FI Morning Grain Comments 06/10/21

PDF Attached

 

Good
morning.

 

Higher
corn and soybean prices this morning on technical buying. Corn and soybeans firmed during the last hour of electronic trading in part to positioning ahead of USDA report.  SUDA export sales were largely within expectations.  Chicago wheat is lower but paired
most losses. KC turned higher and MN higher.  US weather was basically unchanged with WCB seeing restricted rain.  Conab reported a higher than expected corn production estimate for Brazil at 96.4 million tons but that is down 10 million from their previous
estimate, a large reduction.  Brazil soybeans at 136 million tons were up 0.5 million tons from the previous month and 1 million below expectations.  Palm futures hit a 7-week low.  Malaysian palm oil end of May stocks were less than expected at 1.569 million
tons (1.64MMT est.) despite a lower than expected palm export figure.  China in its CASDE report lowered domestic feed and food use. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weather

 

 

 

 

World
Weather, Inc.

WORLD
WEATHER HIGHLIGHTS FOR June 10, 2021

• Market
  attention will remain focused on the northern U.S. Plains, upper Midwest and Canada’s Prairies where another round of rain is expected tonight and Friday.
  
• However,
  the attention on U.S. Midwest corn and soybean areas will also be rising as the European forecast model predicts minimal precipitation there for the next ten days.
  
• The
  American model has more rain in it for the Midwest, but both models are biased for below average precipitation with a bout of heat expected for a few days during mid-week next week.
  
• Additional
  rain fell in the Tennessee River Basin overnight expanding the excessive rainfall area of the past two days (see attached map)
• Rainfall
  in the Delta and Tennessee River Basin will be diminishing for a while which should lead to some improvement in the recent flood conditions
• Hot
  weather will also occur in the southwestern Plains over the next couple of days accelerating drying in West Texas, but relief is expected during the weekend next week
• Some
  showers will eventually return to the region
• No
  changes were noted in South America overnight
• Argentina
  still needs rain in some western wheat areas
• Good
  late season harvest weather will continue in Argentina
• Brazil’s
  rainfall in the south  periodically will be great for wheat, but comes too late for Safrinha corn
  
• Australia’s
  weather changed little overnight with scattered showers in various crop areas during the next ten days
  
• Greater
  rain would be welcome
• Spring
  wheat and sunseed production areas of Russia’s southeastern New Lands and neighboring areas of northern Kazakhstan where rainfall will be restricted for much of the coming two weeks. 
• Favorable
  weather is expected elsewhere in Russia and Ukraine
• Europe
  weather should be well mixed over the next two weeks, but some areas in the west will become drier than desired for a little while
• India’s
  monsoon will continue to be an under performer for a while with rainfall in the interior west from Gujarat through interior Maharashtra to Karnataka, Andhra Pradesh and Tamil Nadu less than usual
• The
  monsoon depression is still expected to bring heavy rain inland from Odisha to Madhya Pradesh this weekend into next week, but the predicted rain amounts continue to come down reducing the risk of widespread serious flooding
• China
  will experience a good mix of weather over the next two weeks with improving soil moisture in the Yellow River Basin and neighboring areas that have been drying out recently

Source:
World Weather, Inc.

 

Bloomberg
Ag Calendar

Thursday,
June 10:

• USDA’s
  monthly World Agricultural Supply and Demand (WASDE) report, 12pm
• USDA
  weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
• China’s
  agriculture ministry (CASDE) releases monthly report on supply and demand for corn and soybeans
• Malaysian
  Palm Oil Board inventory, output and export data for May
• Brazil’s
  Conab releases output, yield and acreage data for corn and soybeans
• Port
  of Rouen data on French grain exports
• Malaysia
  June 1-10 palm oil export data

Friday,
June 11:

• 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
• FranceAgriMer
  weekly update on crop conditions

Source:
Bloomberg and FI

 

Macros

US
CPI (M/M) May: 0.6% (est 0.5%; prev 0.8%)

US
CPI Ex Food, Energy (M/M) May: 0.7% (est 0.5%; prev 0.9%)

US
CPI (Y/Y) May: 5.0% (est 4.7%; prev 4.2%)

US
CPI Ex Food, Energy (Y/Y) May: 3.8% (est 3.5%; prev 3.0%)

US
Initial Jobless Claims Jun 5: 376K (est 370K; prev 385K)

US
Continuing Claims May 29: 3499K (est 3665K; prevR 3757K; prev 3771K)

US
Real Avg Weekly Earnings (Y/Y May: -2.2% (prevR -1.7%; prev -1.4%)

US
Real Avg Hourly Earnings (Y/Y) May: -2.8% (prev -3.7%)

 

 

Corn

• US
  corn futures rallied
  slightly from a supportive Brazil Conab corn production update. 
• Conab
  reported a higher than expected corn production estimate for Brazil at 96.4 million tons but that is down 10 million from their previous estimate, a large reduction.  Focus is now on USDA with the trade looking for 97.3 million tons, down from 102 million
  in May. 
• Today
  is the fourth day of the Goldman Roll.
• USD
  was slightly higher as of 7:55 am CT.  
• (Reuters)
  – China lowered estimates for the use of corn in feed consumption in 2020/21, as increased imports of grains and ample supplies of domestic wheat and rice have replaced some corn in feed, the country’s agriculture ministry said on Thursday.  China’s 2020/2021
  corn consumption in feed was seen at 182 million tons, down 3 million tons from the forecast in the previous month, according to a statement published on the website of the Ministry of Agriculture and Rural Affairs. Estimates on output, planting acreage and
  imports of corn in the 2021/22 year remain unchanged from a month ago, according to the ministry.
  
• IKAR
  increased its Russian corn production estimate to 15.1 million tons from 14.5 million previously, which would be the second highest in history.  Record was 2016 at 15.3 million tons.  In 2020 Russia harvested 13.9 million tons of corn. 
  
• USDA’s
  weekly Broiler Report showed eggs set in the US up 2 percent and chicks placed up 1 percent.  Cumulative placements from the week ending January 9, 2021 through June 5, 2021 for the United States were 4.11 billion. Cumulative placements were up 1 percent from
  the same period a year earlier.
• Weekly
  US ethanol production was up a large 33,000 barrels to 1.067 million (trade looking for up 2,000) and stocks increased 372,000 barrels to 19.960 million  (trade +110k).  For the week ending June 6, ethanol output of 1.067 million barrels is highest since 2/28/20,
  and more interestingly only 41,000 barrels below the weekly record set early December 2017 of 1.108 million barrels. 
  

 

Export
developments.

• China’s
  Sinograin will offer 11,058 tons of Ukrainian imported corn at auction from reserves on June 11. 
  

 

Soybeans

• The
  soybean complex is higher in large part to positioning ahead of the USDA report.  Export sales were within expectations but soybean oil shipments improved from the previous week.  We heard soybean meal was sold to Vietnam off the PNW at a cheap price. 
  
• Conab
  reported Brazil soybean production at 136 million tons, up 0.5 million tons from the previous month and 1 million below expectations.  No prices reaction was expected from this report. 
  
• We
  are not looking for any major changes to the US and world balance sheets by USDA and think the focus will be on corn with an expected downward revision in Brazil’s corn production that could prompt USDA to raise their US corn export projection, possibly for
  old and new-crop.  Acreage will be addressed in the June 30 stocks and planting intentions report.
  
• Palm
  ended lower and cash was unchanged.  Malaysian palm oil end of May stocks were less than expected at 1.569 million tons (1.64MMT est.) despite a lower than expected palm export figure.  Domestic consumption nearly doubled to 372,039 tons, according to Reuters,
  a surprise.
• AmSpec
  reported June 1-10 Malaysian palm oil exports down 14.3% from the same period previous month at 402,520 tons.  ITS was 10% lower at 402,330 tons. 
  
• Offshore
  values are leading soybean oil 3 points higher and meal $2.20 higher. 
• Rotterdam
  rapeseed and soybean oil prices were unchanged to 5 euros lower, and meal mixed. 
  
• China:
  

• Malaysian
  palm oil:

 

Export
Developments

• We
  heard Vietnam bought a cargo of soybean meal overnight off the PNW at a steep discount to the interior. 
  
• USDA
  seeks 1,180 tons of packaged vegetable oil for export donation on June 15 for July 16-Aug 15 shipment. 
  

 

Wheat

• US
  wheat was lower earlier but a rally in corn and soybeans underpinned prices by the electronic close. 
  
• Tunisia
  and Japan bought wheat. 
• USDA
  export sales were within expectations but off slightly from the previous week.  New-crop sales are off to an average start for commitments. 
  
• US
  weather forecast is mostly unchanged.  Weather models vary but the general theme is for the Dakota’s to see crop stress through the end of the month.  More rain is expected today across the northern Plains. 
  
• IKAR:
  Russia wheat crop 82 million tons, up 2 million tons from previous and below 85.9 million produced in 2020. 
  
• September
  Paris wheat market basis September was down 0.75 euros at 211.75 at the time this was written.

 

Export
Developments.

• Tunisia
  bought 50,000 tons of soft wheat at $297.75/ton c&f, optional origin. 
• Jordan
  is back in for feed barley on June 23 for Nov/Dec shipment. 
• Japan
  bought 181,355 tons of food wheat later this week from United States, Canada and Australia.
  

• Ethiopia
  seeks 400,000 tons of milling wheat on June 14, two lots of 200,000 tons each with delivery within 70 to 90 days of contract date.
  
• Jordan
  seeks 20,000 tons of wheat bran on June 15 for July/August shipment. 
• Japan
  seeks 80,000 tons of feed wheat and 100,000 tons of barley on June 16 under its SBS import system, for arrival in Japan by November 25. 
  
• Jordan
  seeks 120,000 tons of wheat on June 22 for December shipment. 

 

Rice/Other

·        
Indonesia aims to produce 55.2 million tons of rice in 2022 and 20.1 million tons of corn.  

 

 

USDA export sales

Soybean corn export sales were slow but in a range of expectations.  Soybean meal and oil sales were near expectations but meal
shipments were down from the previous week. SBO shipment were also up to 18,600 tons from 9,300 tons previous week.  Corn export sales were near the low end of expectations while wheat was withing expectations.  We see the sales report slightly supportive
for SBO while other markets continue to firm from positioning ahead of the USDA report due out later. 

 

 

 

 

This summary is based on reports from exporters for the period May 28-June 3, 2021.

Wheat:  Net sales of 325,900
MT for the 2021/2022 marketing year, which began June 1, were  primarily for  South Korea (80,300 MT), the Philippines (60,200 MT, including decreases of 32,900 MT), unknown destinations (45,000 MT), Honduras (39,500 MT), and Nigeria (37,300 MT).  A total
of 837,100 MT in sales were carried over from the 2020/2021 marketing year, which ended May 31.  Exports for the period ending May 31, of 459,500 MT brought accumulated exports to 24,806,600 MT, virtually unchanged from the prior year’s total of 24,812,200
MT.  The destinations were primarily to the Philippines (177,600 MT), Mexico (65,200 MT), China (63,000 MT), Nigeria (36,800 MT), and Thailand (29,900 MT).  Exports for June 1- 3, totaled 136,300 MT, with Japan (34,900 MT), the Dominican Republic (26,400 MT),
Thailand (24,500 MT), Mexico (22,900 MT), and the Philippines (16,600 MT) being the primary destinations.

Optional Origin Sales:  For
2021/2022, new optional origin sales of 63,900 MT were reported for Spain.  The current outstanding balance of 63,900 MT is for Spain.

Corn:  Net sales of 189,600
MT for 2020/2021 were down 64 percent from the previous week and 39 percent from the prior 4-week average.  Increases primarily for Japan (203,700 MT, including 199,900 MT switched from unknown destinations and decreases of 53,800 MT), China (66,200 MT, including
decreases of 300 MT), Colombia (58,200 MT, including 50,000 MT switched from unknown destinations and decreases of 150,000 MT), Mexico (20,000 MT, including decreases of 1,300 MT), and El Salvador (19,300 MT, including 13,400 MT switched from Guatemala), were
offset by reductions primarily for unknown destinations (195,700 MT).  For 2021/2022, net sales of 26,400 MT were for Costa Rica (16,300 MT), unknown destinations (7,600 MT), and Taiwan (2,500 MT).  Exports of 1,647,000 MT were down 23 percent from the previous
week and 15 percent from the prior 4-week average.  The destinations were primarily to China (542,500 MT), Mexico (368,000 MT), Japan (357,800 MT), Colombia (146,200 MT), and South Korea (116,200 MT).

Optional Origin Sales:  For
2020/2021, options were exercised to export 50,000 MT to unknown destinations from the United States.  The current outstanding balance of 30,500 MT is for unknown destinations.  For 2021/2022, the current outstanding balance of 60,000 MT is for unknown destinations.  

Barley:  No
net sales were reported for the 2021/2022 marketing year, which began June 1.  A total of 2,600 MT in sales were carried over from the 2020/2021 marketing year, which ended May 31.  Accumulated exports were 26,800 MT, down 35 percent from the prior year’s
total of 41,100 MT.  There were no exports for the period ending May 31 and no exports for the period ending June 1. 

Sorghum:  Net
sales reduction of 4,200 MT for 2020/2021 resulting in increases for China (50,800 MT, including 55,000 MT switched from unknown destinations and decreases of 4,200 MT), were more than offset by reductions for unknown destinations (55,000 MT).  Exports of
53,300 MT were down 77 percent from the previous week and 67 percent from the prior 4-week average.  The destinations were China (53,100 MT) and South Korea (200 MT).

Rice:  Net sales of 29,500
MT for 2020/2021 were up 21 percent from the previous week, but down 36 percent from the prior 4-week average.  Increases primarily for Haiti (15,200 MT, including decreases of 200 MT), Mexico (6,400 MT), Honduras (5,100 MT), Canada (1,400 MT), and Belgium
(400 MT), were offset by reductions for Costa Rica (100 MT).  Exports of 65,400 MT were up 92 percent from the previous week and 27 percent from the prior 4-week average.  The destinations were primarily to Mexico (25,200 MT), Costa Rica (17,400 MT), Haiti
(15,700 MT), Japan (2,200 MT), and Canada (1,900 MT).

Exports for Own Account:  For
2020/2021, the current exports for own account outstanding balance is 100 MT, all Canada.

Soybeans:  Net sales of
15,700 MT for 2020/2021 were down 12 percent from the previous week and 75 percent from the prior 4-week average.  Increases primarily for Indonesia (68,100 MT, including 80,000 MT switched from unknown destinations and decreases of 14,700 MT), Mexico (58,500
MT, including decreases of 1,300 MT), Malaysia (18,200 MT, including 12,000 MT switched from unknown destinations), Canada (10,100 MT), and Vietnam (3,700 MT, including decreases of 700 MT), were offset by reductions primarily for unknown destinations (86,900
MT) and Hong Kong (66,000 MT).  For 2021/2022, net sales of 105,000 MT were for Hong Kong (66,000 MT), Taiwan (22,000 MT), and unknown destinations (17,000 MT).  Exports of 278,700 MT were up 26 percent from the previous week, but down 2 percent from the prior
4-week average.  The destinations were primarily to Indonesia (85,400 MT), Mexico (78,000 MT), Canada (22,800 MT), Colombia (21,800 MT), and Malaysia (16,900 MT). 

Exports for Own Account:  For
2020/2021, the current exports for own account outstanding balance is 5,800 MT, all Canada.

Soybean Cake and Meal:  Net
sales of 136,300 MT for 2020/2021 were down 37 percent from the previous week and 20 percent from the prior 4-week average.  Increases primarily for Mexico (44,900 MT, including decreases of 5,200 MT), Canada (26,700 MT), Japan (25,200 MT, including decreases
of 100 MT), Cote D’Ivoire (15,000 MT), and Costa Rica (9,600 MT, including decreases of 8,600 MT), were offset by reductions primarily for Guatemala (5,100 MT) and Colombia (1,400 MT).  For 2021/2022, net sales of 3,900 MT were for Canada (2,400 MT) and Mexico
(1,500 MT).  Exports of 187,500 MT were down 33 percent from the previous week and 2 percent from the prior 4-week average.  The destinations were primarily to the Philippines (49,800 MT), Mexico (31,400 MT), Honduras (25,300 MT), Morocco (18,000 MT), and
Canada (16,400 MT).

Soybean Oil:  Net sales
of 3,200 MT for 2020/2021 were up noticeably from the previous week and from the prior 4-week average.  Increases were for Venezuela (3,000 MT) and Mexico (100 MT).  Exports of 18,600 MT were up 99 percent from the previous week and up noticeably from the
prior 4-week average.  The destinations were primarily to South Korea (15,000 MT), Guatemala (2,600 MT), and Mexico (600 MT).

Cotton:  Net
sales of 108,200 RB for 2020/2021 were down 40 percent from the previous week and 16 percent from the prior 4-week average.  Increases primarily for Pakistan (47,100 RB), Vietnam (21,800 RB, including 1,900 RB switched from China, 400 RB switched from Japan,
and decreases of 100 RB), China (18,800 RB, including 2,200 RB switched from Vietnam and decreases of 200 RB),  Turkey (7,900 RB), and Singapore (3,400 RB), were offset by reductions for Malaysia (1,800 RB) and El Salvador (1,200 RB).  For 2021/2022, net sales
of 21,400 RB were for Pakistan (15,000 RB), Vietnam (3,100 RB), Malaysia (1,800 RB), Bangladesh (1,100 RB), and Japan (400 RB).  Exports of 258,400 RB were down 30 percent from the previous week and 21 percent from the prior 4-week average.  Exports were primarily
to China (60,400 RB), Vietnam (44,700 RB), Pakistan (31,300 RB), Turkey (29,500 RB), and Mexico (23,900 RB).  Net sales of Pima totaling 3,900 RB were down 47 percent from the previous week and 51 percent from the prior 4-week average.  Increases were primarily
for India (2,000 RB), Turkey (600 RB), Greece (400 RB), Pakistan (300 RB), and Indonesia (300 RB).  Exports of 16,700 RB were up 23 percent from the previous week and 15 percent from the prior 4-week average.  The destinations were primarily to China (8,100
RB), India (5,100 RB), Turkey (1,300 RB), Pakistan (1,200 RB), and Italy (300 RB).    

Exports for Own Account:  For
2020/2021, exports for own account totaling 2,500 RB to China (1,400 RB) and Vietnam (1,100 RB) were applied to new or outstanding sales.  The current exports for own account outstanding balance of 11,100 RB is for China (6,200 RB), Vietnam (4,500 RB), and
Bangladesh (400 RB). 

Hides and Skins:  Net
sales of 469,200 pieces for 2021 were up noticeably from the previous week and up 27 percent from the prior 4-week average.  Increases primarily for China (368,400 whole cattle hides, including decreases of 3,000 pieces), South Korea (33,500 whole cattle hides,
including decreases of 200 pieces), Mexico (20,400 whole cattle hides, including decreases of 600 pieces), Thailand (15,000 whole cattle hides, including decreases of 400 pieces), and Indonesia (7,200 whole cattle hides), were offset by reductions for Italy
(200 pieces).  In addition, total net sales of 2,000 calf skins were for Italy.  Exports of 353,000 pieces were down 16
percent from the previous week and 9 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (233,700 pieces), South Korea (46,100 pieces), Mexico (23,600 pieces), Thailand (16,800 pieces), and Brazil (10,400 pieces). 

Net sales of 116,500 wet blues for 2021 were down 57 percent from the previous week and
5 percent from the prior 4-week average.  Increases primarily for China (41,500 unsplit, including decreases of 200 pieces), Italy (31,700 unsplit, including decreases of 45,600 pieces), Vietnam (28,800 unsplit), Brazil (7,600 unsplit), and Mexico (7,200 MT),
were offset by reductions for Thailand (300 unsplit).  Exports of 108,900 wet blues were down 48 percent from the previous week and 22 percent from the prior 4-week average.  The destinations were primarily to Vietnam (33,600 unsplit), Italy (20,200 unsplit
and 5,500 grain splits), China (17,500 unsplit), Thailand (16,700 unsplit), and Taiwan (4,600 unsplit and 3,500 grain splits).  Net sales reductions of 900 splits resulting in increases for China (2,500 pounds), were more than offset by reductions for Vietnam
(1,700 pounds) and Taiwan (1,700 pounds).   Exports of 325,400 pounds were to Vietnam (198,000 pounds) and Taiwan (127,400 pounds).

Beef:  Net
sales of 16,100 MT reported for 2021 were up 28 percent from the previous week, but down 17 percent from the prior 4-week average.  Increases primarily for Japan (4,800 MT, including decreases of 600 MT), South Korea (4,000 MT, including decreases of 500 MT),
Mexico (2,500 MT), China (2,300 MT, including decreases of 100 MT), and Indonesia (1,000 MT), were offset by reductions for Honduras (100 MT).  Exports of 21,100 MT–a marketing-year high–were up 70 percent from the previous week and 22 percent from the prior
4-week average.  The destinations were primarily to South Korea (5,400 MT), Japan (5,200 MT), China (4,600 MT), Mexico (1,500 MT), and Canada (1,300 MT).

Pork:  Net
sales of 19,700 MT reported for 2021 were down 19 percent from the previous week and 24 percent from the prior 4-week average.  Increases primarily for China (8,100 MT, including decreases of 700 MT), Mexico (6,400 MT, including decreases 1,500 MT), Colombia
(1,600 MT), Japan (1,300 MT, including decreases of 600 MT), and South Korea (900 MT, including decreases of 300 MT), were offset by reductions for Australia (200 MT).  Exports of 27,500 MT–a marketing-year low–were down 25 percent from the previous week
and 32 percent from the prior 4-week average.  The destinations were primarily to Mexico (10,100 MT), China (6,600 MT), Japan (3,500 MT), South Korea (2,600 MT), and Canada (1,100 MT). 

 

 

U.S. EXPORT SALES FOR WEEK ENDING  6/3/2021

 

		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
WHEAT		THOUSAND METRIC TONS
HRW		105.0		1,606.9		1,976.3		59.6		59.6	121.8	0.0	0.0
SRW		82.9		995.2		529.5		0.0		0.0	2.1	0.0	0.0
HRS		82.0		1,624.1		1,751.9		21.9		21.9	18.0	0.0	0.0
WHITE		56.0		1,114.8		1,136.5		54.7		54.7	9.0	0.0	0.0
DURUM		0.0		35.2		261.9		0.0		0.0	21.4	0.0	0.0
TOTAL		325.9		5,376.2		5,656.1		136.3		136.3	172.4	0.0	0.0
BARLEY		0.0		24.7		40.2		0.0		0.0	0.5	0.0	0.0
CORN		189.6		16,386.1		10,880.7		1,647.0		52,911.7	30,252.2	26.4	15,093.8
SORGHUM		-4.2		1,010.2		1,160.3		53.3		6,220.9	2,856.1	0.0	1,594.9
SOYBEANS		15.7		3,807.9		7,442.4		278.7		57,744.6	35,997.8	105.0	7,555.6
SOY MEAL		136.3		1,983.0		2,446.1		187.5		8,457.9	8,280.0	3.9	641.6
SOY OIL		3.2		35.0		260.8		18.6		636.0	898.8	0.0	0.6
RICE
L G RGH		10.1		188.7		187.2		42.1		1,456.4	1,216.7	0.0	0.0
M S RGH		0.0		16.1		36.9		0.0		24.8	65.3	0.0	0.0
L G BRN		0.2		13.1		12.6		0.5		37.6	55.2	0.0	0.0
M&S BR		0.1		45.2		41.4		0.1		111.3	77.4	0.0	0.0
L G MLD		17.0		60.3		46.3		16.2		555.8	819.4	0.0	0.0
M S MLD		2.1		180.8		163.1		6.5		503.9	564.1	0.0	0.0
TOTAL		29.5		504.2		487.5		65.4		2,689.8	2,798.0	0.0	0.0
COTTON				THOUSAND RUNNING BALES
UPLAND		108.2		2,980.6		5,115.6		258.4		12,854.9	11,609.7	21.4	2,041.5
PIMA		3.9		145.2		132.2		16.7		663.4	428.4	0.0	4.0
FINAL 2020/21 MARKETING YEAR
COMMODITY	NET SALES		CARRYOVER SALES 1/		05/31/2021 EXPORTS		ACCUMULATED EXPORTS
WHEAT
HRW	-1.3		301.4		91.0		8,422.4
SRW	-29.6		50.4		46.6		1,790.3
HRS	27.4		289.3		162.7		7,500.1
WHITE	2.0		169.2		157.3		6,438.2
DURUM	0.1		26.8		1.9		655.7
TOTAL	-1.4		837.1		459.5		24,806.6
BARLEY	0.0		2.6		0.0		26.8