FI Morning Grain Comments 02/25/22

PDF attached

 

Good
morning. 

 

What
goes up, must come down. US agriculture sold off a large amount that started off with a gentle move lower around midnight followed by a sharply lower trade around 2-3 am CT.  There was no major fundamental headline that prompted commodities to selloff. Yesterday
we saw very large ranges in US ag futures, and some are calling for a key reversal.  Open interest was down a large amount on Thursday for the soybean complex and corn.

Overnight
May contract price ranges as of 5:50 am CT:

Corn
41.25 cents

Soybeans
75.25

Chicago
wheat 68.75

KC
wheat 51.25

 

 

The
USDA Agriculture Forum selected presentations

https://www.usda.gov/oce/ag-outlook-forum

 

 

Weather

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR February 25, 2022

• West-central
  Africa coffee and cocoa production areas in Ivory Coast and Ghana will receive some welcome rainfall next week that will bolster soil moisture and possibly induce some flowering.
  
• North
  Africa and southern Spain are also expecting some precipitation during the coming week to east their dryness. 
  
• There
  is no threatening cold coming to Europe or Asia
• The
  outlook has not changed much today for Australia or South Africa.
• In
  South America, the outlook is about the same with periods of rain bringing relief to Argentina’s dry areas during the coming week with a bout of drier weather in the following weekend.
  
• Relief
  will also come to interior southern Brazil, but not before mid-week next week.
  
• Rio
  Grande do Sul and Uruguay will get some of the rain that will be impacting Argentina this weekend and especially next week.
  
• Northern
  Brazil will be seeing a more restricted rainfall pattern for a while favoring better late season soybean and other crop harvesting.
  
• In
  the United States, another morning of threatening cold was noted in the central Plains where spring must be mild and wet to allow the wheat crop time to set new tillers and repair all of the damage from winter.
  
• Too
  much rain and flooding remains an issue for the lower eastern Midwest, northern Delta and Tennessee River Basin areas.
  
• Some
  drying is expected over the coming week, but a more active second week outlook will return the wet conditions possibly leading to some early season planting delays in late March and April – if the wet bias prevails as it is expected to. 

Source:
World Weather Inc.

 

Bloomberg
Ag Calendar

Friday,
Feb. 25:

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

• ICE
  Futures Europe weekly commitments of traders report, ~1:30pm
• CFTC
  commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
• USDA
  corn, cotton, soybean and wheat end-stockpile outlook, 8:30am
• FranceAgriMer
  weekly update on crop conditions
• Malaysia’s
  Feb. 1-25 palm oil exports
• U.S.
  cattle on feed, 3pm

Monday,
Feb. 28:

• USDA
  export inspections – corn, soybeans, wheat, 11am
• Ivory
  Coast cocoa arrivals
• Malaysia’s
  Feb. 1-20 palm oil export data
• Vietnam
  General Statistics office releases Feb. coffee, rice, rubber export data
• U.S.
  agricultural prices paid, received, 3pm
• EARNINGS:
  Olam, FGV
• HOLIDAY:
  Brazil, Indonesia

Tuesday,
March 1:

• EU
  weekly grain, oilseed import and export data
• USDA
  soybean crush, corn for ethanol, DDGS output, 3pm
• U.S.
  Purdue Agriculture Sentiment
• Australia
  Commodity Index
• New
  Zealand dairy trade auction
• EARNINGS:
  Golden Agri Resources
• HOLIDAY:
  Brazil, Argentina, India, South Korea

Wednesday,
March 2:

• EIA
  weekly U.S. ethanol inventories, production, 11am
• Winter
  Grain conference in Siberia

Thursday,
March 3:

• FAO
  Food Price Index
• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• New
  Zealand Commodity Price
• HOLIDAY:
  Indonesia

Friday,
March 4:

• ICE
  Futures Europe weekly commitments of traders report, ~1:30pm
• 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

 

 

 

 

 

 

 

 

Macros

US
Durable Goods Orders Jan P: 1.6% (est 1.0%; prev -0.7%; prevR 1.2%)

US
Durables Ex Transportation Jan P: 0.7% (est 0.4%; prev 0.6%; PrevR 0.9%)

US
PCE Core Deflator (M/M) Jan: 0.6% (est 0.6%; prev 0.4%; prevR 0.5%)

US
PCE Deflator (M/M) Jan: 0.6% (est 0.6%; prev 0.4%; prevR 0.5%)

US
Personal Income Jan: 0.0% (est -0.3%; prev 0.3%; prevR 0.4%)

US
Personal Spending Jan: 2.1% (est 1.6%; prev -0.6%; prevR -0.8%)

US
Real Personal Spending Jan: 1.5% (est 1.2%; prev -1.0%; prevR -1.3%)

 

 

Corn

·        
CBOT corn is
sharply lower following weakness in wheat and soybeans. Open interest was down nearly 25,000 contracts on Thursday.  Overnight volume was large. 

·        
Yesterday BAGE rated the Argentina corn crop only 21% good to excellent, up from 19% last week.

·        
China’s end of January sow herd fell 0.9% from the previous month to 42.9 million head and is 2% above year ago. Pigs slaughtered were 28.47 million heads, down 1.7% from the previous month and up 45.9% from year ago.

·        
Weekly US ethanol production increased 15,000 barrels from the previous week to 1024 thousand barrels per day (bbl), second consecutive weekly increase. Ethanol stocks increased 24,000 barrels to 25.507 million, also highest in
a month. 

 

Export
developments.

• Taiwan’s
  MFIG passed on 65,000 tons of corn for shipment between May 1 and early June shipment, depending on origin. 
  The
  lowest price offered for U.S corn was at a premium of 341.00 cents over the September. Lowest for Argentina was 349.13 cents over September. No offers for Brazilian or South African corn were reported.

 

 

Soybeans

·        
CBOT May soybeans are
lower from end of week profit taking, technical selling, and rain that occurred across Argentina over the past couple of days. Yesterday BAGE rated Argentina’s soybean crop at 24% good/excellent, down from 31% last week.

·        
Open interest for the soybean complex was down a good amount on Thursday.

·        
India has about 380,000 tons of sunflower oil stuck in the Black Sea region as shipping was halted. They may have to buy palm and soybean oil for March/April shipment to meet consumption.

·        
Indonesia set its crude palm oil reference price at $1,432.24 per ton for March, above $1,314.78 for February, set tax and levy rates at maximum levels of $200 per ton and $175 per ton respectively, unchanged from February. 

·        
Indonesia’s Sumatra and Kalimantan saw heavy rain today. 

·        
AmSpec reported Malaysian palm oil exports for February 1-25 rose 27.9 percent to 1,060,303 tons from 829,022 tons during January 1-25.  ITS reported a 25.1 percent increase to 1,095,753 tons from 876,056 tons.

·        
May Malaysian palm oil, after hitting a record high on Thursday, settled down 487 ringgit, or 7.5%, to 5,966 ringgit ($1,421) a ton.  At one point it was down 10% during the regular session. For the week, palm rose 8%.   Cash
palm decreased $85/ton to $1,535/ton, down 5.2%.

·        
From this time yesterday, Rotterdam meal was mostly 15-30 euros lower and vegetable oils mixed. (SBO up 5/Rapeseed oil down 30).

·        
China May soybeans were up 3.3%, meal down 0.5%, soybean oil up 0.5% and palm up 1.1%. 

·        
Offshore values are leading SBO 254 points lower (116 higher for the week to date) and meal $7.80 short ton lower ($1.70 higher for the week to date). 

 

Export
Developments

• Results
  awaited: Iran’s SLAL seeks up to 60,000 tons of soybean meal and 60,000 tons of feed barley for an unknown shipment period. 
  

 

Wheat

·        
US wheat is lower in a risk off trade ahead of the weekend and uncertainty over the Ukraine situation.  Heavy bombing continued into Friday.

·        
May EU wheat futures were down 13.50 euros at 301.50 euros, down 4%. 294.75 would fill the gap made on Thursday.

·        
Russia’s wheat export duty will decline from $91.00/ton to $88.20/ton for the March 2-8 period, seventh consecutive weekly decline.  Barley will decrease to $72.30 per ton from $73.30 and corn will rise to $52.70 per ton from
$52.20 per ton. 

·        
Lebanon has only one month of wheat reserves and seeks wheat from various countries. 

·        
Tunisia said they have enough grain stocks to last through June. 

 

Export
Developments.

·        
Jordan seeks 120,000 tons of wheat on March 2.

·        
Turkey seeks 435,000 tons of milling wheat on March 2 for March-April shipment. 

·        
Jordan seeks 120,000 tons of feed barley on March 1. 

 

Rice/Other

·        
South Korea seeks 72,200 tons rice from U.S. and Vietnam on Feb. 25.

 

USDA export sales were within expectations for the soybean complex and slightly above for grains.  Soybean sales of 1.233 million tons were slightly
lower from previous week.  Egypt bought 379,300 tons of soybeans (50k switched from unknown) and China booked 291,400 tons of soybeans (172k switched from unknown). SBO sales of 35,500 tons stood out with India booking 30,000 tons, switched from unknown, confirming
earlier speculation.  Soybean meal sales of 231,900 tons included Philippines, Ireland and other routine buyers. Corn export sales were 1.041 million tons, up from 820,000 tons previous week. Sorghum sales of 60,500 tons were mainly for China.  All-wheat sales
of 516,900 tons were up from 118,100 tons previous week, with increases for routine buyers.

 

 

 

 

U.S. EXPORT SALES FOR WEEK ENDING  2/17/2022

	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	270.4	1,869.7	1,384.2	226.1	5,367.0	6,535.4	103.5	171.3
SRW	68.6	641.7	447.7	37.8	2,001.1	1,277.3	54.9	190.5
HRS	99.2	1,050.6	2,021.4	168.2	3,722.2	5,002.5	10.8	71.8
WHITE	77.7	618.3	2,353.8	77.7	2,541.7	3,887.2	0.0	67.0
DURUM	1.0	19.8	144.2	36.8	149.9	517.9	0.0	47.0
TOTAL	516.9	4,200.1	6,351.3	546.6	13,782.0	17,220.2	169.2	547.6
BARLEY	0.0	13.8	11.1	0.0	14.7	21.3	0.0	0.0
CORN	1,040.9	23,354.5	34,847.9	1,886.2	24,218.9	24,159.7	117.4	1,682.9
SORGHUM	60.5	3,923.0	2,967.8	256.8	2,642.5	2,962.6	0.0	0.0
SOYBEANS	1,232.5	9,284.1	8,292.6	1,260.1	40,025.3	51,445.6	866.5	5,365.8
SOY MEAL	231.9	3,188.1	2,928.8	361.6	5,044.9	5,016.4	0.0	174.7
SOY OIL	35.5	179.5	196.7	27.5	379.0	395.8	0.0	0.0
RICE
L G RGH	60.8	272.3	253.4	87.8	815.8	928.0	0.0	0.0
M S RGH	0.0	9.0	11.4	0.4	4.6	17.5	0.0	0.0
L G BRN	0.3	19.3	12.9	0.9	30.1	23.8	0.0	0.0
M&S BR	0.2	44.1	97.3	1.2	41.5	54.5	0.0	0.0
L G MLD	17.8	83.6	103.9	10.4	494.0	359.3	0.0	0.0
M S MLD	5.1	168.1	250.6	16.1	234.0	306.7	0.0	0.0
TOTAL	84.2	596.5	729.6	116.8	1,620.0	1,690.0	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	247.2	7,732.7	5,656.2	376.1	4,848.9	7,752.4	218.2	2,062.6
PIMA	4.9	184.5	275.7	18.0	223.3	425.1	0.2	12.8

 

This
summary is based on reports from exporters for the period February 11-17, 2022.  

Wheat:  Net
sales of 516,900 metric tons (MT) for 2021/2022 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for Mexico (151,000 MT, including decreases of 6,500 MT), Nigeria (141,600 MT, including 30,000 MT switched from
unknown destinations and decreases of 46,000 MT), South Korea (90,000 MT), Japan (87,300 MT), and El Salvador (52,300 MT, including 12,900 MT switched from unknown destinations, 1,900 MT switched from Costa Rica, and decreases of 900 MT), were offset by reductions
primarily for unknown destinations (88,000 MT) and Peru (35,000 MT).  Net sales of 169,200 MT for 2022/2023 were primarily for Nigeria (60,000 MT), El Salvador (47,000 MT), Mexico (43,100 MT), Honduras (7,000 MT), and Belize (5,000 MT).  Exports of 546,600
MT were up 33 percent from the previous week and 42 percent from the prior 4-week average.  The destinations were primarily to Japan (90,600 MT), Nigeria (83,600 MT), Mexico (81,000 MT), Taiwan (56,300 MT), and South Korea (55,000 MT).   

Corn:  Net sales of 1,040,900 MT for 2021/2022 were up 27 percent from the previous
week and 4 percent from the prior 4-week average.  Increases primarily for Japan (260,400 MT, including 147,900 MT switched from unknown destinations and decreases of 14,000 MT), Mexico (178,400 MT, including decreases of 42,600 MT), Colombia (127,500 MT,
including decreases of 19,900 MT), Costa Rica (115,600 MT), and unknown destinations (90,600 MT), were offset by reductions for Jamaica (22,400 MT) and Guatemala (8,800 MT).  Total net sales for 2022/2023 of 117,400 MT were for Japan.  Exports
of 1,886,200 MT–a marketing-year high–were up 17 percent from the previous week and 41 percent from the prior 4-week average.  The destinations were primarily to China (555,200 MT), Japan (388,100 MT), Mexico (351,700 MT), Canada (172,500 MT), and Guatemala
(101,200 MT). 

Optional Origin Sales:  For 2021/2022, the current outstanding
balance of 220,800 MT is for unknown destinations (115,000 MT), South Korea (65,000 MT), Italy (31,800 MT), and Saudi Arabia (9,000 MT).  For 2022/2023, the current outstanding balance of 3,900 MT is for Italy. 

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

Sorghum:  Net sales of 60,500 MT for 2021/2022 were down 59 percent from the previous
week and 65 percent from the prior 4-week average.  Increases reported for China (125,500 MT, including 65,000 MT switched from unknown destinations and decreases of 16,200 MT), were offset by reductions for unknown destinations (65,000 MT).  Exports of 256,800
MT were up 81 percent from the previous week and up noticeably from the prior 4-week average.  The destinations were to China (255,700 MT) and Mexico (1,100 MT).  

Rice:  Net sales of 84,200 MT for 2021/2022 were up noticeably from the previous week,
but down 25 percent from the prior 4-week average.  Increases primarily for Mexico (53,700 MT), Haiti (15,200 MT, including decreases of 100 MT), El Salvador (6,000 MT, including 500 MT switched from Honduras), Costa Rica (5,000 MT), and Canada (2,400 MT),
were offset by reductions for Honduras (1,500 MT).  Exports of 116,800 MT–a marketing-year high–were up 87 percent from the previous week and 77 percent from the prior 4-week average.  The destinations were primarily to Colombia (46,000 MT), Mexico (33,200
MT), Japan (13,400 MT), Haiti (7,100 MT), and El Salvador (5,500 MT).  

Exports for Own Account: For 2021/2022, new exports for own account totaling 100 MT
were to Canada.  The current exports for own account outstanding balance is 100 MT, all Canada.  

Soybeans:  Net
sales of 1,232,500 MT for 2021/2022 were down 6 percent from the previous week and 1 percent from the prior 4-week average.  Increases primarily for Egypt (379,300 MT, including 50,000 MT switched from unknown destinations, decreases of 300 MT, and 240,000
MT – late), China (291,400 MT, including 172,000 MT switched from unknown destinations and decreases of 1,100 MT), Mexico (93,900 MT, including decreases of 1,500 MT), Japan (75,800 MT, including 51,300 MT switched from unknown destinations and decreases of
2,000 MT), and Germany (68,800 MT), were offset by reductions for Nepal (100 MT).  Net sales of 866,500 MT for 2022/2023 reported for China (601,000 MT), unknown destinations (192,000 MT), Mexico (47,500 MT), and Norway (31,000 MT), were offset by reductions
primarily for Taiwan (4,000 MT).  Exports of 1,260,100 MT were up 8 percent from the previous week, but down 5 percent from the prior 4-week average.  The destinations were primarily to China (393,000 MT), Egypt (320,300 MT), Mexico (135,400 MT), Germany (66,800
MT), and Japan (57,800 MT).   

Export for Own Account: For 2021/2022, the current exports for own account outstanding
balance is 3,000 MT, all Canada. 

Export Adjustment:  Accumulated exports of soybeans to the Netherlands were adjusted
down 44,597 MT for week ending February 10th.  The correct destination for this shipment is Germany. 

Late Reporting: For
2021/2022, net sales totaling 240,000 MT of soybeans were reported late for Egypt.  For 2022/2023, net sales totaling 105,000 MT of soybeans were reported late for Egypt. 

Soybean Cake and Meal:  Net sales of 231,900 MT for 2021/2022 were down 17 percent
from the previous week and 36 percent from the prior 4-week average.  Increases primarily for the Philippines (47,300 MT), Ireland (30,000 MT), Costa Rica (26,400 MT, including decreases of 2,900 MT), Nicaragua (24,000 MT), and Mexico (22,800 MT), were offset
by reductions for Jamaica (11,500 MT), Guatemala (10,400 MT), and Belgium (3,200 MT).  Exports of 361,600 MT were up 92 percent from the previous week and 35 percent from the prior 4-week average.  The destinations were primarily to the Philippines (96,200
MT), Ecuador (65,900 MT), Guatemala (40,100 MT), Colombia (39,000 MT), and Mexico (30,700 MT).  

Soybean Oil:  Net sales of 35,500 MT for 2021/2022 were unchanged from the previous
week, but up noticeably from the prior 4-week average.  Increases primarily for India (30,000 MT switched from unknown destinations), Bangladesh (18,000 MT), Venezuela (6,500 MT), Mexico (5,200 MT), and Colombia (4,000 MT), were offset by reductions for unknown
destinations (30,000 MT).  Exports of 27,500 MT were down 17 percent  from the previous week, but up 14 percent from the prior 4-week average.  The destinations were primarily to Inia (20,000 MT), Haiti (3,500 MT), Mexico (2,000 MT), Canada (800 MT), and Trinidad
(700 MT).   

Cotton:  Net sales of 247,200 RB for 2021/2022 were up 56 percent from the previous
week, but down 7 percent from the prior 4-week average.  Increases were primarily for China (92,000 RB, including 5,400 RB – late), Pakistan (25,700 RB, including 4,400 RB – late), Turkey (24,400 RB, including decreases of 1,300 RB), Vietnam (19,700 RB, including
1,100 RB switched from Japan), and Peru (14,600 RB).  Net sales of 218,200 RB for 2022/2023 were primarily for Pakistan (94,700 RB), Bangladesh (43,600 RB), Indonesia (30,800 RB), Mexico (23,600 RB), and Turkey (17,600 RB).  Exports of 376,100 RB–a marketing-year
high–were up 39 percent from the previous week and 41 percent from the prior 4-week average.  The destinations were primarily to China (172,400 RB, including 10,700 RB – late), Vietnam (55,500 RB), Pakistan (33,300 RB, including 2,100 RB – late), Turkey (32,800
RB, including 4,300 RB – late), and Mexico (21,700 RB).  Net sales of Pima totaling 4,900 RB were up 61 percent from the previous week, but down 1 percent from the prior 4-week average.  Increases were primarily for China (3,300 RB), India (800 RB), and Vietnam
(400 RB).  Total net sales for 2022/2023 of 200 RB were for Italy.  Exports of 18,000 RB were up noticeably from the previous week and up 65 percent from the prior 4-week average.  The destinations were primarily to India (10,500 RB), Peru (3,100 RB), China
(1,900 RB), Vietnam (1,600 RB), and Pakistan (400 RB).  

Optional Origin Sales:  For 2021/2022, the current outstanding balance of 61,600 RB
is for Vietnam (52,800 RB) and Pakistan (8,800 RB).  

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

Late Reporting: For
2021/2022, net sales totaling 10,200 MT of upland cotton were reported late for China (5,400 RB), Pakistan (4,400 RB), and Italy (400 RB).  Exports totaling 18,100 MT of upland cotton were reported late to China (10,700 RB), Turkey (4,300 RB), Pakistan (2,100
RB), India (600 RB), and Peru (400 RB).  

Hides
and Skins:  Net sales of 379,700 pieces for 2022 were down 13 percent from the previous week and 18 percent
from the prior 4-week average.  Increases primarily for China (178,000 whole cattle hides, including decreases of 24,700 pieces), Thailand (50,400 whole cattle hides, including decreases of 3,400 pieces), South Korea (50,000 whole cattle hides, including decreases
of 1,900 pieces), Mexico (39,900 whole cattle hides, including decreases of 500 pieces), and Taiwan (27,500 whole cattle hides, including decreases of 100 pieces), were offset by reductions for Vietnam (100 pieces).  Total net sales of 2,600 kip skins, including
decreases of 300 pieces, were for Belgium.  Exports of 403,400 pieces were down 3 percent from the previous, but up 6 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (237,100 pieces, including 7,800 pieces – late),
South Korea (60,100 pieces), Thailand (36,700 pieces), Mexico (28,500 pieces), and Taiwan (9,200 pieces).  In addition, exports of 2,600 kip skins were to Belgium. 

Net sales of 113,600 wet blues for 2022 were down 25 percent from the previous week and 27 percent from
the prior 4-week average.  Increases primarily for Vietnam (56,900 unsplit), China (20,400 unsplit), Italy (16,000 grain splits, 2,300 unsplit, including decreases of 100 unsplit and 100 grain splits), Thailand (10,000 unsplit), and Mexico (3,400 unsplit),
were offset by reductions for Portugal (300 grain splits).  Exports of 111,000 wet blues were down 34 percent from the previous week and 24 percent from the prior 4-week average.  The destinations were primarily to Vietnam (37,900 unsplit and 1,300 grain splits),
Italy (33,600 unsplit and 3,000 grain splits), China (22,000 unsplit), Mexico (3,400 unsplit), and the Dominican Republic (3,200 unsplit).  Net sales of 325,200 splits reported for South Korea (296,300 pounds, including decreases of 3,800 pounds) and China
(44,000 pounds), were offset by reductions for Vietnam (15,100 pounds).  Exports of 364,100 pounds were to Vietnam (320,000 pounds) and China (44,100 pounds). 

Late Reporting: For
2022, exports totaling 7,800 pieces of hides and skins were reported late to China. 

Beef:  Net sales of 14,500 MT for 2022 were down 37 percent from the previous week
and 25 percent from the prior 4-week average.  Increases were primarily for Japan.

decreases of 400 MT), South Korea (2,300 MT, including decreases of 600 MT), China (1,900 MT, including decreases of 100 MT), Taiwan (1,500
MT, including decreases of 100 MT), and Indonesia (1,000 MT).  Exports of 15,300 MT were down 7 percent from the previous week and 2 percent from the prior 4-week average.  The destinations were primarily to Japan (4,400 MT), South Korea (4,200 MT), China
(2,200 MT), Taiwan (1,100 MT), and Mexico (1,000 MT). 

Pork:  Net sales of 26,600 MT for 2022 were up 45 percent from the previous week, but
down 8 percent from the prior 4-week average.  Increases primarily for Mexico (12,800 MT, including decreases of 500 MT), Canada (6,700 MT, including decreases of 400 MT), Japan (3,100 MT, including decreases of 100 MT), the Dominican Republic (1,100 MT, including
decreases of 100 MT), and Honduras (900 MT), were offset by reductions for Nicaragua (100 MT).  Exports of 30,200 MT were down 3 percent from the previous week and from the prior 4-week average.  The destinations were primarily to Mexico (14,000 MT), Japan
(4,200 MT), China (3,700 MT), South Korea (2,700 MT), and Canada (1,400 MT).