to 2.65 inches common and a few amounts pushing up over 3.00 inches
• Friona,
  Texas received 3.06 inches in the past seven days and Andrews, located in the southwest corner of West Texas, reported 3.60 inches
  
• Texas
  Panhandle 7-Day rain totals have varied from 1.50 to more than 5.00 inches raising concern over wheat quality and slowing crop maturation
• The
  moisture has set the stage for a great start to the corn and sorghum season
• U.S.
  Pacific Northwest weather will continued locked into a pattern with the Yakima Valley staying dry over the next ten days to two weeks and frequent, near-daily, showers occurring in the Snake River Valley and areas northeast into Wyoming and Montana sugarbeet
  and dry bean country
• Western
  Alberta, Canada soil moisture has improved greatly from that of last weekend because of early week rainfall varying from 1.00 to more than 3.00 inches
• Saskatchewan
  and Manitoba rainfall will improve sufficiently to boost soil moisture for better canola, wheat, lentil, corn and soybean development, although southeastern Manitoba will miss much of the beneficial moisture
• Ontario
  and Quebec, Canada need more consistent warm temperatures to stimulate better wheat, corn and soybean development
• Some
  improving trends are expected over the next week
• Drought
  in southwestern parts of Canada’s Prairies remains serious and significant rain must fall soon to save canola, wheat and other crops planted and emerged in the region
• Rain
  is possible during the second week of the outlook across a part of the region, but confidence is not high over how significant the rain will be
• Australia’s
  winter crops are establishing favorable in portions of the south, especially in Victoria, southeastern South Australia and southern New South Wales locations
• Greater
  rain is needed in interior parts of Western and South Australia, Queensland and some north-central production areas of New South Wales
• Northern
  Europe will dry out over the next ten days
• The
  region will experience seasonable temperatures which may help to keep the drying rates at a reasonable level, but the region will need to be closely monitored for possible dryness issues later in June
• Southern
  Europe continues to deal with frequent showers and thunderstorms
• Flooding
  occurred recently in northern Italy
• Some
  grain quality concerns may be developing in early maturing winter small grains
• The
  pattern is not likely to change much for at least the next week and possibly ten days
• Russia’s
  eastern New Lands are drying down and will need to be closely monitored over the next few weeks for moisture shortages and crop stress
• Today’s
  forecast models suggest rain will fall in the June 3-9 period, but it is unclear how significant that may or may not be
• Western
  Russia, Belarus and western Ukraine may dry  down for the next ten days while the Volga River Basin and Ural Mountains region get periodic rain along with eastern Ukraine and Russia’s Southern Region
• Northern
  India will get unusually great amounts of rain for this time of year slowing fieldwork and raising some unharvested winter crop quality concerns
• Much
  of the winter crop should be harvested, though
• Rain
  will be good for early season cotton in Punjab, Haryana and parts of Rajasthan as well as in parts of Pakistan
  
• China
  weather will continue favorably mixed except in a small part of eastern Inner Mongolia where drought is prevailing
• Alternating
  periods of rain and sunshine elsewhere in China will be great for long term crop development
• Xinjiang,
  China temperatures will continue cooler than usual over the next ten days
• Northeastern
  Xinjiang will experience highs in the 70s Fahrenheit while other areas in the province experience 80s
• All
  of these temperatures are still not optimum for cotton or corn
• Warming
  is needed to induce the best crop development
• Some
  showers will occur in the northeast.
• An
  improved environment of warmer weather is needed
• The
  persistent cool conditions this spring may lead to a higher potential for crop damage in the autumn if frost and freezes occur prior to crop maturity.
  
• Mainland
  Southeast Asia rainfall will steadily increase later this week into next week bringing relief from early season dryness
• Improved
  rice and corn planting conditions are expected
• Improved
  sugarcane, coffee and other crop development is also likely as well
• Water
  supply in the region is below average and concern is rising over water supply when El Nino kicks in and starts reducing summer rainfall which makes the greater rain forthcoming all the more important
• Indonesia
  and Malaysia rain frequency and intensity is expected to diminish greatly next week and on into the first full week of June
  
• Some
  net drying is expected, but crop conditions will remain favorably rated.
• Philippines
  rainfall will remain well mixed with sunshine over the next ten days
• Super
  Typhoon Mawar was producing sustained wind speeds of 173 mph today and gusts to more than 207 mph at 1500 GMT today.
  
• The
  storm will move west northwesterly toward Taiwan and the northeastern part of Luzon, Philippines, but landfall is not likely through Tuesday
• Taiwan
  may be more vulnerable to the storm than the Philippines and notable weakening is expected prior to the storm getting near those areas
• Argentina
  will experience additional rainfall during the coming week
• The
  rain will be greatest in the central and east leaving some of the southwestern most winter crop areas in need of greater planting moisture
• Fieldwork
  will advance swiftly in the central and eastern wheat areas after the rain ends this week, though more rain will be needed to ensure ideal conditions later this autumn
• Concern
  over southwestern dryness may continue for a while, but the situation will not be critical unless June turns out to be drier than usual as well
• Temperatures
  will trend cooler in Argentina later this week and through the weekend
• That
  will conserve soil moisture through lower evaporation so that winter seed germination and plant emergence occur favorably once drier weather resumes
• Warming
  is expected again during the second week of the outlook
• Center
  south Brazil weather will be dry biased the remainder of this week and this weekend while temperatures are warmer than usual
• Net
  drying is expected and unirrigated Safrinha crops will become more stressed
• Early
  maturing corn will be maturing and should not be seriously stressed by the environment
• Well-timed
  rain will fall in Safrinha crop areas of Mato Grosso do Sul, Sao Paul and Parana late this weekend and early next week resulting in a perfectly timed improvement in topsoil moisture to carry late planted corn through reproduction in a favorable manner
• Mato
  Grosso and Goias may not be included in the rain event next week and crop moisture stress may continue to rise, although there is only a small amount of very late crop development in these areas relative to the remainder of the Safrinha crop region which should
  limit the downside for production
• Cooling
  after early next week’s southern Brazil rain event may bring down temperatures into the 40s Fahrenheit, but no frost event is presently anticipated
  
• South
  Africa will be dry today and then some showers will begin to evolve and they will last into next week benefiting winter wheat development , but disrupting some farming activity
• North
  Africa rainfall will be periodic over the next ten days, but it comes a little too late to change production for Morocco and northwestern Algeria
• Recent
  rain in northeastern Algeria and northern Tunisia has been timely and sufficient to improve late season production potential, though it is unclear how much benefit has resulted
• Drier
  weather will soon be needed in Morocco and northwestern Algeria to protect crop quality and support harvesting
• West-central
  Africa will continue to receive periodic rainfall over the next two weeks and that will prove favorable for main season coffee, cocoa and sugarcane
• Some
  cotton areas would benefit from greater rain, though the precipitation that has occurred has been welcome
• East-central
  Africa rainfall has been favorable for coffee, cocoa and other crops in recent weeks with little change likely
• Central
  Asia cotton and other crop weather has been relatively good this year with adequate irrigation water and some timely rainfall reported
• The
  favorable environment will continue
• Mexico
  rainfall is expected to fall periodically over the central and eastern parts of the nation during the next ten days improving topsoil moisture for future planting of summer crops
  
• Western
  Mexico will continue quite dry
• Central
  America rainfall is expected to be periodic and sufficient to support crop needs
• Water
  levels on Gatun Lake in Panama are low once again and concern has been rising over water levels for shipping through the Panama Canal
  
• Draught
  restrictions have been put into place because of the low water levels
• El
  Nino will not help the situation in the long run
• Today’s
  Southern Oscillation Index was -12.42 and it should move lower over the next several days

Source:
World Weather, INC.

 

 

Bloomberg
Ag calendar

Friday,
May 26:

• 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 condition report
• EARNINGS:
  Select Harvests
• HOLIDAY:
  Hong Kong

Monday,
May 29:

• Vietnam’s
  coffee, rice and rubber exports in May
• HOLIDAY:
  US, UK, France, Germany

Tuesday,
May 30:

• USDA
  export inspections – corn, soybeans, wheat, 11am
• US
  planting data for corn, cotton, spring wheat and soybeans, 4pm
• US
  cotton and winter wheat condition, 4pm
• EU
  weekly grain, oilseed import and export data
• EARNINGS:
  FGV

Wednesday,
May 31:

• US
  agricultural prices paid, received
• Malaysia’s
  May palm oil exports

Thursday,
June 1:

• EIA
  weekly US ethanol inventories, production, 11am
• USDA
  soybean crush, corn for ethanol, DDGS production, 3pm
• Port
  of Rouen data on French grain exports
• HOLIDAY:
  Indonesia

Friday,
June 2:

• FAO
  food price index, monthly grains report
• USDA
  weekly net- export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• 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 condition report
• HOLIDAY:
  Italy, Indonesia

Source:
Bloomberg and FI

 

USDA
export sales

Big
soybean meal sales this week. Increases were primarily for Poland (100,000 MT), unknown destinations (46,500 MT), Colombia (45,700 MT).  Soybean sales were 115,000 tons and soybean oil improved to 6,200 tons. Old crop corn net reduction was not as bad as traders
expected. China cancelled 331,600 tons of corn and unknown was reduced by 216,700 tons. This and other cancelations were partially offset by a 216,100 ton increase by Mexico. All wheat sales for 2023-24 were 245,100 tons with Japan as largest buyer. Sorghum
sales were 5,700 tons and pork 29,200 tons.

 

 

 

Macros

US
GDP Annualized (Q/Q) Q1 S: 1.3% (est 1.1%; prev 1.1%)

US
Core PCE (Q/Q) Q1 S: 5.0% (est 4.9%; prev 4.9%)

US
Personal Consumption Q1 S: 3.8% (est 3.7%; prev 3.7%)

US
GDP Price Index Q1 S: 4.2% (est 4.0%; prev 4.0%)

US
Initial Jobless Claims May 20: 229K (est 245K; prevR 225K)

US
Continuing Claims May 13: 1794K (est 1800K; prev 1799K)

US
Chicago Fed Nat Activity Index Apr: 0.07 (est -0.20; prevR -0.37)

Canadian
Payroll Employment Change – SEPH Mar: -9.9K (prev 62.5K)

US
Pending Home Sales (M/M) Apr: 0.0% (est 1.0%; prev -5.2%)

–
Pending Home Sales NSA (Y/Y): -22.6% (est -20.1%; prev -23.3%)

 

Corn

·        
Corn futures traded mixed. USDA reported large China cancelations for old crop commitments but there were some countries that added commitments, partially offsetting total old crop reductions. Despite the reduction in commitments,
July corn rallied 3.50 cents. Note US corn basis remains very strong. Back month corn futures ended lower.

·        
USDA initial corn conditions will be released Thursday afternoon and we look for a tentative 70 percent for the combined good and excellent categories, below a 5-year average of 71 percent.

·        
Traders started positioning ahead of the long US holiday weekend.

·        
Black Sea shipments have not significantly improved since the recent extension of the grain deal. Vessels are slow to arrive.

·        
South Africa’s CEC sees a 16.19 million tons of corn this season, up from 15.47 million tons year earlier. That includes 8.54 million tons of white corn and 7.65 million tons of yellow corn

·        
The US Supreme Court ruled against the EPA for the WOTUS case, limiting EPA’s overreach over water rights, which may pave the way for relaxed rules for developers and agriculture farm groups.

 

University
of IL: Overview of the RIN Compliance System and Pricing of RINs for the U.S. Renewable Fuel Standard

Gerveni,
M., T. Hubbs and S. Irwin. “Overview of the RIN Compliance System and Pricing of RINs for the U.S. Renewable Fuel Standard.”
farmdoc daily (13):95, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, May 24, 2023.

https://farmdocdaily.illinois.edu/2023/05/overview-of-the-rin-compliance-system-and-pricing-of-rins-for-the-us-renewable-fuel-standard.html

 

Export
developments.

• None
  reported

 

Updated
05/24/23

July
corn $5.25-$6.25

September
$4.25-$5.50

December
corn $4.25-$5.75

 

Soybeans

·        
Soybeans traded lower following weakness in the soybean meal market. Soybean meal ended at a multi month low. There are some demand concerns for China soybean meal and corn after China has been aggressive with wheat imports. Meanwhile
SA soybean meal premiums have been under pressure this week. Keep an eye on US soybean meal demand. Crop year to date US export sales suggests soybean meal commitments can easily reach USDA’s projection and we expect USDA to increase its estimate over the
next month or two.

·        
August CBOT crush was last $1.54, up 6.75 cents today.

·        
Soybean oil was higher in large part to higher palm oil futures which rallied 86 ringgit during the regular session.

·        
China’s crush expanded for the week ending May 19 by 9 percent to 1.89 million tons, 2 percent below year earlier.

·        
It was a holiday in Argentina today.

·        
Concerns over El Nino cutting Malaysian palm oil production sent palm oil futures higher on Thursday. MPOB said crude palm oil production could fall between 1 and 3 million tons next year (3MMT being worst case). It takes about
15 to 18 months for the impact on palm oil production.  MPOB maintained their average 2023 CPO price at 4,200 ringgit per ton.

·        
Cargo surveyor AmSpec reported May 1-25 palm oil exports at 933,615 tons, a 0.7% decrease from 927,331 tons during the April 1-25 period. ITS reported a 0.7% decrease to 982,605 tons.

·        
Following an increase in EU biofuel imports, the EU vegetable oil industry group FEDIOL called for an investigation into the authenticity of these biofuel imports. They also want production of biodiesel made with waste oils and
fat as part of targets for renewable energy use. EU rapeseed oil prices are down 30% in the past five months.

·        
China exported 139,000 tons of used cooking oil during the month of April, 40,000 tons of that was for the US.  China October-April exports of used cooking oil to the US amounts to 211,000 tons, up from zero during the same period
year earlier. China exports of biodiesel to the EU during the October-April period were 1.267 million tons versus 874 year earlier and China exports of used cooking oil to the EU for the same 2022-23 period were 229,000 tons versus 539,000 tons year earlier.

 

Export
Developments

·        
None reported

 

Updated
05/24/23

Soybeans
– July $12.75-$14.00, November $11.00-$14.50

Soybean
meal – July $370-$450, December $290-$450

Soybean
oil – July 44-50, December 43-53, with bias to upside

 

Wheat

·        
US wheat started lower, ending higher in the front months for high protein KC and MN wheat, and lower for Chicago. The US drought monitor showed a small improvement for the Great Plains, but the drought remains at exceptional
levels for mainly KS and eastern NE. Near or at record abandonment for HRW this year has driven KC prices at a large premium over Chicago.

·        
The USD index hit a 2-month high.

·        
The EU agreed to extend the suspension of selected Ukraine imports for a year. The ban on Ukraine grain imports started in April after a few countries complained about an influx of grain imports resulting in cheaper supplies undercutting
local producers. Hungary, Poland, Bulgaria, Romania and Slovakia curbed domestic sales of selected grains from Ukraine but will allow their transit as a pass through for other import destinations.

·        
September Paris milling wheat officially closed 0.50 euro lower, or 0.2%, at 222.25 euros a ton (about $238.25 ton).

·        
India’s farm ministry sees a record 112.7 million ton wheat production for 2023, up from previous 112.2 million previous, despite unfavorable weather that occurred during February and March.  2022 output was 107.7 million tons. 
Harvest began in March.

·        
Egypt plans to defer payments for wheat imports, that could last for months, as they seeing financial strain. So far wheat unloading have been uninterrupted. Egypt buys most of its wheat from Russia.

·        
Egypt said their wheat reserves are large enough to last 5.9 months and vegetable oil reserves for 5.0 months.

·        
Ukraine 2023 spring grain plantings reached 97 percent on nearly 5.3 million hectares. Total area is projected to drop to 5.5 million hectares from 5.9 million in 2022.

·        
Reuters: “So far, 30.3 million tons of grain on 953 vessels have been transported through the grain corridor. Most of the products have been shipped to China, or 23% of the total volume. Spain’s share is 18% and Turkey’s is 11.87%,”
said Karakas, deputy director general of the Turkish Trade Ministry’s Directorate General of International Service Trade.

 

Export
Developments.

·        
Taiwan seeks 56,000 tons of US wheat on May 26 for LF July shipment.

 

Rice/Other

·        
None reported

 

Updated
05/24/23

Chicago
Wheat – July $5.50-$6.50

KC
– July $7.50-$8.75

MN
– July $7.25-$8.75

September
– same ranges as July

 

 

 

 

USDA
export sales

Export Sales Highlights 

This
summary is based on reports from exporters for the period May 12-18, 2023.

 

Wheat:  Net
sales reductions of 45,100 metric tons (MT) for 2022/2023–a marketing-year low–were up 7 percent from the previous week, but down noticeably from the prior 4-week average. Increases primarily for China (68,000 MT, including 65,000 MT switched from unknown
destinations), Nigeria (15,900 MT, including 15,000 MT switched from unknown destinations), Ecuador (9,600 MT), South Korea (2,200 MT), and Colombia (700 MT, including decreases of 6,600 MT), were more than offset by reductions primarily for Japan (63,100
MT), unknown destinations (59,400 MT), and the Philippines (16,000 MT). Net sales of 245,100 MT for 2023/2024 were primarily for Japan (143,900 MT), Guatemala (45,700 MT), the Philippines (22,000 MT), Honduras (14,000 MT), and Mexico (10,200 MT). Exports of
386,300 MT were up 78 percent from the previous week and 53 percent from the prior 4-week average. The destinations were primarily to Mexico (68,700 MT), China (68,000 MT), the Philippines (66,000 MT), Taiwan (51,400 MT), and Japan (36,300 MT).

 

Corn:  Net
sales reductions of 75,200 MT for 2022/2023 were down 78 percent from the previous week and down noticeably from the prior 4-week average. Increases primarily for Mexico (216,100 MT, including decreases of 100 MT), Japan (185,700 MT, including 194,800 MT switched
from unknown destinations and decreases of 10,900 MT), Morocco (19,800 MT, including 18,000 MT switched from unknown destinations), Jamaica (18,100 MT), and Taiwan (10,900 MT), were more than offset by reductions for China (331,600 MT), unknown destinations
(216,700 MT), Honduras (3,600 MT), and Colombia (1,200 MT). Net sales of 52,100 MT for 2023/2024 were reported for Canada (25,400 MT), Honduras (23,400 MT), unknown destinations (3,000 MT), and Guatemala (300 MT). Exports of 1,502,800 MT were up 38 percent
from the previous week and 20 percent from the prior 4-week average. The destinations were primarily to Japan (511,300 MT), China (377,400 MT), Mexico (263,300 MT), Colombia (171,100 MT), and Guatemala (70,00 MT).

 

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

Sorghum: 
Net sales of 5,700 MT for 2022/2023 were down noticeably from the previous week and down 50 percent from the prior 4-week average. Increases reported for China (115,700 MT, including 110,000 MT switched from unknown destinations), were offset by reductions
for unknown destinations (110,000 MT). Exports of 115,800 MT were up noticeably from the previous week and up 70 percent from the prior 4-week average. The destination was to China. 

Rice:  Net
sales of 30,300 MT for 2022/2023 were down noticeably from the previous week, but up 25 percent from the prior 4-week average. Increases were primarily for Haiti (15,100 MT, including decreases of 11,900 MT), the United Kingdom (6,900 MT), Honduras (5,600
MT), Canada (1,300 MT), and Mexico (600 MT). Exports of 22,300 MT were down 60 percent from the previous week and 52 percent from the prior 4-week average. The destinations were primarily to Haiti (15,100 MT), Mexico (4,200 MT), Canada (2,000 MT), Saudi Arabia
(500 MT), and the Bahamas (200 MT).  

Soybeans:  Net
sales of 115,000 MT for 2022/2023 were up noticeably from the previous week, but down 26 percent from the prior 4-week average. Increases primarily for Germany (57,700 MT), Japan (53,500 MT, including 52,200 MT switched from unknown destinations), China (25,000
MT), Indonesia (6,600 MT, including decreases of 100 MT), and Malaysia (5,000 MT), were offset by reductions for unknown destinations (37,700 MT), the Dominican Republic (500 MT), Egypt (200 MT), and Taiwan (100 MT). Net sales of 1,100 MT for 2023/2024 resulting
in increases for Mexico (4,000 MT) and Taiwan (200 MT), were offset by reductions for Japan (3,100 MT). Exports of 287,300 MT were up 52 percent from the previous week, but down 26 percent from the prior 4-week average. The destinations were primarily to Japan
(61,000 MT), Germany (57,700 MT), Egypt (56,800 MT – late), Mexico (37,800 MT), and Indonesia (22,300 MT).   

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

Export
for Own Account:  For
2022/2023, the current exports for own account outstanding balance of 1,600 MT are for Canada (1,400 MT) and Taiwan (200 MT). 

Late Reporting:  For
2022/2023, exports of 56,773 MT of soybeans were late to Egypt.

 

Export Adjustments:  Accumulated
exports of soybeans to the Netherlands were adjusted down 57,723 MT for week ending May 4th. The correct destination for this shipment is Germany.

 

Soybean Cake and Meal:  Net
sales of 341,300 MT for 2022/2023 were up 69 percent from the previous week and 68 percent from the prior 4-week average. Increases primarily for Poland (100,000 MT), unknown destinations (46,500 MT), Colombia (45,700 MT, including decreases of 2,400 MT),
Mexico (23,300 MT, including decreases of 15,900 MT), and Guatemala (19,400 MT), were offset by reductions for Belgium (2,400 MT) and the Dominican Republic (400 MT). Net sales of 50,600 MT for 2023/2024 were primarily for Canada (30,500 MT) and Guatemala
(12,200 MT). Exports of 226,000 MT were down 21 percent from the previous week and 6 percent from the prior 4-week average. The destinations were primarily to Vietnam (54,400 MT), Colombia (45,900 MT), Mexico (33,800 MT), Canada (33,300 MT), and Panama (12,900
MT).

 

Soybean Oil:  Net
sales of 6,200 MT for 2022/2023 were up noticeably from the previous week and up 62 percent from the prior 4-week average. Increases were reported for Jamaica (3,500 MT), Mexico (2,500 MT), and Canada (200 MT). Exports of 700 MT were down 84 percent from the
previous week and 89 percent from the prior 4-week average. The destination was to Canada. 

 

Cotton: 
Net sales of 131,200 RB for 2022/2023 were down 1 percent from the previous week and 35 percent from the prior 4-week average. Increases primarily for China (64,800 RB, including decreases of 1,900 RB), Vietnam (30,400 RB, including 2,700 RB switched from
China, 400 RB switched from Japan, and 200 RB switched from South Korea), Turkey (11,700 RB, including decreases of 4,700 RB), Bangladesh (9,000 RB, including decreases of 200 RB), and Pakistan (3,800 RB, including decreases of 400 RB), were offset by reductions
for South Korea (200 RB), Mexico (200 RB), Guatemala (100 RB), and Nicaragua (100 RB). Net sales of 84,300 RB for 2023/2024 were reported for Turkey (54,600 RB), Mexico (24,000 RB), China (4,400 RB), Indonesia (900 RB), and Thailand (400 RB). Exports of 268,700
RB were down 19 percent from the previous week and 27 percent from the prior 4-week average. The destinations were primarily to Vietnam (68,100 RB), Turkey (67,300 RB), Pakistan (38,500 RB), China (22,400 RB), and Bangladesh (16,900 RB). Net sales of Pima
totaling 3,300 RB for 2022/2023 were down 65 percent from the previous week and 80 percent from the prior 4-week average. Increases reported for Vietnam (1,800 RB, including 100 RB switched from Japan), India (800 RB), Turkey (500 RB), Pakistan (200 RB), and
Thailand (100 RB switched from Japan), were offset by reductions for Japan (200 RB) and Guatemala (100 RB). Exports of 13,500 RB were down 7 percent from the previous week and 33 percent from the prior 4-week average. The destinations were primarily to India
(5,200 RB), China (3,300 RB), Vietnam (2,300 RB), Egypt (900 RB), and Djibouti (900 RB). 

 

Optional Origin Sales:  For
2022/2023, the current outstanding balance of 1,100 RB, all Malaysia.  

Export
for Own Account:  For
2022/2023, exports for own account totaling 600 RB to Vietnam were applied to new or outstanding sales. The current exports for own account outstanding balance of 112,200 RB are for China (80,600 RB), Vietnam (21,500 RB), Pakistan (5,000 RB), South Korea (2,400
RB), India (1,500 RB), and Turkey (1,200 RB). 

Hides
and Skins:  Net
sales of 451,000 pieces for 2023 were up 8 percent from the previous week and 2 percent from the prior 4-week average. Increases primarily for China (339,100 whole cattle hides, including decreases of 15,300 pieces), Mexico (51,100 whole cattle hides, including
decreases of 900 pieces), South Korea (34,300 whole cattle hides, including decreases of 300 pieces), Thailand (18,700 whole cattle hides, including decreases of 900 pieces), and Turkey (4,600 whole cattle hides), were offset by reductions for Italy (400 pieces)
and Brazil (200 pieces). Exports of 492,600 pieces were up 42 percent from the previous week and 34 percent from the prior 4-week average. Whole cattle hides exports were primarily to China (328,000 pieces), Mexico (58,800 pieces), South Korea (49,000 pieces),
Thailand (14,700 pieces), and Brazil (11,100 pieces).

 

Net sales of 105,900 wet blues
for 2023 were down 42 percent from the previous week and 1 percent from the prior 4-week average. Increases were primarily for Italy (57,200 unsplit), Vietnam (18,300 unsplit), China (10,000 unsplit, including decreases of 100 unsplits), Mexico (8,900 unsplit),
and Thailand (8,000 unsplit). Exports of 145,500 wet blues were up 17 percent from the previous week and 36 percent from the prior 4-week average. The destinations were primarily to Italy (39,400 unsplit), Vietnam (23,900 unsplit and 4,000 grain splits), China
(26,700 unsplit), Thailand (16,200 unsplit), and Brazil (11,000 unsplit and 1,900 grain splits). Net sales of 45,400 splits were reported for China (41,000 pounds) and Vietnam (4,400 pounds, including decreases of 200 pounds). Exports of 39,900 pounds were
to Vietnam.

 

Beef:  Net
sales of 18,300 MT for 2023 were up 5 percent from the previous week and 15 percent from the prior 4-week average. Increases were primarily for Japan (5,500 MT, including decreases of 400 MT), South Korea (3,800 MT, including decreases of 400 MT), China (2,500
MT, including decreases of 100 MT), Mexico (2,200 MT, including decreases of 100 MT), and Taiwan (1,200 MT, including decreases of 100 MT). Exports of 16,500 MT were down 10 percent from the previous week and 3 percent from the prior 4-week average. The destinations
were primarily to South Korea (4,700 MT), Japan (4,100 MT), China (2,300 MT), Mexico (1,400 MT), and Canada (1,300 MT).

 

Pork:  Net
sales of 29,200 MT for 2023 were down 8 percent from the previous week and 29 percent from the prior 4-week average. Increases were primarily for Mexico (14,400 MT, including decreases of 300 MT), Japan (4,400 MT, including decreases of 100 MT), South Korea
(4,400 MT, including decreases of 600 MT), Colombia (1,200 MT), and the Dominican Republic (1,100 MT, including decreases of 100 MT). Exports of 38,500 MT were up 5 percent from the previous week and 3 percent from the prior 4-week average. The destinations
were primarily to Mexico (16,900 MT), China (4,600 MT), Japan (4,300 MT), South Korea (3,200 MT), and Australia (2,100 MT).

 

May 25, 2023                                      1             FOREIGN
AGRICULTURAL SERVICE/USDA

 

 

 

 

U.S. EXPORT SALES FOR WEEK ENDING 5/18/2023   

  

	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	13.6	365.3	490.8	34.8	4,757.9	6,982.6	55.3	426.8
SRW	7.5	272.2	138.5	50.8	2,635.4	2,731.6	50.2	802.0
HRS	-5.6	564.8	480.4	109.7	5,183.6	5,045.1	62.2	587.0
WHITE	-60.7	290.1	168.5	157.4	4,319.9	3,202.2	77.4	354.9
DURUM	0.2	58.8	0.5	33.6	393.4	195.9	0.0	36.9
TOTAL	-45.1	1,551.2	1,278.6	386.3	17,290.2	18,157.4	245.1	2,207.5
BARLEY	0.0	3.5	5.2	0.0	8.5	15.3	0.0	6.0
CORN	-75.2	8,873.4	14,335.4	1,502.8	29,106.0	44,720.6	52.1	2,752.5
SORGHUM	5.7	327.3	1,225.3	115.8	1,318.5	5,536.1	0.0	63.0
SOYBEANS	115.0	2,940.5	10,224.8	287.3	47,899.4	49,194.2	1.1	2,551.7
SOY MEAL	341.3	2,613.0	2,681.7	226.0	7,951.3	7,839.4	50.6	455.0
SOY OIL	6.2	61.9	111.4	0.7	62.9	559.9	0.0	0.6
RICE
L G RGH	5.6	138.5	142.1	2.5	573.4	1,110.0	0.0	6.0
M S RGH	0.0	33.2	8.1	0.0	23.8	12.9	0.0	5.0
L G BRN	3.2	6.1	5.1	0.6	17.9	48.5	0.0	0.0
M&S BR	0.5	21.6	9.9	0.1	23.9	77.5	0.0	0.0
L G MLD	19.8	120.5	88.7	17.8	587.7	666.1	0.0	40.0
M S MLD	1.1	89.9	185.2	1.3	224.1	333.1	0.0	40.2
TOTAL	30.3	409.8	439.1	22.3	1,450.9	2,248.2	0.0	91.2
COTTON		THOUSAND RUNNING BALES
UPLAND	131.2	3,581.8	5,280.1	268.7	9,181.1	9,618.7	84.3	1,608.5
PIMA	3.3	73.7	98.9	13.5	236.8	377.2	0.0	4.7