FI Morning Grain Comments 01/06/22

PDF attached

 

Good
morning. 

 

Under
the 24-hour announcement system, private exporters reported 102,000 tons of soybeans were sold to Mexico for the 2021-22 marketing year. 

 

USDA
Export Sales were poor all around, but it was a holiday week.  Marketing year lows were posted for soybeans, soybean meal, soybean oil, wheat, and beef.

 

The
evening European model called for some rain occurring for Argentina’s southwestern areas such as La Pampa and southwestern Buenos Aires Tuesday into next Wednesday. The GFS model did not support this event; however, the Wednesday midday European Model run
showed 0.25 to 0.75 inch of rain in La Pampa. The latest GFS models call for rain to come in a day earlier for southern Brazil and much of Argentina around the 16^th of January, lasting through about the 19^th.

 

US
agriculture futures are lower (SBO rebounded to near unchanged) on widespread commodity selling, omitting energy prices, after the FED released hawkish minutes early yesterday afternoon. US policy tightening was eventually coming, but it wasn’t known when
it would happen. With some countries returning to lockdowns from an uptick in Covid-19 cases, analysts are downgrading GDP forecasts for some countries. One major bank lowered Australia’s GDP outlook for Q1 to 1.3% from 2.3%. Meanwhile the FAO food price index
hinted inflation slowed late in 2021. Corn
and wheat are lower this morning. Yesterday we saw a large build in in
US ethanol stocks.  WTI is higher this morning and that could be limiting downside in corn and soybean oil. Global export developments are quiet. The trade should be focused on weather, fund action, government controls amid COVID-19, and geopolitical developments
(unrest in Kazakhstan and tensions in Ukraine). 

 

 

Weather

 

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR JANUARY 6, 2022

• Argentina’s
  lack of rain for the next ten days and excessive heat that is expected this weekend through much of next week will further stress crops that are already in a state of distress. 
  
• Even
  though the GFS model has suggested significant rain might fall after Jan. 15 a considerable amount of crop damage is possible between now and then.
  
• Crops
  from southern Cordoba and San Luis to central Buenos Aires still have marginally favorable subsoil moisture that has been protecting production potential, but that moisture will be depleted over the coming week to ten days while it is hot and that will greatly
  raise the stress on plants even in that region. 
• A
  closer watch on the rainfall predicted for after Jan. 15 will be needed, but World Weather, Inc. believes some permanent damage will have already occurred to production by that time.
  
• Brazil
  weather today still looks mostly favorable. A period of relief from dryness in the far southwest will occur this weekend into next week as scattered showers and thunderstorms evolve.
  
• The
  excessive rainfall in northern Brazil will last another week and then there will be some potential for improved weather beginning in the latter part of next week.
  
• Rio
  Grande do Sul, Brazil will experience rising levels of dryness and crop stress similar to that of Argentina and significant rain will be needed soon.
  
• In
  North America, the cold this morning has not brought any crop damage to wheat production areas in the central Plains and even though Friday will be cold most of the temperatures should stop near the damage threshold and not bust through that threshold.
  
• That
  is true for the lower Midwest as well
• Dryness
  will remain in the Plains and this morning’s GFS model run increasing precipitation in the southern Plains in the second week of the outlook should not verify for hard red winter wheat areas. 
• There
  is some concern over possible winterkill again this morning in parts of South Dakota where bitter cold temperatures occurred with limited to no snow cover
• This
  is the second time in a couple of weeks that crops in South Dakota have been vulnerable to such conditions

Source:
World Weather, inc.

 

Bloomberg
Ag Calendar

Thursday,
Jan. 6:

• FAO
  World Food Price Index
• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• Port
  of Rouen data on French grain exports
• HOLIDAY:
  Russia

Friday,
Jan. 7:

• 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
• HOLIDAY:
  Russia

Source:
Bloomberg and FI

 

 

 

 

USDA
Export Sales

Poor
all around.  Marketing year lows were posted for soybeans, soybean meal, soybean oil, wheat, and beef.

 

Export
sales for soybeans were below expectations at 382,700 tons for 2021-22 and a marketing-year low. Increases were primarily for China (353,900 MT, including 264,000 MT switched from unknown destinations and decreases of 3,700 MT), Mexico(183,900 MT, including
decreases of 200 MT), Spain (141,100 MT, including132,000 MT switched from unknown destinations), the Netherlands (68,800 MT,  including 60,000 MT switched from unknown destinations), and Germany (64,900MT), were offset by reductions primarily for unknown
destinations (625,200MT). New-crop soybean sales were 67,100 MT for unknown destinations (66,000 MT) and Japan (1,100 MT).  Soybean meal sales were a poor 31,500 tons, also a marketing year low and shipments were ok at 228,800 tons.  Soybean oil sales of 2,900
tons, a marketing year low were for Guatemala and El Salvador. 

 

Corn
exports sales were only 256,100 MT, down 80 percent from the previous week and 81 percent from the prior 4-week average. There were a number of country adjustments and increases primarily included Canada (150,500 MT), Mexico (115,100 MT), Colombia (90,500
MT, and Japan (81,500 MT).  Sorghum sales of 22,800 MT for 2021/2022 were down 88 percent from the previous week and 93 percent from the prior 4-week average.  China took all 22,800 tons. Net pork sales of19,400 MT for 2021 were up noticeably from the previous
week, but down 6percent from the prior 4-week average. Beef sales posted a net reduction of 3,900 tons (a marketing year low).  All-wheat sales of 48,600 tons for 2021-22 were a marketing-year low. 

 

 

 

Macros

US
Initial Jobless Claims Jan 1: 207K (est 195K; prev 198K; prevR 200K)

–
Continuing Claims Dec 25: 1754K (est 1678K; prev 1716K; prevR 1718K)

US
Trade Balance Dec 30: -$80.2B (est -$81.0B; prev -$67.1B; prevR -$67.2B)

Canadian
Int’l Merchandise Trade Nov: 3.13B (est 2.03B; prev 2.09B)

Reuters-Police
said they had killed dozens of rioters in the main city Almaty. State television said 13 members of the security forces had died, including two who had been decapitated.

German
CPI (Y/Y) Dec P: 5.3% (est 5.1%; prev 5.2%)

–
CPI (M/M) Dec P: 0.5% (est 0.4%; prev -0.2%)

–
CPI EU Harmonized (Y/Y) Dec P: 5.7% (est 5.6%; prev 6.0%)

–
CPI EU Harmonized (M/M) Dec P: 0.3% (est 0.2%; prev 0.3%)

 

Corn

·        
CBOT corn is lower on widespread commodity selling, omitting energy prices, after the FED released hawkish minutes early yesterday afternoon. With some countries returning to lockdowns from an uptick in Covid-19 cases, analysts
are downgrading GDP forecasts for some countries. One major bank lowered Australia’s GDP outlook for Q1 to 1.3% from 2.3%. Meanwhile the FAO food price index hinted inflation slowed late in 2021.

·        
Yesterday we saw a large build in in US ethanol stocks.  WTI is higher this morning and that could be limiting downside in corn and soybean oil. Global corn export developments are quiet. The trade will be focused on weather,
fund action, government controls amid COVID-19, and geopolitical developments (unrest in Kazakhstan and tensions in Ukraine). 

·        
IHS Markit will issue its January US and world crop reports later this morning.

·        
US weekly ethanol production declined 11,000 barrels per day to 1.048 million, more than expected (trade looking for 7,000 decline) and stocks increased a very large 683,000 barrels to 21.359 million, largest level since mid-August
2021.  Blender net input of ethanol during the holiday was only 782,000 barrels, lowest since mid-February 2021 (pandemic levels). Imports were zero and implied in-transit ethanol were 339,000 barrels, in line with previous weeks. 

·        
The USDA Broiler Report showed eggs set in the US down slightly from this time year ago and chicks placed down slightly. Cumulative placements from the week ending January 9, 2021 through January 1, 2022 for the United States
were 9.64 billion. Cumulative placements were up slightly from the same period a year earlier.

 

Export
developments.

·        
None reported

 

U.S.
natural gas prices spiked in February 2021, then generally increased through October

https://www.eia.gov/todayinenergy/detail.php?id=50778&src=email

 

Soybeans

·        
US soybeans and soybean are lower on easing SA crop loss concerns although we should see additional analysts downgrade the Argentina, Paraguay and Brazil soybean crops over the next few days. BA Grains Exchange will update Argentina
production later today. IHS Market will update world production later this morning and trade estimates for the USDA Jan report might be published by Reuters as early as this evening.  Bloomberg estimates and Dow Jones might be out late tonight into Friday. 

·        
Widespread commodity selling, omitting energy prices, is also weighing on prices. 

·        
Soybean oil rebounded by the overnight break from a rally in WTI crude oil. 

·        
An article mentioned the Brazilian port shipping for this month is almost three million tons, with no product available. Paraná is usually first to harvest, “but the low yields that are reported show that there is no product for
that now.” https://www.noticiasagricolas.com.br/noticias/soja/306217-quebras-de-safra-ja-deixam-navios-esperando-para-embarcar-soja-2021-22-nos-portos-do-brasil.html#.YdboZ2jMKUn

·        
Malaysian palm futures snapped a 4-day rally and traded lower by 51 ringgit to 4,985.  Cash CPO was down $5/ton to $1,252.50.

·        
The Southern Peninsula Palm Oil Millers’ Association estimated production during Jan. 1-5 fell 45.8% from the same period in December.

·        
China soybean futures traded 0.4% higher, meal down 0.3%, SBO down 0.4% and palm up 0.2%.

·        
China soybean cash crush values on our analysis were running at 167 cents/bushels (178 previous) versus 193 at the end of last week and 145 year ago. 

·        
Rotterdam soybean oil for the Feb-Apr position was 3-4 euros higher and Rotterdam rapeseed oil 10 euros lower. SA soybean meal when imported into Rotterdam was running mostly lower.  

·        
Offshore values are leading CBOT soybean oil 149 points lower and meal $1.30 lower.

 

Export
Developments

·        
Under the 24-hour announcement system, private exporters reported 102,000 tons of soybeans were sold to Mexico for the 2021-22 marketing year. 

 

A
Reuters poll looks for Malaysia’s palm oil inventories at end-December to sink 4.9% from the previous month to 1.73 million tons, lowest in five months.

 

 

Wheat

·        
US wheat traded is sharply lower on weakness in outside related markets, improving US snow coverage (more is needed), and easing food inflation.  The FAO food price index hinted inflation slowed late in 2021.

·        
EU wheat basis the March position was 1.50 lower at 274.50 euros a ton. 

·        
The World Food Price Index averaged 125.7 for 2021, highest since 2011. For December the index fell 0.9% from the previous month to 133.7 and is up 23.1 percent from December 2000. 

·        
China plans to sell 500,000 tons of wheat from state reserves on January 12 to flour millers.  Results are awaited on China selling 500,000 tons of wheat from state reserves on January 5 to flour millers.

 

 

Export
Developments.

·        
Results awaited: Iraq seeks 50,000 tons of wheat on January 3 from the US, Canada and Australia.

 

Rice/Other

·        
Bangladesh seeks 50,000 tons of rice on January 16.

 

 

USDA Export Sales

U.S. EXPORT SALES FOR WEEK ENDING  12/30/2021

	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	42.1	2,095.3	1,459.6	53.2	4,225.9	5,664.8	0.0	14.0
SRW	0.7	689.8	495.1	49.4	1,622.2	1,082.3	2.5	37.0
HRS	0.8	1,221.0	1,753.4	50.2	3,019.0	4,227.6	0.0	0.0
WHITE	4.6	807.3	2,647.0	42.7	2,068.8	2,919.0	0.0	0.0
DURUM	0.4	21.2	100.8	15.4	112.7	488.9	0.0	33.0
TOTAL	48.6	4,834.5	6,455.8	210.9	11,048.6	14,382.6	2.5	84.0
BARLEY	0.0	19.0	13.7	0.0	11.5	16.9	0.0	0.0
CORN	256.1	26,344.1	28,688.1	985.1	14,652.8	15,256.3	0.0	1,512.0
SORGHUM	22.8	3,695.0	3,102.6	74.4	1,613.1	1,985.3	0.0	0.0
SOYBEANS	382.7	11,088.3	15,693.1	1,742.8	30,613.6	38,871.7	67.1	283.1
SOY MEAL	31.5	2,984.0	2,697.4	228.8	3,142.4	3,252.6	0.3	36.2
SOY OIL	2.9	248.1	286.0	42.3	192.6	205.1	0.1	0.4
RICE
L G RGH	12.0	177.0	201.7	1.7	582.3	787.0	0.0	0.0
M S RGH	4.5	10.8	16.2	0.0	2.9	12.7	0.0	0.0
L G BRN	0.1	3.8	9.6	0.3	27.1	22.1	0.0	0.0
M&S BR	0.1	68.3	45.2	0.2	15.4	50.5	0.0	0.0
L G MLD	11.9	57.9	70.1	48.4	392.9	295.1	0.0	0.0
M S MLD	-1.0	100.8	181.5	2.7	179.2	196.2	0.0	0.0
TOTAL	27.6	418.7	524.4	53.2	1,199.8	1,363.5	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	143.2	7,556.5	6,014.8	104.9	3,036.8	5,523.4	44.0	1,114.2
PIMA	4.4	232.1	217.5	7.2	144.8	342.4	0.9	5.3

 

This
summary is based on reports from exporters for the period December 24-30, 2021.

Wheat:  Net
sales of 48,600 metric tons (MT) for 2021/2022–a marketing-year low–were down 76 percent from the previous week and 87 percent from the prior 4-week average.  Increases primarily for Italy (15,400 MT, including 15,000 MT switched from unknown destinations),
unknown destinations (13,900 MT), Mexico (9,600 MT, including decreases of 6,400 MT), the Dominican Republic (3,200 MT), and Thailand (3,000 MT), were offset by reductions for Colombia (600 MT) and China (200 MT).  Total net sales of 2,500 MT for 2022/2023
were for Peru.  Exports of 210,900 MT were down 37 percent from the previous week and 17 percent from the prior 4-week average.  The destinations were primarily to Nigeria (52,900 MT), the Philippines (43,600 MT), Japan (32,100 MT), Taiwan (21,900 MT), and
Mexico (20,900 MT).

Corn: 
Net sales of 256,100 MT for 2021/2022 were down 80 percent from the previous week and 81 percent from the prior 4-week average.  Increases primarily for Canada (150,500 MT, including decreases of 10,700 MT), Mexico (115,100 MT, including decreases of 25,600
MT), Colombia (90,500 MT, including 92,000 MT switched from unknown destinations and decreases of 12,600 MT), Japan (81,500 MT, including 175,200 MT switched from unknown destinations and decreases of 56,500 MT), and Guatemala (10,500 MT), were offset by reductions
primarily for unknown destinations (212,500 MT).  Exports of 985,100 MT were up 7 percent from the previous week, but down 2 percent from the prior 4-week average.  The destinations were primarily to Japan (221,100 MT), Mexico (210,500 MT), Colombia (179,500
MT), China (135,100 MT), and Canada (113,400 MT).

Optional
Origin Sales: 
For 2021/2022, options were exercised to export 60,000 MT to unknown destinations from other than the United States.  The current outstanding balance of 381,000 MT is for unknown destinations (309,000 MT), Italy (63,000 MT), and Saudi Arabia (9,000 MT).

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

Sorghum: 
Total net sales of 22,800 MT for 2021/2022 were down 88 percent from the previous week and 93 percent from the prior 4-week average.  The destination was China.  Exports of 74,400 MT were down 57 percent from the previous week and 62 percent from the prior
4-week average.  The destination was to China (74,300 MT).

Rice: 
Net sales of 27,600 MT for 2021/2022 were down 60 percent from the previous week and 56 percent from the prior 4-week average.  Increases primarily for Mexico (12,600 MT), Haiti (6,900 MT, including decreases of 300 MT), Canada (4,800 MT), Guatemala (4,000
MT), and Saudi Arabia (600 MT), were offset by reductions for Japan (1,900 MT).  Exports of 53,200 MT were up 70 percent from the previous week and 9 percent from the prior 4-week average.  The destinations were primarily to Haiti (45,100 MT), Canada (2,800
MT), Mexico (1,700 MT), Honduras (1,000 MT), and Saudi Arabia (800 MT).

Exports
for Own Account:
For 2021/2022, the current exports for own account outstanding balance is 100 MT, all Canada.

Soybeans: 
Net sales of 382,700 MT for 2021/2022–a marketing-year low–were down 27 percent from the previous week and 63 percent from the prior 4-week average.  Increases primarily for China (353,900 MT, including 264,000 MT switched from unknown destinations and decreases
of 3,700 MT), Mexico (183,900 MT, including decreases of 200 MT), Spain (141,100 MT, including 132,000 MT switched from unknown destinations), the Netherlands (68,800 MT, including 60,000 MT switched from unknown destinations), and Germany (64,900 MT), were
offset by reductions primarily for unknown destinations (625,200 MT).  Net sales of 67,100 MT for 2022/2023 were for unknown destinations (66,000 MT) and Japan (1,100 MT).  Exports of 1,742,800 MT were up 1 percent from the previous week, but down 11 percent
from the prior 4-week average.  The destinations were primarily to China (913,000 MT), Egypt (152,200 MT), Spain (141,100 MT), Pakistan (129,100 MT), and the Netherlands (68,800 MT).

Export
for Own Account:
For 2021/2022, new exports for own account totaling 28,400 MT were for Canada.  The current exports for own account outstanding balance is 63,000 MT, all Canada.

Export
Adjustments: 
Accumulated exports of soybeans to the Netherlands were adjusted down 64,918 MT for week ending December 16, 2021.  The correct destination for this shipment is Germany.

Late
Reporting:
For 2021/2022, exports totaling 15,000 MT of soybeans were reported late to Costa Rica.

Soybean
Cake and Meal: 
Net sales of 31,500 MT for 2021/2022–a marketing-year low–were down 55 percent from the previous week and 81 percent from the prior 4-week average.  Increases primarily for the Dominican Republic (12,000 MT, including decreases of 600 MT), Canada (7,000
MT, including decreases of 400 MT), Jamaica (4,000 MT), Guyana (3,800 MT switched from unknown destinations), and the Philippines (2,300 MT), were offset by reductions primarily for unknown destinations (4,900 MT), El Salvador (1,000 MT), Spain (800 MT), and
Nicaragua (500 MT).  Net sales of 300 MT for 2022/2023 resulting in increases for Japan (1,900 MT), were offset by reductions primarily for the Netherlands (1,500 MT).  Exports of 228,800 MT were up 34 percent from the previous week, but down 14 percent from
the prior 4-week average.  The destinations were primarily to the Philippines (48,900 MT), Spain (38,200 MT), Canada (27,000 MT), Morocco (25,600 MT), and Colombia (25,500 MT). 

Optional
Origin Sales:  For 2021/2022, the current outstanding balance of 50,000 MT is for Venezuela.

Soybean
Oil: 
Net sales of 2,900 MT for 2021/2022–a marketing-year low–were down 69 percent from the previous week and 91 percent from the prior 4-week average.  Increases primarily for Guatemala (1,900 MT) and El Salvador (1,000 MT), were offset by reductions for Colombia
(100 MT).  Total net sales of 100 MT for 2022/2023 were for Canada.  Exports of 42,300 MT were up noticeably from the previous week and from the prior 4-week average.  The destinations were primarily to India (29,600 MT), Costa Rica
(4,000 MT), Colombia (3,700 MT), Mexico (2,900 MT), and El Salvador (1,900 MT).

Cotton: 
Net sales of 143,200 RB for 2021/2022 were down 26 percent from the previous week and 48 percent from the prior 4-week average.  Increases primarily for China (47,000 RB), Pakistan (20,800 RB), Turkey (18,900 RB), Vietnam (15,200 RB, including 1,000 RB switched
from South Korea), and India (14,500 RB), were offset by reductions primarily for Guatemala (2,100 RB) and South Korea (1,000 RB).  Net sales of 44,000 RB for 2022/2023 primarily for Pakistan (40,500 RB), were offset by reductions for China (400 RB).  Exports
of 104,900 RB were down 35 percent from the previous week and 22 percent from the prior 4-week average.  The destinations were primarily to China (38,300 RB), Vietnam (15,900 RB), Pakistan (12,100 RB), Turkey (10,700 RB), and Indonesia (6,400 RB).  Net sales
of Pima totaling 4,400 RB were down 38 percent from the previous week and 17 percent from the prior 4-week average.  Increases were reported for China (2,600 RB, including decreases of 100 RB), Vietnam (1,000 RB), Thailand (600 RB), and Honduras (200 RB). 
Total net sales of 900 RB for 2022/20223 were for India.  Exports of 7,200 RB were up 3 percent from the previous week, but unchanged from the prior 4-week average.  The destinations were primarily to India (2,400 RB), China (2,100 RB), and Thailand (2,000
RB).

Optional
Origin Sales: 
For 2021/2022, the current outstanding balance of 8,800 RB is for Pakistan.

Exports
for Own Account: 
For 2021/2022, the
current exports for own account outstanding balance is 100 RB, all Vietnam.

Hides
and Skins: 
Net sales of 80,800 pieces for 2021 were up 55 percent from the previous week, but down 62 percent from the prior 4-week average.  Increases primarily for China (43,600 whole cattle hides, including decreases of 14,200 pieces), South Korea (34,400 whole cattle
hides, including decreases of 5,500 pieces), and Mexico (8,300 whole cattle hides), were offset by reductions primarily for Vietnam (4,200 pieces).  Net sales of 266,900 pieces for 2022 were primarily for China (215,200 whole cattle hides), South Korea (24,000
whole cattle hides), Mexico (19,300 whole cattle hides), Vietnam (4,200 whole cattle hides), and Japan (2,800 whole cattle hides).  Total net sales reductions of 8,400 calf skins for 2023 were reported for Belgium.  In addition, total net sales of 1,300 kip
skins were for China.  Exports of 444,100 pieces were up 39 percent from the previous week and 18 percent from the prior 4-week average.  Whole cattle hide exports were primarily to China (302,800 pieces), South Korea (78,800 pieces), Thailand (19,600 pieces),
Mexico (19,000 pieces), and Brazil (7,100 pieces). In addition, exports of 5,600 calf skins were to Italy.

Net
sales of 24,500 wet blues for 2021 were down noticeably from the previous week and down 59 percent from the prior 4-week average.  Increases for Italy (18,100 unsplit), China (4,500 unsplit, including decreases of 1,200 unsplits), and South Korea (3,200 grain
splits), were offset by reductions for Vietnam (900 unsplit) and Thailand (400 unsplit).  Net sales of 64,600 wet blues for 2022 were primarily for Italy (22,100 grain splits and 9,800 unsplit), Vietnam (22,100 unsplit), China (20,200 unsplit), and Thailand
(10,000 unsplit).  Exports of 101,900 wet blues were up 35 percent from the previous week, but down 11 percent from the prior 4-week average.  The destinations were to Italy (31,700 unsplit and 9,000 grain splits), China (27,900 unsplit), Vietnam (22,500 unsplit),
Thailand (9,200 unsplit), and South Korea (1,600 grain splits).  Total
net sales reductions of 21,400 splits were for Vietnam.  Net sales of 7,600 splits for 2022 were reported for Vietnam (5,000 pounds), China (2,000 pounds), and South Korea (600 pounds).  Exports of 467,800 pounds were to Vietnam.

Beef: 
Net sales reductions of 3,900 MT for 2021–a marketing-year low–were down noticeably from the previous week and from the prior 4-week average.  Increases primarily for Taiwan (100 MT, including decreases of 200 MT), the Netherlands (100 MT), Indonesia (100
MT), and Kuwait (100 MT), were more than offset by reductions primarily for South Korea (2,300 MT), China (1,200 MT), Japan (400 MT), Chile (100 MT), and Hong Kong (100 MT).  Net sales of 11,800 MT for 2022 were primarily for South Korea (4,700 MT), Taiwan
(4,000 MT), Japan (1,500 MT), Canada (600 MT), and Hong Kong (500 MT), were offset by reductions for China (600 MT).  Exports of 11,500 MT–a marketing-year low–were down 33 percent from the previous week and 35 percent from the prior 4-week average.  The
destinations were primarily to South Korea (4,100 MT), Japan (2,700 MT), China (1,700 MT), Taiwan (900 MT), and Mexico (700 MT). 

Pork: 
Net sales of 19,400 MT for 2021 were up noticeably from the previous week, but down 6 percent from the prior 4-week average.  Increases primarily for Mexico (16,100 MT, including decreases of 400 MT), Canada (1,400 MT, including decreases of 100 MT), China
(1,200 MT, including decreases of 2,000 MT), Japan (500 MT, including decreases of 1,000 MT), and Costa Rica (200 MT), were offset by reductions for Nicaragua (300 MT).  Net sales of 18,600 MT for 2022 were primarily for Japan (5,900 MT), Mexico (5,200 MT),
South Korea (2,000 MT), Colombia (1,700 MT), and Guatemala (900 MT).  Exports of 22,800 MT–a marketing-year low–were down 26 percent from the previous week and 28 percent from the prior 4-week average.  The destinations were primarily to Mexico (11,400 MT),
Japan (3,000 MT), China (2,600 MT), South Korea (2,400 MT), and Canada (900 MT).