FI Evening Grain Comments 12/22/22

PDF Attached

 

The
US Senate cleared the $1.7 trillion spending package in a 68-29 vote. The House is expected to pass it tonight.

 

USD
was up 21 points, WTI crude down about $0.20 as of 2 pm CT, and US equities lower.
Most
US agriculture commodities were lower after Argentina saw rain and lack of direction.
KC
wheat and oats ended higher. Black Sea shipping concerns limited losses in Chicago wheat and corn.

 

Weather

Temperatures
dropped below zero across a good portion of the US Great Plains and western Midwest Wednesday, Thursday for the ECB Midwest. US temperatures will remain below normal over the next 5 to 7 days before trending to above normal. US snow coverage across the Great
Plains expanded a touch over the last 24 hours. The mainland US area covered by snow was 44.3%. For the Midwest (Wednesday 06 UTC). Snowfall today will be critical to improve coverage for the central US, then northeast areas Friday through Saturday and northwest
areas Sunday.  For the Great Plains, light snow should favor eastern KS today before turning drier Friday through Monday. Brazil’s Mato Grosso, Goias, Minas Gerais, Sao Paulo, and Bahia will see rain through Monday. RGDS will see rain Sunday through Monday. 
Argentina’s weather outlook is unchanged with light rain developing today through Saturday before turning dry through early next week.

 

 

US
snow coverage across the Great Plains expanded a touch over the last 24 hours.

 

The
cold snap is not expected to last long, which will help end users, from feedlots to ethanol producers, get back to normal.

 

World
Weather, INC.

MOST
IMPORTANT WEATHER FOR THE COMING WEEK

• Bitter
  cold air dropped significantly through the U.S. Plains and into the western U.S. Midwest overnight.
  
• Temperatures
  have fallen below zero Fahrenheit as far south as the southern Texas Panhandle and into northwestern and north-central Oklahoma this morning
• Snow
  has fallen in a part of the central Plains, but some of the southwestern Plains are snow free.
  
• Extreme
  lows temperatures this morning were in the negative teens across Nebraska, northwestern Kansas and eastern Colorado
• Snow
  cover was minimal in southeastern Colorado , southwestern Kansas and areas south into the Texas Panhandle and portions of Oklahoma
• Winterkill
  is not very likely this morning due to warm soil temperatures still lingering after warm weather earlier this week, but if snow remains lacking over the next two days the ongoing bitter cold could have a negative impact on some unprotected winter wheat.
  
• Extreme
  low temperatures this morning also fell into the lower -30s in central Montana and the -20s and negative teens in the northern U.S. Plains
• Western
  U.S. Midwest temperatures fell below zero as far south as eastern Kansas and northern Missouri this morning, but snow is falling to protect wheat in Missouri and central and eastern Kansas
• Far
  western Canada’s Prairies slipped to -45 Celsius this morning
• Snow
  accumulations in the U.S. central and northern Plains varied from a trace to 3 inches overnight and early today
• Accumulations
  in the western Midwest varied in a similar range with 3 to 5 inches occurring in the northeastern two-thirds of Iowa into Wisconsin and Minnesota, although more than 6 inches had accumulated in the Minneapolis, MN area
• One
  location reported 8.5 inches southwest of Minneapolis
• Extremely
  cold temperatures will be impacting central parts of North America during through the weekend bringing all kinds of problems
• Blizzard
  conditions are likely from the eastern U.S. Plains to the Great Lakes region today into Friday
• Snow
  will fall as far south as the Tennessee River Basin, although accumulations will be light
• Extreme
  low temperatures in the -30s and -20s Fahrenheit are likely in the northern Plains Friday and still in the negative 20s Saturday
• Subzero-degree
  low temperatures will occur southward to the Texas Panhandle, southern Oklahoma, northern Arkansas, and northern Kentucky
  
• Coldest
  Friday morning
• Freezes
  will occur southward to South Texas and the entire central Gulf of Mexico Coast
• Sugarcane
  will experience notable freezes in Louisiana Friday and Saturday with damage to Sugarcane expected
• Fruits
  and vegetable crops will be damaged in South Texas
• Citrus
  areas in Florida will be exposed to some frost and freezes, although it is unclear whether there is a viable threat to the crop yet – late weekend and early next week temperatures will be coldest
• Upper
  20s and 30s are quite likely with Saturday coldest
• Wind
  speeds gusting between 30 and 60 mph will occur with the blizzard from eastern Nebraska and eastern Kansas through Iowa and northern Missouri to the Great Lakes region
• Additional
  snowfall will range from a dusting to 3 inches from the central Plains into the western Corn Belt and 3-8 inches with local totals to 10 inches or more will occur in the Great Lakes region especially in western, northern and northeastern Michigan
• Snowfall
  of a dusting to 2 inches will be possible in the northern Delta and a part of the Tennessee River Basin
• Considerable
  blowing and drifting of snow is expected
• Wind
  chill warnings are in effect and the risk of frost by, or hypothermia will be high
  
• A
  huge increase in energy demand is expected in the central U.S. for a few days beginning today and lasting into the weekend and the same will occur in the eastern Midwest tonight into Sunday
• Cold
  air in the eastern United States is expected to be brief and not as potent as that in the central states
• Livestock
  stress will be very high in the western Corn and soybean production areas
• Strong
  warming is likely next week
• Southwestern
  U.S. hard red winter wheat areas may be left snow free or get a minimal amount of snow ahead of the bitter cold raising the potential for some crop damage
• Less
  than 1 inch of snow will occur form southwestern Texas into the Texas Panhandle and western Oklahoma where there may be some risk of winterkill
• U.S.
  Midwest snow cover should be sufficient to protect winter crops from extreme temperatures through the weekend
• Strong
  warming is expected in the western United States this weekend and early next week with the warming trend spreading east across the nation during the balance of next week
• The
  short duration of cold weather will limit the impact on supplemental heating fuel demand
  
• California
  precipitation will resume next week with waves of rain and mountain snow to bolster soil moisture and increase mountain snowpack for better runoff potentials in the spring
• U.S.
  Midwest, Delta and southeastern states will get rain during the latter part of next week and into the first days of January as a couple of weather systems move through the eastern United States
• Western
  U.S. weather will trend cooler again next week and especially in the following weekend
• Rain
  in Argentina overnight was confined to Cordoba and San Luis
• Moisture
  totals varied up to 0.40 inch most often, but local totals of 0.75 to 1.18 inches occurred from central San Luis to far northwestern Cordoba
• Dry
  weather occurred elsewhere
• Rain
  in Argentina through Sunday will be sufficient to induce a short term break from very dry conditions
• Rain
  totals will vary from 0.30 to 0.95 inch with a few amounts to 1.50 inches
• The
  moisture will be welcome, but obviously not a general soaking
• Drought
  conditions will prevail, despite the rain
• Temperatures
  were still quite warm across the nation with 90-degree highs common today and then cooling will come with the weekend rainfall
  
• Argentina
  weather next week will be a little milder with some showers popping up infrequently with light intensity
• Net
  drying is expected, but the dry down may be slowed by cooler temperatures and a few spotty showers
  
• Concern
  over long term dryness will remain
• Southern
  Brazil will be dry through the weekend
• Most
  areas from southern Mato Grosso and Paraguay into Rio Grande do Sul will receive restricted amounts of rain and temperatures will be briefly warm enough to accelerate drying
• Rain
  will then evolve next week, and sufficient amounts should occur to bring relief back to much of the region that driest out of the next several days
• Not
  all of southern Brazil will do well with next week’s rain and pockets of dryness are expected for a while favoring Rio Grande do Sul
• Northern
  Brazil weather will stay plenty wet over the next couple of weeks
• Rain
  will fall frequently and significantly enough to maintain saturated soil and to possibly raise the risk of a little flooding
• Areas
  from eastern Mato Grosso and southern Tocantins into Minas Gerais and will be wettest in this first week of the outlook
• Crop
  damage is not likely
• Rain
  in the last days of December and early January may increase from Sao Paulo to Mato Grosso do Sul and northern Parana with moderate to locally heavy amounts possible
• Brazil
  rainfall Wednesday was mostly concentrated on areas from Mato Grosso to Minas Gerais and a part northern and eastern Sao Paulo
• The
  same area was impacted Tuesday and additional moisture totals varied from 0.20 to 0.80 inch often with several 1.00- to 2.43-inch amounts noted in north-central Mato Grosso, northeastern Sao Paulo and northern Minas Gerais
• Europe
  temperatures are trending warmer and this will continue through the coming week with readings rising above normal in time
• The
  warm weather will continue into early January
• Western,
  central and northern Europe will experience greater rainfall and a little snow during the coming week
• Most
  of the precipitation will occur as rain with 1.00 to 2.50 inches and locally more possible by Tuesday in France, Germany, Belgium, Netherlands, and the U.K.
• Heavy
  rain will continue to occur in northern Portugal and northwestern Spain into the weekend possibly expanding some flooding in the region
• Southern
  Europe precipitation will be more limited during the coming ten days and northern Europe’s precipitation should diminish over time late next week and into the following weekend as well
• Elsewhere
  in Europe weather conditions are likely to be a little more tranquil for a while
• Recent
  heavy snow in eastern Europe and the western CIS buried a lot of farmland, roadways and railways with snow delaying travel and stressing livestock, but conditions may slowly improve
• There
  is potential for additional waves of rain and snow during the next ten days, though, and that will restrict any improvement
• Worry
  over spring flooding will be high this year until some of the snow that has accumulated recent melts away
• Waves
  of snow and rain will impact the western CIS over the next ten days bolstering soil moisture and raising snow depths for a higher risk of flooding in the spring
• India
  and China weather will be relatively quiet over the next couple of weeks with limited precipitation and seasonable temperatures
• A
  weak tropical cyclone may evolve in the Bay of Bengal during the coming week, and it will  need to be closely monitored for possible impact on India or Sri Lanka
• Tropical
  Cyclone Ellie has formed near the north-central Australia coast and it will move southward through a part of Northern Territory in Australia over the next few days with little to no damage expected outside of a few coastal areas
• Australia
  weather will continue to support good late season wheat, barley and canola harvest progress, although a few more periodic showers will pop up at times in the coming week
• Interior
  Queensland and  north-central New South Wales need significant rain to improve topsoil moisture in support of unirrigated summer crops
• The
  situation is not a crisis, though precipitation would help ensure the best early season crop development
• South
  Africa crop weather is expected to be very good over the next two weeks with alternating periods of rain and sunshine likely supporting aggressive crop development and some periodic fieldwork
• Southeast
  Asia will continue to experience periodic rainfall and some periods of sunshine supporting most crops throughout the region
• Mainland
  areas of Southeast Asia will experience the driest conditions and that is normal for this time of year
• North
  Africa weather will continue to include an erratic rainfall distribution over the next week to ten days
  
• Greater
  precipitation is still needed especially in southwestern and northeastern Morocco, northwestern Algeria and Tunisia where recent rain has not been well distributed
• West-central
  Africa temperatures have not been very warm this season and there have been no seriously strong Harmattan wind speeds noted protecting coffee, cocoa and sugarcane from any adversity.
• East-central
  Africa rain will continue routinely supporting coffee and cocoa
• Today’s
  Southern Oscillation Index was +14.41 today and it will move higher over the next few days
• Tropical
  Cyclone Ellie near Darwin, Australia is causing the SOI index to rise significantly, and this is a false signal for ENSO.  Once the storm moves inland and dissipates the index will fall once again

Source:
World Weather INC

 

Bloomberg
Ag Calendar

Thursday,
Dec. 22:

• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• US
  cold storage data for beef, pork and poultry, 3pm
• US
  red meat production, poultry slaughter, 3pm
• Port
  of Rouen data on French grain exports
• Sugar,
  cane and ethanol production data by Brazil’s Conab (tentative)

Friday,
Dec. 23:

• ICE
  Futures Europe weekly commitments of traders report, 1:30pm (6:30pm London)
• CFTC
  commitments of traders weekly report on positions for various US futures and options, 3:30pm
• USDA
  hogs and pigs inventory, cattle on feed, 3pm

Monday,
Dec. 26:

• HOLIDAY:
  US, UK, Australia, Hong Kong, Singapore, several other countries
• CBOT
  hard open Tuesday morning, not Monday night as previously indicated
• https://www.cmegroup.com/tools-information/holiday-calendar.html
  

Tuesday,
Dec. 27:

• Malaysia
  Dec. 1-25 palm oil exports
• HOLIDAY:
  UK, Australia, Hong Kong

Wednesday,
Dec. 28:

• Weekly
  USDA Broiler Report

Thursday,
Dec. 29:

• EIA
  weekly US ethanol inventories, production, 10:30am
• Vietnam’s
  general statistics department releases monthly coffee, rice and rubber export data

Friday,
Dec. 30:

• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am

• CFTC
  commitments of traders weekly report on positions for various US futures and options, 3:30pm
• ICE
  Futures Europe weekly commitment of traders report, 1:30pm (6:30pm London)

Saturday,
Dec. 31:

• Malaysia’s
  Dec. 1-31 palm oil export data by cargo surveyor AmSpec

Source:
Bloomberg and FI

 

 

USDA
Export Sales

USDA
export sales favors soybean meal over soybean oil. Grains were within expectations. USDA export sales for soybeans of 736,000 tons old crop and 140,000 tons new crop was down considerably from the previous week. 2022-23 sales for China were 550,700 tons, but
that included 252,000 tons switched from unknown. Soybean meal sales improved to 311,400 tons, above expectations, and were primarily to North America and Central America destinations. Soybean meal shipments were good at 335,900 tons. Soybean oil sales were
only 800 tons. Corn export sales of 636,800 tons were near the low end of expectations and included 484,300 tons for Mexico. All-wheat sales of 334,200 tons were within expectations but down from 469,000 tons previous week.

 

 

 

 

Macros

US
GDP Annualized (Q/Q) Q3 T: 3.2% (est 2.9%; prev 2.9%)

US
Personal Consumption Q3 T: 2.3% (est 1.7%; prev 1.7%)

US
GDP Price Index Q3 T: 4.4% (est 4.3%; prev 4.3%)

US
Core PCE (Q/Q) Q3 T: 4.7% (est 4.6%; prev 4.6%)

US
Initial Jobless Claims Dec 17: 216K (est 222K; prevR 214K)

US
Continuing Claims Dec 17: 1672K (est 1678K; prevR 1678K)

Canada
Nov Wholesale Trade Most Likely Rose 1.9% From Previous Month – StatsCan Flash Estimate

US
EIA NatGas Storage Change (BCF) 16-Dec: -87 (prev -50)

–
Salt Dome Cavern NatGas Stocks (BCF): +3 (prev +10)

US
30-Yr Fixed Rate Mortgages 6.27% Dec 22 Week VS 6.31% Prior Week – Freddie Mac

 

Corn

·        
CBOT corn futures traded
tow-sided, ending lower. Unfavorable US & Argentina weather initially supported futures overnight. The USD was higher and WTI slightly lower.

·        
Although the major US storm this week is expected to boost feed demand as temperatures plummet, some ethanol producers are forced to cut back on production. Selected ethanol locations are seeing a spike in natural gas prices due
to the cold weather.

·        
We are hearing some meat processing companies have slowed production due to the storm.

·        
The European Commission estimated the EU-27 corn production at 52.1 million tons for 2022-23, down from 53.3 million tons last month.

 

·        
January options expire Friday.

 

Export
developments.

·        
None reported

 

 

 

Updated
12/6/22

March
corn $6.00-$7.15 range. May
$5.80-$7.10

 

Soybeans

·        
The soybean complex was lower on light technical selling and lack of fresh news. Argentina saw rain today (some areas more than expected) that may slow deterioration in crop conditions. Soybean was under pressure from a lower
trade in palm oil. Some traders are speculating the rise in covid cases in China could slow demand for vegetable oils and meat consumption. However, China continues to relax on covid restriction. They plan to cut quarantine for overseas travelers starting
next month.

·        
Germany’s 2023 rapeseed area was projected at 1.2 million hectares, a 5-year high and up 7.6 percent from 2022.

·        
Net drying is expected to return in Argentina next week and temperatures increase December 25 through the end of next week.

·        
Argentina was about 51% complete for soybean plantings and conditions were only 19% combined good and excellent compared to 85% last year.

·        
Producers in Brazil’s Mato Grosso started soybean harvesting progress with just less than 1 percent collected.

·        
Brazil may see localized flooding over the next several days with good rains falling across the northern growing areas. Brazil’s wettest weather will shift southwest into Sao Paulo, northeastern Parana and Mato Grosso do Sul in
early January, according to World Weather Inc.

·        
Brazil soybeans are cheaper than US for January shipment, but with US commitments running 4 percent above last year’s pace, and assuming a majority of what was committed will be shipped during the marketing year, we think US exports
have an opportunity to reach at least 2.030 billion bushels. Using a slightly lower export estimate and crush relative to USDA, we still see the US carryout potentially falling below 250 million bushels.

 

 

China
feeding margins and cash hog prices have eroded since mid-October.

 

We
recently lowered our US soybean oil for biofuel use estimate by a couple hundred million pounds to 10.850 billion, up 15% from 10.348 billion from 2021-22.

 

Export
Developments

·        
Turkey seeks 24,000 tons of crude sunflower oil on December 23 for delivery between January 2 and February 15, 2023.

 

Updated
12/20/22

Soybeans
– January $14.50-$15.10, March $14.15-$15.25

Soybean
meal – January $445-$485, March $4.00-$500

Soybean
oil – January 62.00-68.00 range,
March 55.00-70.00

 

Wheat

·        
Chicago wheat climbed to nearly a three week high
on unfavorable US weather and Black Sea shipping concerns before selling off during the morning session. Chicago closed lower, KC wheat higher and MN lower. Holiday trade mode was noted. The USD was higher by about 27 points as of 2 pm CT.

·        
Ukrainian President Volodymyr Zelensky delivered a speech from the US Capitol last night asking for more help as the country does not plant to give up. Some traders are worried fighting may escalate across Ukraine, hampering Black
Sea grain shipments.

·        
Russian President Vladimir Putin earlier this week said there are “no limitations” on military spending for the war. (Bloomberg).

·        
Russia is currently loading wheat for Egypt, Turkey, Yemen and Algeria.

·        
March Paris milling wheat officially closed down 1.75 euro, or 0.6%, at 303.75 euros a ton ($321.79/ton).

·        
The European Commission estimated the EU-27 soft wheat production at 126.4 million tons for 2022-23, down from 127.0 million tons last month.

 

 

 

Export
Developments.

·        
Taiwan bought 56,000 tons of various type of grade 1 US milling wheat for February 10-24 shipment.

·        
Thailand bought 50,000 tons of feed barley from Australia at an estimated $288 to $289 a ton c&f for shipment in June 2023.

·        
Japan bought 144,441 tons of wheat this week from the US and Canada for arrival by March 5. Original details as follows.

·        
Update: Iraq purchased 150,000 tons of US (50,000 tons @ $496) and Australian wheat (100,000 tons @ $461/ton). 

 

Rice/Other

·        
USDA Cotton:   Net sales reductions of 87,800 RB for 2022/2023 resulting in increases for Vietnam (37,200 RB, including 3,500 RB switched from Taiwan, 1,300 RB switched from China, and 300 RB switched from Japan), India
(9,000 RB),Pakistan (6,800 RB), Japan (5,900 RB), and Indonesia (5,600 RB, including200 RB switched from Japan), were more than offset by
reductions primarily for China (144,400 RB). Net sales of 1,000 RB for 2023/2024 were reported for Bangladesh (600 RB) and Mexico (400 RB). Exports of 110,400 RB were primarily to China (29,900 RB), Pakistan (28,200 RB), Mexico (11,900 RB),Guatemala
(6,600 RB), and Bangladesh (6,500 RB). Net sales of Pima totaling1,500 RB were reported for Vietnam (900 RB), Thailand (400 RB), China (100RB), and Japan (100 RB). Exports of 8,100 RB were primarily to India (3,500RB), Peru (1,700 RB), China (1,000 RB), Egypt
(900 RB), and Vietnam (400RB). 

·        
Results awaited: Bangladesh seeks 50,000 tons of rice on December 21 for shipment with 40 days of contract signing.

·        
Bangladesh also seeks 50,000 tons of rice on December 27.

·        
South Korea’s Agro-Fisheries & Food Trade Corp. seek 83,672 tons of rice from the United States for arrival in South Korea in 2023 between Feb. 1 and June 30. 

 

Updated
12/16/22

Chicago
– March $7.00 to $8.50

KC
– March 8.00-$9.50

MN
– March $8.50 to $10.00

 

 

 

 

USDA Export Sales

U.S. EXPORT SALES FOR WEEK ENDING  12/15/2022

 

	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	94.4	946.3	2,213.3	37.7	3,008.2	3,978.3	0.0	6.3
SRW	18.2	595.9	727.0	15.8	1,713.6	1,555.3	0.0	13.6
HRS	87.6	1,356.4	1,262.7	102.4	3,030.1	2,913.5	0.0	10.8
WHITE	113.0	1,189.9	893.2	79.5	2,362.4	1,958.2	0.0	0.3
DURUM	21.0	112.7	36.2	0.0	129.1	97.2	0.0	0.0
TOTAL	334.2	4,201.1	5,132.4	235.3	10,243.5	10,502.6	0.0	31.0
BARLEY	0.0	5.2	19.7	0.9	6.5	10.7	0.0	0.0
CORN	636.8	12,417.0	26,748.1	958.7	8,222.6	12,746.3	0.0	969.0
SORGHUM	0.6	184.6	3,737.6	1.2	176.4	1,364.6	0.0	0.0
SOYBEANS	736.0	17,544.7	13,647.8	1,989.5	24,928.4	27,147.4	140.0	180.0
SOY MEAL	311.4	3,590.9	3,282.4	335.9	2,265.3	2,743.0	0.0	18.3
SOY OIL	0.8	18.4	290.2	0.6	12.9	138.3	0.0	0.6
RICE
L G RGH	20.0	168.1	167.3	9.2	144.8	579.1	0.0	0.0
M S RGH	2.0	14.0	6.3	0.9	12.9	2.9	0.0	0.0
L G BRN	0.4	7.7	3.8	0.3	7.1	26.6	0.0	0.0
M&S BR	0.0	9.1	68.5	0.5	5.6	15.1	0.0	0.0
L G MLD	4.3	57.9	80.1	45.7	262.0	342.8	0.0	0.0
M S MLD	40.4	132.2	80.0	2.3	95.8	148.9	0.0	0.0
TOTAL	67.2	389.0	406.0	58.8	528.2	1,115.3	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	-87.8	5,031.0	7,488.2	110.4	3,633.5	2,769.7	1.0	1,199.6
PIMA	1.5	68.0	234.7	8.1	47.1	130.6	0.0	1.1

 

 

Export Sales
Highlights

This
summary is based on reports from exporters for the period December 9-15, 2022.

Wheat: 
Net sales of 334,200 metric tons (MT) for 2022/2023 primarily for unknown destinations (86,000 MT), Japan (65,900 MT, including the decreases of 900 MT), Thailand (55,000 MT), Mexico (34,100 MT, including decreases of 100 MT), and the Philippines (29,000 MT),
were offset by reductions primarily for the Dominican Republic (17,000 MT). Exports of 235,300 MT were primarily to South Korea (90,600 MT), Japan (65,800 MT), Mexico (39,800 MT), Honduras (20,000 MT), and Trinidad and Tobago (18,700 MT). 

Corn: 
Net sales of 636,800 MT for 2022/2023 primarily for Mexico (484,300 MT, including decreases of 15,400 MT), Japan (42,900 MT, including 19,300 MT switched from unknown destinations and decreases of 600 MT), El Salvador (40,700 MT, including 7,000 MT switched
from Guatemala), Honduras (24,100 MT, including decreases of 700 MT), and Taiwan (20,000 MT), were offset by reductions primarily for unknown destinations (16,300 MT), Guatemala (7,000 MT), and the Dominican Republic (4,000 MT). Exports of 958,700 MT were
primarily to China (415,300 MT), Mexico (359,700 MT), Japan (88,200 MT), Colombia (52,900 MT), and Nicaragua (15,500 MT). 

Barley: 
No net sales were reported for the week. Exports of 900 MT were to Japan. 

Sorghum: 
Total net sales of 600 MT for 2022/2023 were for Mexico. Exports of 1,200 MT were to Mexico.

Rice:
 Net
sales of 67,200 MT for 2022/2023 were primarily for Japan (39,000 MT), Mexico (10,400 MT, including decreases of 100 MT), Honduras (9,000 MT), Iraq (4,000 MT), and Jordan (2,000 MT). Exports of 58,800 MT were primarily to Iraq (44,000 MT), Honduras (9,000
MT), Mexico (1,600 MT), Canada (1,600 MT), and South Korea (1,000 MT).

Soybeans: 
Net sales of 736,000 MT for 2022/2023 primarily for China (550,700 MT, including 252,000 MT switched from unknown destinations and decreases of 9,700 MT), Spain (83,100 MT, including 71,000 MT switched from unknown destinations), unknown destinations (35,300
MT), Japan (33,100 MT, including 30,000 MT switched from unknown destinations and decreases of 1,900 MT), and Mexico (14,300 MT, including decreases of 80,800 MT), were offset by reductions for Portugal (15,800 MT), Colombia (2,100 MT), and Israel (2,000 MT).
Total net sales of 140,000 MT for 2023/2024 were for unknown destinations. Exports of 1,989,500 MT were primarily to China (1,480,400 MT), Mexico (177,100 MT), Spain (149,100 MT), Japan (66,300 MT), and Israel (27,500 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 is 1,500 MT, all Canada.

Export
Adjustments: Accumulated
exports of soybeans to Mexico were adjusted down 80,277 MT. Of the total 70,277 MT for week ending November 3^rd and 10,000 MT November 17^th. These exports were reported in error.

Soybean
Cake and Meal: 
Net sales of 311,400 MT for 2022/2023 primarily for Venezuela (56,300 MT, including 20,000 MT switched from unknown destinations and decreases of 600 MT), Mexico (37,800 MT), Ecuador (36,000 MT), Canada (33,800 MT, including decreases of 300 MT), and the United
Kingdom (30,000 MT), were offset by reductions primarily for Denmark (15,000 MT) and El Salvador (5,300 MT). Exports of 335,900 MT were primarily to Vietnam (54,000 MT), the Philippines (49,100 MT), Chile (48,000 MT), Venezuela (34,800 MT), and Mexico (33,200
MT).

Soybean
Oil: 
Total net sales of 800 MT for 2022/2023 were for Canada. Exports of 600 MT were to Canada.

Cotton: 
Net
sales reductions of 87,800 RB for 2022/2023 resulting in increases for Vietnam (37,200 RB, including 3,500 RB switched from Taiwan, 1,300 RB switched from China, and 300 RB switched from Japan), India (9,000 RB), Pakistan (6,800 RB), Japan (5,900 RB), and
Indonesia (5,600 RB, including 200 RB switched from Japan), were more than offset by reductions primarily for China (144,400 RB). Net sales of 1,000 RB for 2023/2024 were reported for Bangladesh (600 RB) and Mexico (400 RB). Exports of 110,400 RB were primarily
to China (29,900 RB), Pakistan (28,200 RB), Mexico (11,900 RB), Guatemala (6,600 RB), and Bangladesh (6,500 RB). Net sales of Pima totaling 1,500 RB were reported for Vietnam (900 RB), Thailand (400 RB), China (100 RB), and Japan (100 RB). Exports of 8,100
RB were primarily to India (3,500 RB), Peru (1,700 RB), China (1,000 RB), Egypt (900 RB), and Vietnam (400 RB). 

Optional
Origin Sales:  For
2022/2023, the current outstanding balance of 9,300 RB, all Malaysia.

Export
for Own Account:  For
2022/2023, new exports for own account totaling 10,700 RB were to China. Exports for own account totaling 3,400 RB to Pakistan (2,200 RB) and Vietnam (1,200 RB) were applied to new or outstanding sales. The current exports for own account outstanding balance
of 125,400 RB are for China (88,000 RB), Vietnam (22,700 RB), Pakistan (12,800 RB), India (1,500 RB), and Indonesia (400 RB). 

Hides
and Skins: 
Net sales of 325,300 pieces for 2022 primarily for China (269,600 whole cattle hides, including decreases of 16,000 pieces), South Korea (30,700 whole cattle hides, including decreases of 1,500 pieces), Mexico (24,200 whole cattle hides, including decreases
of 2,600 pieces), Turkey (6,800 whole cattle hides), and Colombia (2,200 whole cattle hides), were offset by reductions primarily for Vietnam (1,900 pieces), India (1,800 pieces), and Taiwan (1,800 pieces). Total net sales reductions of 2,100 calf skins were
for China. In addition, net sales reductions of 1,700 kip skins were for China (1,300 kip skins) and Belgium (400 kip skins). Net sales of 214,200 pieces for 2023 were primarily for China (149,800 whole cattle hides). In addition, total net sales of 2,200
calf skins were for China. Exports of 437,000 whole cattle hides exports were primarily to China (295,300 pieces), South Korea (50,400 pieces), Mexico (39,900 pieces), Thailand (14,700 pieces), and Brazil (11,500 pieces). In addition, exports of 3,800 kip
skins were to Belgium (2,500 pieces) and China (1,300 pieces).

Net
sales of 172,800 wet blues for 2022 primarily for Italy (140,500 unsplit, including decreases of 100 unsplit), Thailand (15,700 unsplit), Vietnam (7,200 unsplit), Hong Kong (4,000 unsplit), and South Korea (3,600 grain splits), were offset by reductions for
India (2,000 grain splits) and China (300 unsplit). Net sales reductions of 4,900 wet blues for 2023 resulting in increases for China (8,200 unsplit), Thailand (7,000 unsplit), and India (2,000 grain splits), were more than
offset by reductions for Italy (14,100 unsplit), Hong Kong (4,000 unsplit), Taiwan (1,200 unsplit), and the Dominican Republic (800 unsplit). Exports of 98,500 wet blues were primarily to Italy (48,700 unsplit), China (17,600 unsplit), Vietnam (14,400 unsplit),
Thailand (6,500 unsplit), and South Korea (3,600 grain splits). Net sales of 251,600 splits were reported for Vietnam (207,600 pounds, including decreases of 4,300 pounds) and China (44,000 pounds). Net sales reductions of 4,200 splits for 2023 resulting in
increases for South Korea (1,600 pounds), were more than offset by reductions for Vietnam (5,800 pounds). Exports of 157,000 splits were to Vietnam.

Beef: 
Net sales of 4,500 MT for 2022 primarily for Japan (3,500 MT, including decreases of 400 MT), South Korea (600 MT, including decreases of 1,200 MT), Mexico (500 MT, including decreases of 200 MT), Guatemala (100 MT), and Singapore (100 MT),
were offset by reductions primarily for Hong Kong (400 MT) and the Philippines (200 MT). Net sales of 7,200 MT for 2023 were primarily for Japan (2,600 MT), China (2,000 MT), Mexico (800 MT), Hong Kong (700 MT), and Taiwan (500 MT). Exports of 17,700 MT
were primarily to South Korea (5,400 MT), Japan (5,300 MT), Mexico (1,900 MT), China (1,700 MT), and Canada (1,100 MT). 

Pork: 
Net sales of 58,700 MT for 2022 primarily for Mexico (33,400 MT, including decreases of 300 MT), Japan (9,900 MT, including decreases of 700 MT), Canada (4,600 MT, including decreases of 300 MT), Australia (4,000 MT), and South Korea (3,200 MT, including decreases
of 1,200 MT), were offset by reductions for China (2,100 MT).
Net sales of 16,100 MT for 2023 were primarily for China (4,800 MT), South Korea (3,200 MT), Mexico (2,500 MT), Japan (2,200 MT), and Canada (1,200 MT).
Exports of 32,400 MT were primarily to Mexico (15,700 MT), China (4,200 MT), Japan (3,900 MT), South Korea (2,700 MT), and Canada (1,600 MT).

December
22, 2022                                        1                 FOREIGN AGRICULTURAL SERVICE/USDA