FI Evening Grain Comments 06/25/20

PDF Attached

 

Hogs
and Pigs reported supportive for corn, bearish for hogs.  USDA export sales for soybeans, soybean oil and wheat were within expectations. 

 

 

 

Weather
and Crop Progress

MARKET
WEATHER MENTALITY FOR CORN AND SOYBEANS:  U.S. weather is expected to be nearly ideal over the coming two weeks with periodic showers and thunderstorms intermixing with periods of sunshine and warm temperatures over this first week while drying and warming
occurs in the second week. Crop development will advance aggressively. Some pockets of dryness will remain, and the second week of the forecast will trend a little drier and warmer making the second and third weeks in July important to watch.

           
Summer crops in Europe may trend drier in the west, but some rain will return in early July to prevent dryness from becoming a big issue. Eastern Europe and the western CIS will continue favorably moist throughout the next two weeks. Most of China’s summer
coarse grain and oilseed crops will also stay in good shape along with much of India’s crops. Some dryness remains north of the Yellow River in China, but that area will get some needed rain soon. Northeast China is a little too wet, but the impact on corn
and soybeans should be low.

           
Drying in Russia’s Southern Region will continue a concern with some expansion into eastern Ukraine now advertised as well.

            Canola
production potential in Australia is looking good, but rapeseed in China has suffered from too much moisture this year. Europe’s winter rapeseed has likely yielded a little poorly, but summer crops are poised to perform well. Canada’s canola crop will be improving
over the next two weeks.

           
Brazil Safrinha corn is maturing relatively well and harvesting in Argentina has gone well also.

            The
bottom line will lead to a bearish bias for market mentality today.

 

MARKET
WEATHER MENTALITY FOR WHEAT:  Weather conditions in U.S. hard red winter wheat in the Plains and soft red wheat areas in the Midwest will remain favorable as rain frequency slowly subsides and better drying conditions emerge. This change is already under way
in the Plains, but the Midwest will be slow to dry down.

           
Canada’s wheat will remain in good condition in Ontario and Quebec while varying from fair to good condition in the Prairies. Dryness remains a concern from eastern Montana and the western Dakotas into southwestern Manitoba and eastern Saskatchewan where some
relief is possible late this weekend into next week.

            Wheat
conditions in Europe vary greatly with some concern over crop conditions in parts of France, Germany and the United Kingdom from dryness earlier this year. Some rain in southeastern Europe has improved winter crop production potentials as well as in Ukraine
and southwestern Russia. Rain this week in the eastern CIS New Lands should translate into improved soil moisture for better spring wheat development near the Kazakhstan border. Drying from eastern Ukraine into Russia’s Southern Region will raise concern for
late season crop development.

           
Argentina wheat conditions have been improving except in the western parts of the nation where La Pampa, Cordoba, far western Buenos Aires and western Santa Fe need more rain. Brazil wheat conditions are fair to very good with rain needed in the north and
some drying in the south.  Rain in Brazil during the next week to ten days will fix the moisture deficits and may make parts of the south too wet.

            Overall,
weather today may have a mixed influence on market mentality.

Source:
World Weather Inc. and FI

 

 

 

 

 

 

Bloomberg
Ag Calendar

THURSDAY,
June 25:

• USDA
  weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
• International
  Grains Council monthly report
• Port
  of Rouen data on French grain exports
• Malaysia’s
  palm oil export data for June 1-25
• USDA
  hogs and pigs inventory, red meat production, 3pm

FRIDAY,
June 26:

• ICE
  Futures Europe weekly commitments of traders report, 1:30pm (6:30pm London)
• CFTC
  commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
• FranceAgriMer
  weekly update on crop conditions

Source:
Bloomberg and FI

 

 

 

 

 

USDA
export sales
for soybeans, soybean oil and wheat were within expectations.  Corn was at the lower end of the trade and soybean meal sales were below expectations.  Shipments of meal of nearly 300,000 tons were ok and soybean oil shipments were robust at 52,200 tons. 

·        
China booked a cargo of corn. 

·        
China booked 172,500 tons of 2019-20 soybeans, and 393,000 tons of new-crop.

·        
Sorghum sales showed net reductions of 1,000 tons.

·        
Pork sales were 24,100 tons.

 

 

 

 

Macros

·        
US GDP Annualized (Q/Q) Q1 F: -5.0% (est -5.0%; prev -5.0%)

·        
US Personal Consumption Q1 F: -6.8% (est -6.8%; prev -6.8%)

·        
US Core PCE (Q/Q) Q1 F: 1.7% (est 1.6%; prev 1.6%)

·        
US Initial Jobless Claims Jun 20: 1480K (est 1320K; prevR 1540K; prev 1508K)

·        
US Continuing Jobless Claims Jun 13: 19522K (est 20000K; prevR 20289K; prev 20544K)

·        
US Durable Goods Orders May P: 15.8% (est 10.5%; prev -17.7%)

·        
US Durable Goods Ex Transportation May P: 4.0% (est 2.1%; prev -7.7%)

·        
US Cap Goods Orders Nondef Ex Air May P: 2.3% (est 1.0%; prev -6.1%)

·        
US Cap Goods Ship Nondef Ex Air May P: 1.8% (est -1.0%; prev -5.7%)

·        
US Wholesale Inventories (M/M) May P: -1.2% (est 0.4%; prev 0.3%)

·        
US Retail Inventories (M/M) May: -6.1% (est -2.0%; prev -3.6%)

·        
US Advance Goods Trade Balance May: -74.3B (est -68.2B; prevR -70.7B; prev -69.7B)

 

Corn.

·        
Corn futures prices could see a partial recovery from the week to date losses, tonight into Friday after the quarterly hogs and pigs inventory showed a large increase from the previous year, meaning
feed demand for corn, meal and other feed ingredients were larger than anticipated last quarter.  We will likely raise our US soybean crush for the soy complex S&D’s and increase feed demand for the summer quarter for corn.  Early next week USDA may indicate
feed demand for corn will likely exceeded our current expectations, if USDA’s H&P inventory is validated.  The USDA hogs and pigs report showed all hogs as of June 1 increased 5.2 percent from a year ago, compared to the trade looking for an increase 3.0 percent
from a year ago.  Kept for breeding was 2.9 percentage points below expectations.  Kept for market came in 2.7 points above trade expectations.

·        
Meanwhile today’s market reaction to the downside reflected widespread selling pressure in global grains and oilseeds continued into Thursday from negative outside markets.
 IMF
revised lower its global GDP forecast to negative 4.9 percent from negative 3.0 percent April estimate.  USA was projected to contract 8.0 percent and EU (“Euro Zone”) by 10.2 percent.  2021 global GDP was projected to rebound 5.4 percent. 

·        
September corn dropped for the fourth consecutive session to a April 29 low, before pairing losses, on favorable US weather, even as we hear up to 7 cargoes of US corn was sold to China yesterday
along with at least 4 cargoes of Ukrainian corn. 

·        
Several option traders took advantage of the pressure, by buying corn calls today.  CQ 360c and CQ 330-360 1×2 were two examples of plays.  Spreading was on fire today and bear spreading eventually
dominated the close. 

·        
China is on holiday for the rest of the week for Dragon Boat Festival June 25–27. 

·        
Funds sold an estimated net 25,000 corn contracts on Thursday.  Previous three days they sold 33,000 contracts, or 58,000 contracts over the combined four days. 

·        
South Africa’s CEC estimated the 2019-20 SAf corn crop at 15.5 million tons, slightly below 15.6 million previous and compares to 11.275 million tons in 2019. 

 

 

Corn
Export Developments

• None
  reported

 

Top
corn exporting countries, spot USD/ton

Source:
Reuters and FI

 

 

Updated
6/25/20

September
corn is seen in a $3.10 and $3.45 range over the short term. 
December lows could reach $2.90 if US weather cooperates. 

 

Soybean
complex.

• CBOT
  soybeans ended
  lower on increasing coronavirus concerns and lower soybean oil.  A volatile USD and recovery in US equity markets paired most of the losses. 
  
• Soybean
  meal ended lower.
• China
  is on holiday for the Dragon Boat Festival June 25–27. 

·        
Soybean oil had been under pressure all week from weaker palm oil.  Today cargo surveyors reported a significant slowdown in palm exports over the June 20-25 period.

·        
Funds sold an estimated net 3,000 soybeans contracts on Thursday, sold 2,000 meal and sold 2,000 soybean oil.  

• Anec
  said Brazilian exporters cannot promise China that the soybeans will be coronavirus free.  We agree but if founded coronavirus can be transmitted in or on a soybean seed after a 20-30 day journey across the ocean to any destination, and be detected upon inspection,
  US exporters might have an upper hand in providing the extra paperwork if Chinese buyers are really concerned about the matter. 
  

·        
ITS: Malaysian palm oil exports for the June 1 – 25 period rose 37.2 percent to 1,390,860 tons from 1,014,000 tons month earlier.  AmSpec reported a 35.5 percent increase to 1,401,996 tons from 1,034,829
tons.  In comparison, SGS reported June 1-20 exports up 50 percent to 1.21 million tons. 

 

Oilseeds
Export Developments

• Results
  awaited:  Syria will retender for 50,000 tons of soymeal and 50,000 tons of corn on June 24 for delivery within four months of contract.

 

2019-20
US soybean commitments to China remain very low.

 

Updated
6/25/20

• August
  soybeans are seen in a $8.50-$8.90 range, over the short term (ST).
• August
  soybean meal is seen in a $275 to $300 range.  (ST)
• August
  soybean oil range is seen in a 26.75
  to 29.00 range over the medium term

 

Wheat

• Harvest
  pressure and improving Northern Hemisphere weather conditions send KC wheat and MN wheat lower, but Chicago rallied on short covering, and interesting spread play as soft wheat ratings are expected to remain stable next week despite the widespread rain for
  the crop that has not been collected. 
• Global
  export developments are on the rise. Japan bought food wheat.  There are a few bullish points out there, not reflected in the price action we saw today for MN contracts. 
  
• Bloomberg
  noted Canada 2020 wheat planting seen at 25 million acres, about half a million less than Statistics Canada’s May estimate.  However, durum wheat seen at 5.5 million acres, 300,000 more than in May.  Canola seen at 20.9 million acres vs 20.6 million in May,
  not much of a factor for the crop planted across the Canadian Prairies.

·        
The European Commission on Thursday lowered the EU soft wheat production to 117.2 million tons from 121.5 million month ago. The took exports down to 25 million tons from 26.5 million previously. 

• Paris
  December wheat was down 0.50 euros at 180.25 at the time this was written.
  
• Ukraine’s
  economy ministry may set the limit for wheat exports at 17.2 million tons for 2020-21.
• Ukraine’s
  UGA revised down its 2020 wheat harvest forecast to 26.5 million tons from a previous 26.8 million tons.  They see the corn harvest at 37-38 million tons.
  
• A
  state weather forecaster estimated Ukraine’s grain production may total 72.4 million tons in 2020 (24.5MMt wheat and 39MMT corn), compared with 75.1 million tons in 2019. 
  

·        
Funds bought an estimated net 3,000 Chicago wheat contracts on Thursday. 

 

 

Export
Developments.

·        
Japan bought 101,243 tons of food wheat this week. 

• Ethiopia
  seeks 400,000 tons of wheat on July 10 for shipment within two months.    
  

 

Rice/Other

• None
  reported

 

Updated 6/25/20

• Chicago September is seen in a $4.80-$5.10 range, over the short term.
  
• KC September$4.10 support; $4.00-$4.50 range over the medium term. 
  
• MN September $5.00-$5.40 range over the medium term with bias to upside. 
  

 

                                    

 Export Sales Highlights 

This
summary is based on reports from exporters for the period June 12-18, 2020.

• Wheat:  Net
  sales of 518,700 metric tons (MT) were reported for delivery in marketing year 2020/2021.  Increases primarily for Japan (88,000 MT), Nigeria (83,100 MT, including decreases of 4,600 MT), South Korea (78,900 MT), Mexico (74,200 MT), and Italy (42,400 MT, including
  21,000 MT switched from unknown destinations and decreases of 100 MT), were offset by reductions for unknown destinations (37,900 MT), Sri Lanka (20,000 MT), and Vietnam (13,700 MT).  Exports of 710,100 MT were primarily to China (92,200 MT), Japan (80,000
  MT), Nigeria (77,900 MT), Yemen (70,000 MT), and Indonesia (66,000 MT). 
• Corn: 
  Net sales of 461,700 MT for 2019/2020 were up 29 percent from the previous week, but down 11 percent from the prior 4-week average.  Increases primarily for Mexico (295,700 MT, including 52,500 MT switched from unknown destinations and decreases of 16,200
  MT), Peru (87,400 MT, including 83,000 MT switched from unknown destinations), China (66,100 MT), South Korea (65,500 MT, including decreases of 1,700 MT), and Japan (36,900 MT, including decreases of 10,000 MT), were offset by reductions primarily for unknown
  destinations (180,500 MT).  For 2020/2021, net sales of 77,000 MT were reported for Costa Rica (59,600 MT), Taiwan (11,000 MT), Honduras (3,500 MT), and Guatemala (2,900 MT).  Exports of 1,313,000 MT were up 50 percent from the previous week and 16 percent
  from the prior 4-week average.  The destinations were primarily to Mexico (397,400 MT), South Korea (201,500 MT, including 132,800 MT late – see below), Japan (146,400 MT, including 13,500 MT late – see below), Israel (88,200 MT), and Peru (87,000 MT). 
  Optional Origin Sales:  For 2019/2020, options were exercised to export 65,000 MT to South Korea from the United States.  The current outstanding balance of 325,000 MT is for South Korea (195,000 MT), Vietnam (65,000 MT), and Taiwan (65,000 MT).  For
  2020/2021, the current outstanding balance of 195,000 MT is for Vietnam.   Late Reporting:  For 2019/2020, exports to South Korea (132,800 MT) and Japan (13,500 MT) were reported late.  
  
• Barley: 
  No net sales or exports for 2020/2021 were reported for the week.
• Sorghum: 
  Net sales reductions of 1,000 MT for 2019/2020 were down 69 percent from the previous week and down noticeably from the prior 4-week average.  Increases reported for China (59,000 MT, including 60,000 MT switched from unknown destinations and decreases of
  6,100 MT), were more than offset by reductions for unknown destinations (60,000 MT).  Exports of 110,000 MT were down 49 percent from the previous week and 36 percent from the prior 4-week average.  The destination was China.
• Rice: 
  Net sales reductions of 13,900 MT for 2019/2020 were down noticeably
  from the previous week and from the prior 4-week average.  Increases primarily for Israel (3,300 MT), Jordan (2,000 MT), Canada (1,900 MT), Saudi Arabia (1,000 MT), and New Zealand (1,000 MT), were more than offset by reductions for Nicaragua (24,600 MT). 
  Exports of 60,700 MT were down 5 percent from the previous week, but
  up 12 percent from the prior 4-week average.  The destinations were primarily to Nicaragua (26,600 MT), Japan (12,900 MT), Colombia (7,300 MT), South Korea (3,400 MT), and Canada (3,000 MT).   Exports for Own Account:  For 2019/2020, the current exports
  for own account outstanding balance is 100 MT, all Canada.
• Soybeans: 
  Net sales of 601,900 MT for 2019/2020 were up 12 percent from the previous week, but down 10 percent from the prior 4-week average.  Increases were primarily for China (172,500 MT, including decreases of 600 MT), unknown destinations (92,000 MT), Egypt (67,200
  MT), Spain (55,000 MT), and Algeria (35,000 MT).  For 2020/2021, net sales of 560,700 MT were primarily for China (393,000 MT), unknown destinations (66,000 MT), Switzerland (60,000 MT), and Taiwan (25,800 MT).  Exports of 302,400 MT were down 22 percent from
  the previous week and 19 percent from the prior 4-week average.  The destinations were primarily to China (83,800 MT), Egypt (57,200 MT), Japan (49,800 MT, including 38,700 MT late – see below), Mexico (32,100 MT), and Indonesia (20,000 MT).   
  Exports for Own Account:  For 2019/2020, the current exports for own account outstanding balance is 2,100 MT, all Canada.  
  Late Reporting:  For 2019/2020, exports totaling 38,700 MT were reported late.  The destination was to Japan.  
  
• Soybean
  Cake and Meal: 
  Net sales of 70,200 MT for 2019/2020–a marketing-year low–were down 43 percent from the previous week and 72 percent from the prior 4-week average.  Increases primarily for Canada (15,800 MT, including decreases of 1,400 MT), Morocco (13,000 MT), Mexico
  (12,500 MT), the Philippines (8,100 MT), and Indonesia (8,100 MT), were offset by reductions primarily for unknown destinations (4,700 MT), the French West Indies (3,900 MT), and Nicaragua (1,000 MT).  For 2020/2021, net sales of 12,000 MT for Ecuador (12,000
  MT), Guatemala (500 MT), the Philippines (500 MT), and Canada (300 MT), were offset by reductions for Mexico (1,300 MT).  Exports of 297,200 MT were up 48 percent from the previous week and 33 percent from the prior 4-week average.  The destinations were primarily
  to the Philippines (71,100 MT), Mexico (42,200 MT), Ecuador (33,000 MT), Morocco (32,500 MT) and Libya (31,700 MT).  
  Late Reporting:  For 2019/2020, net sales totaling 500 MT were reported late.  These sales were reported for Colombia.  Exports totaling 600 MT were reported late.  The destination was to Colombia.  
  
• Soybean
  Oil:  Net
  sales of 20,500 MT for 2019/2020 primarily for unknown destinations (15,000 MT), Guatemala (6,200 MT, including decreases of 8,000 MT), the Dominican Republic (700 MT, including decreases of 1,700 MT), and Mexico (300 MT, including decreases of 300 MT), were
  offset by reductions for Colombia (1,200 MT) and Canada (400 MT).  Exports of 52,200 MT were up noticeably from the previous week and up 85 percent from the prior 4-week average.  The destinations were primarily to South Korea (20,000 MT), Colombia (9,200
  MT), Guatemala (8,200 MT), Venezuela (6,000 MT), and the Dominican Republic (5,600 MT).
  
• Cotton: 
  Net sales of 102,700 RB for 2019/2020 were up 5 percent from the previous week, but down 23 percent from the prior 4-week average.  Increases primarily reported for China (94,500 RB, including decreases of 1,300 RB), Turkey (4,100 RB), Vietnam (3,600 RB, including
  1,500 RB switched from Hong Kong and decreases of 1,000 MT), Bangladesh (2,800 RB, including decreases of 400 RB), and Pakistan (1,500 RB, including decreases of 700 RB), were offset by reductions for Peru (2,200 RB), Hong Kong (1,500 RB), and Thailand (900
  RB).  For 2020/2021, net sales of 67,900 RB reported for China (36,500 RB), Vietnam (33,400 RB), Peru (2,200 RB), and Bangladesh (400 RB), were offset by reductions for Turkey (4,100 RB) and Indonesia (600 RB).  Exports of 316,100 RB were down 9 percent from
  the previous week, but up 10 percent from the prior 4-week average.  Exports were primarily to China (130,700 RB), Vietnam (59,400 RB), Turkey (38,400 RB), Pakistan (38,200 RB), and Bangladesh (9,200 RB).  Net sales of Pima totaling 4,200 RB were down 16 percent
  from the previous week and 12 percent from the prior 4-week average.  Increases were primarily for India (1,100 RB), Thailand (900 RB), China (900 RB), Pakistan (600 RB), and Peru (500 RB).  Exports of 9,600 RB were up 61 percent from the previous week and
  58 percent from the prior 4-week average.  The destinations were primarily to China (4,400 RB), India (2,200 RB), Bangladesh (900 RB), Peru (600 RB), and Honduras (400 RB).   
  Exports for Own Account:  For 2019/2020, new exports for own account totaling 900 RB to China.  The current exports for own account outstanding balance of 18,900 RB is for China (9,400 RB), Indonesia (8,200 RB), Bangladesh (1,000 RB),
  and Vietnam (300 RB).    Export Adjustments:
  Accumulated exports of Pima to Turkey were adjusted down 85 RB for week ending February 20^th. These exports were canceled.
• Hides and Skins:
  Net sales of 605,200 pieces for 2020 were up 73 percent from the previous week and 25 percent from the prior 4-week average.  Increases primarily for China (488,500 whole cattle hides, including decreases of 7,900 pieces), South Korea (68,800 whole cattle
  hides, including decreases of 1,600 pieces), Mexico (19,000 whole cattle hides, including decreases of 100 pieces), Taiwan (7,500 whole cattle hides, including decreases of 100 pieces), and Thailand (7,400 whole cattle hides, including decreases of 800 pieces). 
  Additionally, net sales reductions of 600 calf skins were reported for Italy.  Exports of 352,600 pieces reported for 2020 were down 32 percent from the previous week and 22 percent from the prior 4-week average.  Whole cattle hides exports were primarily
  to China (297,400 pieces), South Korea (30,400 pieces), Mexico (8,300 pieces), Thailand (6,500 pieces), and Indonesia (3,900 pieces).  In addition, exports of 1,400 calf skins–a marketing-year low–were to Italy.

·        
Net sales of 58,700 wet blues
for 2020 were up noticeably from the previous week, but down 33 percent from the prior 4-week average.  Increases were reported for China (23,700 unsplit, including decreases of 300 unsplit), Italy (15,000 grain splits, 1,500 unsplit, including decreases of
200 unsplit), Thailand (14,400 unsplit), Mexico (3,200 unsplit, including decreases of 200 unsplit), and Brazil (900 unsplit).  Exports of 73,300 wet blues for 2020 were down 6 percent from the previous week and 10 percent from the prior 4-week average.  The
destinations were primarily to Italy (49,300 unsplit and 1,700 grain splits), Thailand (5,600 unsplit), China (4,800 unsplit), Vietnam (4,400 unsplit), and Mexico (3,200 unsplit).  Net sales of 121,800 splits were for Vietnam.  Exports of 120,000 pounds were
to Vietnam.

·        
Beef:
Net sales of 24,400 MT
reported for 2020 were up 21 percent from the previous week and 52 percent from the prior 4-week average.  Increases were primarily for South Korea (8,200 MT, including decreases of 400 MT), Japan (5,900 MT, including decreases of 1,000 MT), Taiwan (2,700
MT, including decreases of 200 MT), Mexico (2,300 MT), and Hong Kong (1,400 MT, including decreases of 100 MT).  Exports of 18,600 MT were up noticeably from the previous week and up 84 percent from the prior 4-week average.  The destinations were primarily
to Japan (6,400 MT), South Korea (5,400 MT), Canada (1,800 MT), Mexico (1,300 MT), and Taiwan (1,300 MT).

·        
Pork:
Net sales of 24,100 MT reported for 2020 were down 38 percent from
the previous week, but up 3 percent from the prior 4-week average.  Increases were primarily for Mexico (8,100 MT, including decreases of 300 MT), China (4,500 MT, including decreases of 900 MT), Japan (2,500 MT, including decreases of 300 MT), Australia (1,900
MT), and Canada (1,700 MT, including decreases of 500 MT).  Exports of 29,500 MT were down 12 percent from the previous week and 10 percent from the prior 4-week average.  The destinations were primarily to China (10,300 MT), Mexico (8,800 MT), Japan (3,100
MT), Canada (2,400 MT), and South Korea (2,300 MT).

 

U.S. EXPORT SALES FOR WEEK ENDING 6/18/2020                               

 

	CURRENT MARKETING YEAR						NEXT MARKETING YEAR
COMMODITY	NET SALES	OUTSTANDING SALES		WEEKLY EXPORTS	ACCUMULATED EXPORTS		NET SALES	OUTSTANDING SALES
		CURRENT YEAR	YEAR AGO		CURRENT YEAR	YEAR AGO
	THOUSAND METRIC TONS
WHEAT
HRW	263.3	1,987.9	2,134.4	314.1	602.6	687.5	0.0	0.0
SRW	55.3	600.7	945.7	25.7	43.2	51.6	0.0	0.0
HRS	65.5	1,643.4	1,393.7	189.2	319.3	298.3	0.0	0.0
WHITE	112.7	1,027.6	1,070.4	144.5	318.9	137.7	0.0	0.0
DURUM	21.9	223.5	173.9	36.5	85.0	54.5	0.0	0.0
TOTAL	518.7	5,483.0	5,718.1	710.1	1,369.0	1,229.6	0.0	0.0
BARLEY	0.0	40.2	48.6	0.0	0.5	2.2	0.0	0.0
CORN	461.7	9,509.7	6,143.6	1,313.0	32,442.7	42,596.4	77.0	3,630.2
SORGHUM	-1.0	830.3	301.5	110.0	3,181.8	1,257.1	0.0	388.0
SOYBEANS	601.9	7,892.5	10,544.2	302.4	36,908.5	37,052.2	560.7	6,095.1
SOY MEAL	70.2	2,142.3	2,551.7	297.2	8,778.0	8,705.0	12.0	355.9
SOY OIL	20.5	233.8	153.0	52.2	952.7	632.2	0.0	11.0
RICE
L G RGH	-24.6	99.5	190.4	34.0	1,279.8	1,229.5	0.0	57.0
M S RGH	0.0	24.2	21.5	2.1	72.3	81.8	0.0	5.7
L G BRN	0.1	11.8	3.0	0.9	56.3	38.4	0.0	0.0
M&S BR	0.1	34.6	0.1	3.5	84.4	146.9	0.0	0.0
L G MLD	2.8	59.0	187.6	2.7	827.6	780.5	0.0	0.0
M S MLD	7.7	134.9	135.8	17.6	602.0	513.4	0.0	0.0
TOTAL	-13.9	364.1	538.4	60.7	2,922.3	2,790.6	0.0	62.7
COTTON		THOUSAND RUNNING BALES
UPLAND	102.7	4,651.5	3,828.3	316.1	12,274.2	11,292.8	67.9	3,243.9
PIMA	4.2	125.8	136.1	9.6	443.9	589.6	0.0	33.9