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Grain Market View – Daily Update

Good morning, Farmer Family …

US farm markets were mixed but mostly higher on Wednesday, as traders returned to focusing on South American production trends and weather forecasts in the USA.

Corn prices indeed closed with 0.77% gains.

Soybean tracked 0.47% higher, with soymeal firming by0.52%, while soyoil stumbled more than 1.6% lower.

Wheat prices were mixed but mostly lower, as Chicago SRW firmed 0.82%, while Kansas City HRW fell 0.55%, and MGEX HRS dropped 0.26%.

USDA made minimal changes in their domestic balance sheet for corn on Tuesday. 

Notably, they trimmed the import by 10 mbu to 40 million but pulled the use out of FSI for an UNCH 1.342 bbu carryout. 

The trade was expecting a tighter carryout on average. 

USDA left their cash average price for old crop corn at $6.60/bushel. 

However, globally, USDA trimmed Argentina’s output by 3 MMT to 37 MMT, though in line with the pre-report estimate, and partially offset by a bigger Brazilian corn output this season.

Thus, global carryout was only 1 MMT tighter (after a slight boost to Ukraine exports) at 295.35 MMT. 

Traders, however, assessed weather conditions and tensions over the Black Sea export corridor.

Wetter weather is on its way to large parts of the Corn Belt later this week, with some areas set to gather another 0.75” or more between Thursday and Sunday, according to the NOAA. 

Further out, the agency’s new 8-to-14-day outlook predicts a continuation of wetter-than-normal conditions for the central U.S. between April 19 and April 25, with seasonally warm weather also likely during this time.

Meantime, per the latest data from the U.S. Energy Information Administration out on Wednesday, ethanol production faded to a daily average of 959,000 barrels for the week ending April 7. 

That put production at the lowest level since early January, down by 44k bpd from last week. 

However, stocks tightened by another 8k barrels to 25.128 million.

Ahead Thursday export sales report, estimates for corn ranges between 500,000 MT to 1.3 MMT for old crop corn. 

New crop business is estimated below 450k MT. 

As for soybean, traders continued to closely watch the upper Midwest and Northern Plains, which are still partially covered in snow. 

Meantime, soybean prices regained some ground lost earlier in the session amid a bumper harvest in Brazil and a slide in vegetable oil markets. 

Production in Argentina will fall to a 23-year low, the USDA said on Tuesday, cutting their productin by 6 MMT to 27 MMT. 

While, Brazilian output was up by 1 to 154 MMT. 

However, USDA trimmed China’s 22/23 soy crush by 1 MMT. 

Thus, the net global stocks figure increased by 280k MT to 100.29 MMT. 

Ahead this afternoon’s export report from USDA, traders are looking for the USDA to report between 250k MT and 600k MT of old crop bean export sales, expressing confidence that last week’s total will best the prior week’s lackluster. 

New crop business is expected to be below 200k MT.

Analysts also expect to see soymeal sales ranging between 100,000 and 375,000 metric tons last week, plus up to 35,000 MT of soyoil sales.

As for wheat, USDA’s April WASDE report increased the wheat carryout by 30 mbu to 598 given reduced feed and residual and a 5 mbu import increase. 

By class, the HRW and SRW stocks were cut by 11 and 14 mbu respectively but were offset by a 31 mbu looser spring wheat carryout and a 21 mbu looser white carryout. 

Global S&D shifts included a 2 mbu stronger import for China to 12 MMT. 

Ukraine saw a 1 MMT higher export figure, and Russia was given 1.5 MMT higher exports, coming out of the EU and Argentinian shares. 

On net compared to March global wheat trade was reduced by 1.2 MMT and global stocks were 2.15 MTM tighter to 212.7 and 265 MMT respectively. 

However, Chicago wheat prices edged up on Wednesday, boosted by renewed Russian criticism of the deal allowing Ukraine to export grain from Black Sea ports.

Moscow, which agreed in mid-March to extend the arrangement for a reduced period until mid-May, said prospects for the deal were “not so great”.

Also, export inspections of Ukrainian grain vessels in Istanbul was halted on Tuesday as the parties involved disagreed over vessel priority, increasing concerns.

Meantime, ahead of the weekly Export Sales report, analysts are looking for between 75k MT and 350k MT of old crop wheat sales. 

New crop bookings are expected to be below 150k MT. 

In this context, corn basis bids were steady to mixed across the central U.S. after sliding 3 cents lower at an Iowa ethanol plant, while firming 1 to 10 cents at two other Midwestern locations.

Soybean basis bids were mostly steady across the central U.S., but did move a penny higher at an Ohio elevator.

Commodity funds were net buyers of CBOT corn, soybeans, soymeal and wheat futures contracts. 

Funds were net sellers of soyoil futures.

On this morning, Chicago soybean prices climbed to a one-week high, while corn gained for a second session with a further reduction in Argentina’s crop outlook underpinning prices.

Wheat, in contrast, slid, giving up some of the last session’s gains.

Notably, corn added 0.19% to $6.572 a bushel (at 07:57 GMT), soybean rose 0.76% to $15.60 a bushel, while wheat lost 0.3% to $6.752 a bushel.

In energy markets, oil prices rose 2%.

Notably, Brent crude settled up $1.72, or 2.01%, at $87.33 a barrel, its highest since late January, while U.S. West Texas Intermediate closed up $1.73, or 2.1%, to $83.26, its highest in five months. 

Prices had rose about 2% on Tuesday.

The U.S. Consumer Price Index (CPI) climbed 0.1% last month. 

In the 12 months to March 31 the CPI increased 5%, the smallest year-on-year gain since May 2021.

A weaker U.S. CPI print has raised doubts over whether the Fed will now hike rates at all next month.

The dollar dropped sharply after the data. 

A weaker U.S. currency makes dollar-priced oil cheaper for buyers holding other currencies.

Also, hedge fund were buying oil futures in the market over the past few days in anticipation of improving demand.

Thus, markets shrugged off a small build in U.S. crude oil stocks.

Notably, crude inventories rose by 597,000 barrels in the last week to 470.5 million, compared with analysts’ expectations of a 600,000-barrel drop. 

Gasoline and distillate stocks drew less-than-expected.

A report from the American Petroleum Institute (API) had showed crude inventories rose by about 380,000 barrels in the last week, while gasoline inventories were also higher.

However, the International Monetary Fund on Tuesday trimmed its 2023 global growth outlook, citing the impact of higher interest rates.

Thus, the market was also waiting for clarity on oil demand and supply, with monthly reports from the OPEC and the IEA due on Thursday and Friday, respectively.

Meantime, on this morning, oil prices retreated.

Notably, Brent crude fell 32 cents, or 0.4%, to $87.01 a barrel by 0630 GMT, while U.S. West Texas Intermediate (WTI) slid 22 cents, or 0.3%, to $83.04.

Talks of a possible U.S. recession highlighted in the recent Fed minutes, indeed, continued to bring the oil demand outlook into questio

The Fed’s staff assessing the potential fallout of banking stress projected a “mild recession” later this year.

In ocean freight markets, the Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday, pressured by lower shipping rates for all vessel segments.

The overall index, indeed, dropped 44 points, or 2.9%, to its lowest in more than a week at 1,463.

Notably, the capesize index lost 89 points, or 4.7%, at 1,822.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, decreased $743 to $15,106.

The panamax index fell 40 points, or about 2.2% to 1,812 — its biggest dip since March 22.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $357 to $16,312.

Among smaller vessels, the supramax index lost 13 points at 1,118.

In equity markets, US stock indexes Wednesday gave up early gains and settled moderately lower.

Stocks opened higher on the better-than-expected CPI report.

Notably, U.S. Mar CPI rose +0.1% m/m and +5.0% y/y, a slightly smaller increase than expectations of +0.2% m/m and +5.1% y/y.  

However, Mar CPI ex-food and energy rose to +5.6% y/y from +5.5% y/y in Feb, right on expectations.  

Thus, stocks turned lower on hawkish comments from Richmond Fed President Barkin, who said, “There is still more to do to get core inflation down to where we’d like it to be.”

The markets are currently pricing a 74% chance of a 25 bp rate hike at the May 2-3 FOMC meeting.

However, stock losses accelerated Wednesday afternoon when the minutes of the Mar 21-22 FOMC meeting showed policymakers projected a “mild recession” starting later in 2023.

Meantime, global bond yields were mixed.  

US bond market showed nervousness about a potential recession. 

The 10-year T-note yield fell -1.9 bp at 3.407% from 3.43% late Tuesday.  

The two-year Treasury yield, which moves more on expectations for the Fed, fell to 3.96% from 4.03%.

The 10-year German bund yield rose +5.9 bp at 2.370%, and the 10-year UK gilt yield rose +2.8 bp at 3.570%.

In this context, on Wall Street, the benchmark S&P 500 index fell 16.99, or 0.4%, to 4,091.95. 

About 65% of stocks within the index fell.

The Dow Jones Industrial Average slipped 38.29, or 0.1%, to 33,646.50. 

The Nasdaq composite lost 102.54, or 0.9%, to 11,929.34.

On this morning, Asian stock markets declined.

Notably, the Shanghai Composite Index lost 0.4% to 3,312.79 while the Nikkei 225 in Tokyo added 0.2% to 28,140.27. 

The Hang Seng in Hong Kong retreated 0.7% to 20,160.84.

The Kospi in Seoul gave up 0.1% to 2,548.61 while Sydney’s S&P ASX fell 0.4% to 7,313.90.

India’s Sensex opened down 0.4% at 60,149.89. 

New Zealand and Singapore advanced while Jakarta declined.

In currency trading, the dollar index fell by -0.7%, with the dollar under pressure from lower T-note yield and an easing of inflation pressures.

Notably, the euro rallied +0.71%, while the yen recovered from a 3-1/2 week low and posted moderate gains.  

Also, better-than-expected Japanese economic news Wednesday on Mar producer prices and Feb core machine orders supported the yen.

Japan’s Mar PPI, indeed, eased to +7.2% y/y from +8.3% y/y in Feb, the slowest pace of increase in 1-1/2 years.

Japan’s Feb core machine orders fell -4.5% m/m, a smaller decline than expectations of -6.3% m/m.

On this morning, the dollar gained to 133.35 yen from Wednesday’s 133.19 yen. 

The euro declined to $1.0986 from $1.0995.

Going back to analysing the other agricultural markets …

From Canada, a Louis Dreyfus canola crush plant is expanding in Canada’s Saskatchewan province. 

The expansion will double the capacity to 2 MMT by 2025.  

From South America, Brazilian corn production continues to exceed expectations and national agricultural agency CONAB is expected to revise up its outlook for the 2022-23 crop when it releases new estimates today. 

Next season’s harvest may also be a record with the USDA FAS expecting Brazilian output to climb to 133Mt in 2023-24, up 6.4pc from the current season estimate. 

Rising demand from domestic and international markets will encourage farmers to keep investing in the crop. 

Due to increased demand from China and other Asian nations, indeed, Brazilian trade group Abiove has raised its 2022/23 soybean export forecast by another 1.4 million tonnes to 93.7 million tonnes. 

Abiove also upped the forecast for Brazilian soymeal exports this year to 21 million tonnes from 20.7 million tonnes, driven by a shift in demand to Brazil from Argentina, where a severe drought compromised part of the soy crop and curtailed crushing.

On this wake, Brazil’s Anec expects April soymeal exports will reach 2.1 MMT, up from their prior 1.86 MMT forecast and above 1.82 MMT last year. 

Their projected soybean export is 14.38 MMT for the month, up from 11.36 MMT in April of ’22. 

In Argentina, the Rosario grains exchange on Wednesday further cut its forecast for the 2022/2023 soybean harvest to 23 million tonnes, down from the 27 million tonnes previously estimated.

Ditto in corn where Rosario estimates production at only 32 million tonnes.

In Europe, we saw a new session of decline yesterday for all ag commodities, with rapeseed the most hit, falling by more than €10/t, on the wake of palm and other vegetable oils, in a context of declining exports in Malaysia. 

European market however is refusing for the moment to integrate any bullish element, with prices penalyzed by a rise of the euro vs dollar.

Refinitiv Commodities Research has left its 2023-24 EU wheat production forecast unchanged at 132.2Mt (126.0Mt previous year) and rapeseed unchanged at 20.4Mt (19.6Mt previous year). 

Weather across the past fortnight was mostly beneficial, but a significant drop in soil moisture was noted in Spain and Italy. 

Forecasts for mostly warm and wet weather in April should favour winter crop development, including in the very dry southwestern regions, where rainfall surpluses are predicted.  

Meantime, according to the French farm ministry, farmers in France are expected to sow more soft wheat and rapeseed for this year’s harvest and cut back on sugar beet and spring barley, partly in response to severe drought last year.

Notably, for soft wheat, the French ministry pegged the 2022 area, including a very small amount of spring crop, at 4.77 million hectares, up 1.7% versus 2022 and stable compared with the average of the past five years.

Winter soft wheat sowings were revised down slightly to 4.75 million hectares from a previous estimate of 4.76 million hectares in February.

For rapeseed, France’s main oilseed crop, the total area was estimated at 1.34 million hectares, up 9.3% from last year and 11.1% above the five-year average.

Among first estimates for spring crops, the ministry said sugar beet plantings were expected to fall 4.9% from last year to 382,000 hectares.

That was 11.5% under the five-year average and would be the first time the sugar beet area would fall below 400,000 hectares since the abolition of EU sugar production quotas in 2017.

Sugar beet growers have anticipated a steeper decline in planting due to a ban on a pesticide treatment for seeds.

For spring barley, the crop area was estimated at 488,000 hectares, down 14.2% versus 2022 and 19.2% below the five-year mean.

That led the ministry to project the total barley area down 2.1% versus last year at 1.82 million hectares, with the drop in spring barley offsetting a 3.2% rise for winter barley to 1.33 million hectares.

The ministry is due to give a first estimate of maize planting next month.

Meantime, soft wheat exports from the European Union in the 2022/23 season that started in July had reached 23.83 million tonnes by April 9, compared with 22.08 million tonnes in the corresponding period a year earlier, European Commission data showed on Wednesday.

Nevertheless, wheat imports are also up sharply, especially from Ukraine in Eastern European countries. 

Ditto for corn imports, posted on April 9 at 21.74 million tonnes against 12.63 last year.

EU barley exports so far in 2022/23 totalled 4.72 million tonnes, against 6.40 million a year earlier.

EU soybean imports reached 9.47 MMT through April 9. 

That’s a year-over-year decline of 12.8% so far. 

EU soymeal imports are also lower than year-ago totals after reaching 12.17 million metric tons.

Rapeseed imports, in contrast, were up sharply, posted to date at 6.36 million tonnes against 4.01 last year to date. 

The weekly publication was a day later than its usual Tuesday timing.

From North Africa, Egypt’s cabinet has raised the local wheat procurement price for the 2023 season to 1,500 pounds ($48.59) per ardeb (150 kilograms), it said in a statement on Wednesday.

The new price is a 50% increase of the initial price the cabinet had set in August of 1,000 Egyptian pounds.

It approved in January an earlier increase that set the price at 1,250 pounds, which was already more than 40% higher than last season’s procurement price of 865-885 pounds, depending on purity levels.

The cabinet said that the decision “contributes to reducing the bill for imports”.

Supply Minister Ali Moselhy said in January that Egypt aims to procure about 4 million tonnes of wheat in the coming season which begins in April, a similar level to the previous season.

($1 = 30.8700 Egyptian pounds).

From Ukraine, grain exports for the 2022/23 season stood at 39.2 million tonnes as of April 12, Agriculture Ministry data showed on Wednesday.

The volume so far in the July-to-June season included about 13.5 million tonnes of wheat, 23 million tonnes of corn and 2.32 million tonnes of barley.

The ministry said grain exports during April were 1.19 million tonnes as of April 12.

Agriculture officials this month said the country may export a further 15.6 million tonnes of grain in the April-to-June quarter, which would lift this season’s exports to nearly 53 million tonnes.

Meantime, Romanian farmers threaten to start a large-scale nationwide protest on June 7, if the authorities do not ban the transit and import of grain from Ukraine for the period from June 15, 2023 to March 15, 2024, announced the Alliance of Agriculture and Cooperation of Romania (AAC), reports Interfax-Ukraine.

The Alliance notes that the country’s agricultural market is “severely disrupted, which hurts Romanian farmers.” 

The organization claims that in 2023, the majority of Romanian farmers will be forced to close their farms due to the high costs of growing agricrops, and the prospect of selling products at prices below cost “even under good production conditions will not save them.”

The appeal of the AAC also emphasizes that the 10 mln euros allocated by the European Commission to Romania to mitigate the losses are insignificant.

“These funds at most can be redirected to the restoration, at least partially, of the road infrastructure damaged by the intensive transit of Ukrainian goods,” the AAC said.

It should be noted that the member organizations of the Alliance of Agriculture and Cooperation – the National Federation of PROAGRO, the League of Associations of Agricultural Producers of Romania (LAPAR), the Union of the National Branch of Vegetable Sector Cooperatives (UNCSV) and the Forum of Professional Farmers and Processors from Romania (FAPPR) – collectively grow agricultural crops and engage in animal husbandry on more than 4.7 mln ha. 

The organization includes more than 56.5% of those employed in the agricultural sector and 20% of the food industry in Romania.

However, according to Denis Marchuk, the Deputy Chairman of the Ukrainian Agri Council, deliveries of Ukrainian grain to European countries are not a factor of the profitability decline of European agribusiness, as they are most often in transit. 

Thus, the political nature of European farmers’ protests is obvious. 

In this context, there will be a big problem for the western regions of Ukraine now, since farms have 30-40% of last year’s harvest left, which was planned to be sold, and with these funds to carry out the planting campaign the expert added.

From Russia, according to the monitoring data of the Russian Grain Union, on April 1–10, Russia shipped 2.196 mln tonnes of grain for export, which is 2.6 more year-on-year, Interfax reports.

In particular, in the first 10 days of April, the shipments of wheat tripled – to 1.95 mln tonnes compared to 649.7 thsd tonnes y-o-y. 

Corn export amounted to 168.7 thsd tonnes (+32.1% y-o-y), barley – 76.2 thsd tonnes (down 1.5 times).

According to monitoring data, from April 1 to 10, 219.4 thsd tonnes of wheat were shipped to Saudi Arabia. 

Also, the TOP-5 large importers that started purchasing in April include Libya (63.3 thsd tonnes), Pakistan (59.8 thsd tonnes), Tanzania (54.2 thsd tonnes), Yemen (53.9 thsd tonnes), and Israel (33 thsd tonnes). 43 thsd tonnes of Russian wheat were shipped to Spain.

At the same time, shipments to countries that are traditional buyers of Russian wheat continue to grow. 

Hence, shipments to Turkey increased by 32.3%, to 540 thsd tonnes, to Egypt – by 3.3 times to 180.8 thsd tonnes, and to Iran – by 24% to 162.6 thsd tonnes.

In April, Russia could export about 4.2-4.5 mln tonnes of wheat, which is close to the record for this month, forecasted SovEcon.

However, the forecast volume of wheat exports will be lower than the level in April 2020, when a record 5 mln tonnes were exported for this month. 

From Kazakhstan, according to the data from Bureau of National Statistics, as of April 1, 2023, stocks of grains and pulses in Kazakhstan amounted to 11.94 mln tonnes (against 12.73 mln tonnes as of March 1, 2023), including 9.31 mln tonnes of food grains.

As of April 1, wheat stocks in Kazakhstan decreased to 9.84 mln tonnes, including milling wheat – 8.34 mln tonnes, seed wheat – 1.22 mln tonnes, and feed wheat – 271.43 thsd tonnes.

Also, as of reporting date, barley stocks amounted to 1.43 mln tonnes, rye – 30.49 thsd tonnes, and oats – 126 thsd tonnes.

Corn stocks declined to 129.38 thsd tonnes, buckwheat – to 48.15 thsd tonnes, millet – to 9 thsd tonnes, and rice – to 141,9 thsd tonnes.

From the Middle Kingdom, China’s soybean imports in March rose 7.9% from the same month a year earlier, data showed on Thursday.

However, total imports for the month came to 6.85 million tonnes, according to the General Administration of Customs, down 2% from February’s 7.04 million tonnes.

Lower March arrivals versus February is unusual but may have been due to delays clearing cargoes at customs.

Arrivals for the first three months of the year came to 23 million tonnes, up 13.5% from a year earlier, the data also showed, and highest on record for the quarter. 

Much larger volumes are expected in coming months, but demand has proven weaker than expected.

Hog farmers, indeed, have been losing money since the start of the year, with hog prices hovering around 15 yuan ($2.18) per kg, pressured by weak demand and excess supply. 

China’s pig farming is less profitable now, which is not conducive to the short-term demand for soybean meal.

($1 = 6.8826 yuan).

From South East Asia, India’s Meteorological Department reports that as at 11 April, cumulative March rainfall was estimated to be 22pc above the long-term average, with excessive or normal rainfall at 75pc of monitoring stations.  

From Australia, barley markets have firmed $5-$10 per tonne this week on hopes that China may resume its buying of Australian product after a three-year absence.

Recent rain, with more on the forecast, has shifted grower attention to planting, and away from selling and out-turning grain over coming weeks.

This has created a few shorts in the domestic market to offset what feels like a softer tone globally ahead of Northern Hemisphere new crop.

Meantime, local markets continue to be a slow drag, with wheat values a buck or two softer in some zones, while barley continued to find some buying interest and stayed supported with track Victorian prices trading around the $320/mt level. 

Eastern Australian canola was off $5-10/t and WA values remained largely unchanged. 

ABS data reveal that Australia exported 2.99Mt of wheat in February, just shy of cracking 3Mt. 

China was again Australia’s biggest wheat buyer taking 646 000 tonnes which takes 2022-23 marketing year to date purchases to 3.25Mt, compared to 2.58Mt at the same time last year. 

Vietnam was the second biggest market taking 371kt and Thailand, third, took 327kt. 

On the international trade scene, South Korean animal feed maker Nonghyup Feed Inc. (NOFI) purchased about 60,000 tonnes of animal feed wheat to be sourced from optional worldwide origins in an international tender on Wednesday.

The wheat was bought at an estimated $305.86 a tonne cost and freight (c&f) plus a $1.50 a tonne surcharge for additional port unloading.

The seller was believed to be trading house Viterra.

The tender sought wheat arrival in South Korea around Sept. 24.

The tender had sought wheat sourced from any worldwide optional origins, but Russia, Argentina, Pakistan, Denmark and China were excluded as sources.

If sourced from the U.S. Pacific Northwest coast, Australia or Canada, shipment was sought between Aug. 21 and Sept. 9, if from the U.S. Gulf or Europe between Aug. 1 and Aug. 20, from South America from July 27 to Aug. 15 or from South Africa between Aug. 6 and Aug. 25, the traders said.

Jordan’s state grains buyer reportedly purchased 60,000 tonnes of milling wheat from optional origins, at an estimated $303.30/t c&f for September shipment. 

Meantime, Jordan’s state grain buyer has issued a new international tender to buy up to 120,000 tonnes of milling wheat which can be sourced from optional origins.

The deadline for submission of price offers in the tender is April 18.

The Taiwan Flour Millers’ Association purchased an estimated 52,850 tonnes of milling wheat to be sourced from the United States in a tender on Thursday.

The purchase involved various wheat types for shipment from the U.S. Pacific Northwest coast between May 31 and June 14.

Taiwan’s MFIG purchasing group bought about 65,000 tonnes of animal feed corn to expected to be sourced from Argentina in an international tender on Wednesday.

It was believed to have been sold by trading house Cargill.

The corn was purchased at an estimated premium of 179.50 U.S. cents a bushel c&f over the Chicago July 2023 corn contract.

Offers had been sought for corn sourced either from the U.S., Brazil, Argentina or South Africa.

The lowest offer for U.S. corn was at a premium of 239.00 cents c&f over the Chicago July contract made for the full 65,000 tonnes sought.

Shipment was sought between May 26 and June 14 if the corn is sourced from the U.S. Gulf, Brazil or Argentina.

If sourced from the U.S. Pacific Northwest coast or South Africa, shipment is sought between June 10 and June 29.

Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) bought a total of 78,548 tonnes of food-quality wheat from the United States and Canada in a regular tender that closed on Thursday.

Algeria is buying durum wheat for May and June delivery.

There rumors that OAIC purchased Mexican around $413-$415 CIF. 

Last tender on March 8th for April shipment was a CIF Price of $442 for Panamax and $449 for Handy size. 

That’s all, thank you.

We wish you a nice day.

 Author: Sandro F. Puglisi

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