Good morning Farmer Family …
US farm markets closed mixed in the end week session.
Corn price ended down 0.15% loss.
Soybean settled 0.54% lower.
Meal prices dropped by 1.59% and bean oil went home down by 1.87%.
The wheat in contrast rose in all three markets.
Chicago SRW indeed closed up 0.95%.
Kansas City HRW ended with 1.92% gains.
Minneapolis spring wheat ended the session 0.97% in the black.
Corn prices ended mostly lower on the Argentine weather outlook.
Soybean prices also declined for a third straight session, on forecasts for welcome rains in Argentina, hitting a one-week low on Friday.
Argentina is the world’s largest supplier of soymeal and soyoil, and better weather conditions, dragged down also products prices.
Also, Brazil is on track to produce a record soy crop, which may hasten a seasonal shift in export demand away from U.S. supplies.
Still, corn prices pared losses after the USDA reported sales of U.S. old-crop corn in the week to Jan. 12 at 1.1 million tonnes, above a range of trade expectations and the biggest weekly tally since mid-November.
Notably, USDA announced 1.132 MMT of corn was booked during the week that ended 1/12.
That was an 8-wk high for Export Sales and was 4% above the same week last year.
Sales were led by Japan and Mexico with 340k and 271k MT respectively.
However, the accumulated commitments still were at 23.128 MMT.
That was down 46% from last year’s pace and was 47.3% of the USDA forecast.
USDA also had 87k MT of new crop bookings, leaving the total forward sale at 1.248 MMT – down 23% from last year’s pace.
For soybean, the report showed 986k MT of soybeans were sold through the week that ended 1/12, in line with expectations.
Commitments are now 45.39 MMT, or 5% larger than last year at this time.
They are 84% of USDA’s newly revised forecast, 7% faster than the average paces.
They need that buying pace to compete with Brazilian beans soon to come into the market.
However, about whole bean exports, although USDA had 2.066 MMT shipped through the week that ended 1/12, the accumulated bean export was at 31.73 MMT so far, or 59% of USDA forecasts.
As for products, the report also had 362.5k MT of soymeal sales, which was above estimates, and 666 MT of soy oil sales for the week.
As for wheat, meantime, weekly export sales topped expectations, which lifting wheat prices for the session.
USDA indeed reported the weekly wheat bookings at 473k MT for the week that ended 1/12.
That was noticiably higher the prior week and was 24% above the same week that ended last year, .
Mexico and South Korea were the top buyers for the week.
However, total wheat export commitments were 15.619 MMT as of January 5.
That is still 7% below year ago and 74% of the USDA export projection, lagging normal pace by 9%.
Actual shipments at 11.164 MMT are 53% of the projected full-year total, with a 4.6% lag yr/yr, and 6% back of the average pace.
USDA expects 2022/23 U.S. wheat exports of 21.09 MMT.
Separately, on Friday private exporters reported to the USDA having sold 220,000 metric tons of soybeans for delivery to unknown destinations during the 2022/2023 marketing year.
For the week, corn prices started off the week with a double digit rally, but movement Wednesday and beyond capped the weekly gain at just 0.19%.
Soybeans gove back 1.39% from the prior Friday.
Soymeal was the leader of the complex in losses, down 2.65% week on week, and soy oil was down 1.73% for the week.
The wheat complex was mixed on the week, with Chicago feeling the weakest, down 0.3%.
Kansas City was up just 0.5% since the prior Friday.
MPLS spring wheat was just a 0.05% higher over the week.
NOPA data released on Tuesday showed lighter crush during December than the trade had thought, at 177.5 mbu among its members.
EIA data released on Thursday showed another increase in daily ethanol production (and corn use) of 65,000 barrels per day to 1.008 million.
Meanwhile ethanol stocks were drawn down another 398,000 barrels to 23.402 million.
The Farm Futures survey on Thursday increased 23-24 U.S. corn acres from 88.6 to 90.5 million acres.
2023 USDA budget was 92.0 million acres.
Farm Futures puts 23-24 soybean acres up 1.5 at 88.9 million acres.
A significant increase over last year’s 87.45 million acres.
The 2023 USDA budget number is 87.0 million acres.
Farm Futures estimates for 23-24 planting show wheat area up 3.1 to 48.84 million acres, vs 22-23’s 45.7 million acres and the 2023 USDA Budget number of 47.5 million acres.
That was for all-wheat seedings a 6.8% increase compared to a year ago.
Spring wheat plantings (including durum) are seen up 11.9% from 2022.
Meantime, on the weather side, rain and snow are expected in the U.S. from southeast CO through KS , including concentrated HRW wheat areas (0.60” to 1.10” is expected).
The southern part of the Corn Belt and the mid-South may receive less than 0.20” of rainfall until Sunday.
Additional rain and snow are likely to result in 0.10” to 0.50” precipitation early next week in HRW wheat areas of OK and TX.
Rain and snow may affect the southeast part of the Corn Belt and mid-South on Tuesday-Wednesday, producing 0.40” to 0.90” rainfall.
A much colder period, followed by snow and rain is likely to affect the central parts of the country one or two weeks out.
Going inside the numbers, corn prices closed the week $0.013 higher at $6.76/bu.
Soybean was $0.213 weaker at 15.07/bu.
Soymeal tumbled $12.6/smt, closing at $463.7 smt.
Soy oil fell $1.09, to close at $61.97.
CBOT soft red winter (SRW) prices sheded $0.023 for the week to close at $7.42/bu.
KCBT hard red winter (HRW) prices gained $0.043, ending at $8.48/bu.
MGE hard red spring (HRS) prices lifted $0.005 to close at $9.13/bu.
In this context, HRS basis decreased in both the Gulf and the PNW as exporters anticipate increased demand for U.S. spring wheat.
Likewise, Gulf HRW fell slightly, while PNW HRW remained steady in the nearby terms.
A flat HRW market with no carry and the domestic milling demand continue to prop up HRW basis as the 2023/24 crop conditions remain uncertain.
SRW basis continues to slip to stay competitive with other origins.
SW prices remained relatively steady this week, following active buying from steady customers last week.
As a result, as at January 19, 2023, FOB prices saw US wheat No 2 Hard Red Winter (HRW) valued at $376/mt (down $1/t from prior week).
US wheat No 2 Soft Red Winter (SRW) was valued at $323/mt (down $5/t from prior week).
Northern Durum offers from the Great Lakes, for April 2023 delivery were quoted at $11.85/bu ($435.00/MT), unchanged from prior week.
As for corn, US corn 3YC (Gulf) was at $305/mt (down $4/mt from prior week).
As for soybean, US soybean 2Y (Gulf) quoted at $604/mt (down $11 from prior week).
USDA’s weekly report showed ethanol prices were from steady to 5c increasing per gallon, averaging $2.05 to $2.3/gal regionally.
Corn oil firmed, pricing from 67.7 to 70c/lb, 2c/lb higher through the week.
Steady to $25/ton increases of DDGS, as prices ranged between $228 – $317.5/ton for the week.
DDGS prices to the Export Point averaged between $260 to $388/ton, slightly higher from prior week.
USDA saw B100 prices 5 cents higher through the week in MN, averaging $5.75/gal.
After the sessions close, the weekly CoT report showed managed money was buying corn through the week that ended 1/17, with 42,532 new longs added (and little adjusting from the spec shorts) their net long was back up to 192,137 contracts.
Commercial corn hedgers added 38k short hedges and 9.8k long hedges for a 400,976 contract net short as of 1/17.
As for soybean, data showed soybean spec traders were 36,594 contracts more net long through the week that ended 1/17.
The funds’ net new buying pushed their net long to a 39-wk high of 168,298 contracts.
Commercial soybean hedgers added 29.6k new short hedges through the week, leaving them 198,857 contracts net short.
Looking at soymeal, the CoT report showed managed money funds were 8,228 contracts more net long through the week to 150,939 contracts.
Soybean oil spec traders were 54k contracts net long after a week of long liquidation reduced it by 606 contracts.
As for wheat, CBOT wheat speculative firms were extending their net short by long liquidation through the week that ended 1/17.
That extended their net short by 1,955 contracts to 65,089.
KC wheat specs reduced their net short some through the week as the 3.9k new longs outmatched the 3.2k new shorts.
The group was still 7,291 contracts net short on 1/17.
For MPLS wheat managed money was 2,776 contracts net short, a 72 contract stronger net short via net new selling through the week.
In energy markets, oil settled up about $1 a barrel on Friday and notched a second straight weekly gain.
Brent crude, indeed, settled at $87.63 a barrel, up $1.47, or 1.7%.
U.S. crude settled at $81.31 a barrel, gaining 98 cents, or 1.2%.
For the week, Brent logged a 2.8% increase and the U.S. benchmark saw a 1.8% rise.
China’s lifting of COVID-19 restrictions should bring global demand to a record high this year, the International Energy Agency (IEA) said on Wednesday, a day after OPEC also forecast a Chinese demand rebound.
Oil was also supported by hopes that the U.S. Federal Reserve will soon downshift to smaller interest rate hikes.
Also helping oil prices, Baker Hughes Co said the U.S. oil rig count fell 10 to 613, its lowest since November.
However, it should to note, oil rose despite U.S. inventory figures this week showing crude stockpiles rose by 8.4 million barrels in the week to Jan. 13 to about 448 million barrels, the highest since June 2021.
In ocean freight markets, the Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the fourth straight week as rates for capesize vessels slumped.
The overall index, indeed, was down 38 points, or about 4.7%, at 763.
That was the lowest level in over two-and-a-half years.
The index lost about 19.3% during the week.
The capesize index lost 106 points, or about 11.9%, at 787.
It posted a weekly fall of 39.4%, the worst in about five months.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $875 at $6,529.
The panamax index was down 11 points at 1,060.
The index was down about 0.8% for the week, marking its fifth straight weekly fall.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell by $97 to $9,544.
Among smaller vessels, the supramax index fell 2 points to 652, its lowest since mid-June 2020.
In equity markets, the S&P 500 and Dow snapped a three-session losing streak and the Nasdaq rose more than 2% on Friday.
Stocks jumped on strength thanks Tech sector, and Fed Comment’ in Dovish.
Notably, positive corporate news Friday supported stocks, with Netflix rallying more than +8% after reporting a larger-than-expected increase in paid streaming customers.
Also, Alphabet rose more than +5% after saying it plans to cut around 12,000 jobs or more than 6% of its global workforce.
In addition, SVB Financial Services surged more than +15% after reporting better-than-expected Q4 net interest income,
Dovish Fed comments were bullish for stocks as many members are “currently favors a 25 bp interest rate increase at the FOMC’s next meeting at the end of this month.”
On the negative side for stocks, Goldman Sachs fell more than -2% after the Wall Street Journal reported that the Federal Reserve is investigating Goldman Sachs’ consumer business.
Also, Eli Lilly fell more than -1% after it failed to get early approval from the FDA for its Alzheimer’s treatment donanemab.
Another negative for stocks was higher global bond yields.
The US 10-year T-note yield Friday rose +8.5 bp to 3.477%.
Also, the 10-year German bund yield rose +11.2 bp at 2.177% after ECB President Lagarde said the ECB would stay the course in raising interest rates even as inflation has weakened.
Stocks were undercut by concern that higher interest rates are already starting to impact the economy and corporate profitability.
On this wake, Friday’s U.S. economic news showed that Dec existing home sales fell -1.5% m/m to a 12-year low of 4.02 million, a smaller decline than expectations of 3.95 million.
The yields, however, have dropped from 3.905% at year-end, and from a 15-year high of 4.338% on Oct. 21.
In this context, on Wall Street, the Dow Jones Industrial Average rose 330.93 points, or 1%, to 33,375.49, the S&P 500 gained 73.76 points, or 1.89%, to 3,972.61 and the Nasdaq Composite added 288.17 points, or 2.66%, to 11,140.43.
However, both the Dow and S&P 500 still posted losses for the week, along with other equity indexes.
In currency trading, the dollar shot up against the yen rising as high as 130.60 yen on the session and closed at last up 0.91% at 129.59.
The U.S. dollar had its biggest daily percentage gain against the yen in about two weeks as the Bank of Japan governor repeated the central bank will maintain its ultra-loose monetary policy.
BOJ Governor Haruhiko Kuroda, who addressed the World Economic Forum in Davos, Switzerland, indeed said the central bank will maintain its “extremely accommodative” monetary policy to achieve its 2% inflation target in a stable, sustainable manner.
The euro on Friday rose by +0.27% at $1.0856, after Friday’s economic news showed German Dec PPI rose more than expected, which is hawkish for ECB policy.
Also, Friday’s comments from ECB President Lagarde gave the euro a boost when she said the ECB should “stay the course” on raising interest rates, pushing back against a report earlier this week that said the ECB is considering a slower pace of interest rate hikes.
Fro the week, the U.S. Dollar Index decreased slightly from prior week’s 102.46 to 102.21.
Since its peak in late September, the dollar index has decreased steadily.
Going back to analyzing the other agricultural markets …
In Canada, the Grain Statistics weekly report, had producers’ deliveries of common wheat at 533,7k mt for week 24 of this shipping season.
That was up from 526,7k mt posted prior week.
Deliveries of durum wheat, were at 195,6k mt, up from 127,6k mt showed in prior week.
Meantime, Canada exported 499,0k mt of common wheat in week 24.
That was up from 477,3k mt of a week earlier.
Durum wheat exports, meantime, slightly declined from 174,0k mt to 167,3k mt.
Total Commercial Stocks of common wheat stood at 2.840,8k mt.
That was up from 2.818,2k mt posted in week 23.
Durum total commercial stocks, in contrast, were weaker from 717,8k mt a week earlier, at 693,2k mt.
Cumulative exports for common wheat were at 9.084,6k mt.
That is compared 5.483,3k mt a year ago.
Durum cumulative exports reached 2.283,3k mt vs 1.212,3 a year ago.
In this context, cash bids for Canadian durum wheat tumbled week over week.
Indeed, looking at the average regional price of C$471.6/mt as of Jan 19, that was C$22.63/mt weaker from the prior week.
Going inside the numbers of past week, as at January 16, 2023, Canadian wheat prices for FOB delivery West Coast were (Cdn$/mt):
– for the N1 class CWRS 13.5% – $494.91 per tonne, up C$3.32/t wow;
– for the N2 class CWRS 13.0% – $488.74/t, up C$3.3/t wow;
– for the N3 CWRS – $481.13/t, up C$3.29/t wow.
– for the N1 CWAD 13% (durum wheat first class) average street price in Rosetown was at C$503.39, unchanged from prior week.
The export basis West Coast & Central SK, was not valued as Great Lakes are closed in this period of shipping season.
Per latest data from European Commission, as at Jan 18, 2023, Durum wheat – FOB CA St Lawrence (CWAD) for April 2023 delivery, was offerd at C$608.93/t ($455/t unch), down C$1.77/t from prior week.
As at January 20, 2022, for the N1 CWAD 13% (durum wheat first class), average street price in REGIONAL ZONES was at C$471.60 per tonne, down C$22.63 from prior week.
(1USD=Cnd$1.3383 down from 1.3395 a week earlier).
From South America, storms are expected to affect several areas in Argentina over the next two weeks.
The southern part of the country received 0.75” to 1.50” of rainfall through Saturday.
Under 0.75” is expected in the north on Saturday and Sunday.
However, a period of dry weather may last until Tuesday when several storms are expected to occur through Friday, producing 1.25” to 2.50” in a wide area of the country.
A few days of drying may follow, and more rains are expected in 10 to 14 days, producing 0.25” to 0.75”.
Temperatures are likely to stay around normal during the period.
Buenos Aires, Córdoba, and Santa Fé provinces had the sixth driest January 1-18 period of the last 38 years.
Meantime, on Thursday the Buenos Aires grains exchange said corn planting advanced to 88.6% of an expected area of 7.1 hectares, while soybean planting advanced to 95.5% of the 16.2 hectare area.
Early this month the Exchange had said corn production would shrink to as low as 37.8 million tonnes in a worst case scenario.
With new weather forecast, the Buenos Aires grains exchange on Thursday pegged estimate for Argentina’s 2022/2023 corn harvest to 44.5 million tonnes.
In September, the exchange had forecast 50 million tonnes of corn this cycle.
Last week, Argentina’s Rosario Grains exchange also pegged its 2022/23 corn harvest estimate to around 45 million tonnes, down from 55 million previously.
Meantime, the Buenos Aires Stock Exchange is expecting Argentina’s wheat exports to fall over 60% to 5.9 MMT, which is an 8 year low.
In Brazil, Southern Brazil and Paraguay are likely to stay dry over the next week, but some storms may occur on Sunday-Monday.
A stormier period is expected to start next Friday-Sunday, producing 1.50” to 3.50” precipitation between January 27 and February 3.
Normal to cool temperatures and near- and above-normal rainfall of 4.00” to 6.00” are expected in central and northern Brazil.
Storms are likely to be less frequent in the Matopiba region, Goiás and Minas Gerais states in 10 to 14 days.
15% of the soybean areas in Brazil had under half of the normal rainfall over the 14 days ending Wednesday (27% in the south).
However, the first echoes of soybean yields in Brazil confirm high figures.
Meantime, according to Refinitiv Commodities Research, good crop conditions in Central-West and Southeast Brazil are more than offsetting persistent dryness in the South.
As a result, 2022-23 maize production forecast raised by 1pc from before, to 127.5Mt (113.1Mt previous year).
In this context, as at Jan 19, 2022 – Argentina Wheat Grade 2 export price, (Up River) was at $377, up $12/t from prior week.
Argentina corn feed was up $2/t for the week, closing at $310.
Brazilian corn feed (Paranagua) was valued at $308, was up $3/t from prior week.
Argentina feed barley, was down $5/t for the week to $345.
Argentina soybean was down $6 at $617.
Brazilian soybean was down $21, finishing the week at $583.
In Europe, markets reacted to comments from Russian President Vladimir Putin on Tuesday, alluding to the potential need for restricted exports to achieve a stable food supply.
Bulgaria harvested lower quantities of wheat and maize last year compared to 2021, by 11.4% and 24.2% respectively, mainly due to lower average yield, the agriculture ministry said.
By contrast, the country’s sunflower seed harvest increased 2.8% year-on-year in 2022 as the total area put to the plant was 9% larger than in 2021, the agriculture ministry said in a data release published on Thursday.
The average yield of wheat harvest dropped by 11.6% year-on-year, while the average yield of maize was 17.6% lower. The average yield for sunflower seed was also lower last year, by an annual 5.5%, the data showed.
In 2022, the total area harvested for wheat was just 0.3% larger than in 2021, while the total area harvested for maize dropped by 8%.
In this context, Euronext wheat increased from a ten-month low of €282.25 ($305.89)/MT posted on Tuesday.
However, wheat prices once again gave up more ground during the week, mainly in a context of continued rise in the euro and competitiveness of Black Sea sources.
March wheat on Paris-based Euronext, indeed, settled down at 284.75 euros ($309.12 – $3.68 wow) a tonne on Friday, posting a €4/t weekly decline.
Meantime, the bases are strengthening on wheat delivered to Rouen thanks to exports resume to 150k mt after a two-week break.
In Germany, standard 12% protein wheat for March delivery in Hamburg was offered for sale at a premium of about 15-16 euros over Euronext March futures.
This week the temperatures will drop again with probable new frosts.
There would not be particular fears for crops, though this sudden drop in temperatures could hit well-advanced crops sown.
As for the other products, meantime, price for March’s European Durum Wheat, on Friday settled at €481/t, up €1/t for the week.
March corn price, was down €2/t for the week, closing at 278 euros per ton.
Rapeseed closed at €533/t, down €33.75/t for the week.
UK wheat feed, Mar 23 contract, closed at £222.75, down £5.9/t week on week.
Meantime, as of Jan 19, 2022, FOB prices in US dollar for French wheat with 11.5% protein and Feb delivery, were at $320/mt, down $10 from prior week.
German wheat, Deposilo Hamburg, was valued at $322.42/t, down $15.57/t week on week.
Baltic wheat, delivery first Vilnius, was at $323.51/t, down $4.73/t from prior week.
Spanish durum wheat Sevilla (Depo Silo), was valued at $491.78/t.
Price was not available the prior week.
French durum wheat – delivered La Pallice Spot – July 2022 basis, this week was valued at $485.76/mt, down $12.56 from prior week.
Italian durum wheat Bologna (Delivered to first customer), was valued at $490.15, down $9.79/t week on week.
Corn, delivered Bordeaux Spot – July 2022 basis, was at $302.88 per tonne, down $3.69/t from past week.
Corn FOB Rhin Spot – July 2022 basis, was down $3.69 to $300.7/t.
Feed barley delivered Rouen was at 283.34$/t, down $5.9 per tonne.
Malting barley FOB Creil Spot – July 2022 basis was at $331.11 per tonne, down $4.71/t from prior week.
Rapessed FOB Moselle – 2022 harvest was at 582.97$/ton, down $33.43 compared to prior week.
Standard sunseed FOB Bordeaux – 2022 harvest was down 14.94$ from prior week at $618.79 per tonne.
(Eur/USD = 1.0856 vs last week 1.0833).
From North Africa, the Egyptian government plans to import 4.0 MMT of wheat in 2023 for the subsidized bread program, down 5 percent from 2022.
The government intends to purchase 5.0 MMT from local farmers at a local wheat procurement price that is 40% higher than last year, 1,250 Egyptian pounds per 150 kg (about $281.53/MT).
The Egyptian Supply and Internal Trade Ministry also announced that the government would start selling discounted bread to people not enrolled in the subsidy program to stop accelerating inflation, on top of the 70.0 million already receiving subsidized bread.
From Levant, as of Jan. 18, 121 ships are awaiting inspection by the Joint Coordination Center (JCC) in Turkey, 28 are loaded with agricultural products, and 93 are headed into port for loading.
The average waiting time for inspection is between 2 and 5 weeks.
However, to note the JCC in the last two weeks has increased average inspections to five per day.
From Russia, the Russian agriculture ministry revised the export tax for wheat, corn and barley.
Particularly, as of Jan. 25, the export duty on wheat will decrease to 4,283.2 from 4,719.4 rubles per ton a week earlier.
Ditto for corn, lowered from 1,174.6 rubles of a week earlier, to 886.5 rubles per ton.
Also for barley, the duty will decrease to 3,083.7 rubles from 3,977.6 rubles per ton a week earlier.
This new duty rates will be in effect through Jan 31, inclusive.
The duties were calculated based on indicative prices: $309.5 per ton for wheat ($309.5 a week earlier), $267.9 for barley ($278.4), $221.9 for corn ($221.4).
SovEcon estimated January Russian wheat exports at 3.7Mt, down from 4.3Mt in December 2022.
The decline in wheat sales had reflected higher export taxes, low business activity around the New Year and unfavourable weather conditions.
However, the consultancy forecast total 2022-23 exports were still to reach 44.1Mt (USDA 43Mt).
The Russian Minister of Agriculture estimating exports of all grains at between 55 and 60 million tonnes for this campaign.
However, the forecast may be revised if Russia decided to restrict wheat exports.
Such restrictions may be implied by the statement of Putin, who earlier the week expressed concern about the pace of food exports and stressed the need to have ample reserves.
From Australia, price speads for feedgrains have narrowed in the northern market to reflect buoyant demand for sorghum as dry conditions bring the early crop home at a rapid pace.
In the south, many growers have now finished their wheat and barley harvesting, or are a week or so from completion, and are feeding some tonnage into the market to match steady demand from stockfeed and export buyers.
The firming Australian dollar has tempered export demand for feed wheat and barley, and stockfeed millers continue to use downgraded faba beans at maximum inclusion in their rations to cap nearby demand for white grain.
In this context, indicative delivered prices in Australian dollars per tonne for prompt crops this week were:
Barley Downs: $405, unchanged from Jan 12;
SFW wheat Downs: $400, down $8 from Jan 12;
Sorghum Downs: $405, up $5 from Jan 12;
Barley Melbourne: $370, unchanged from Jan 12;
ASW wheat Melbourne: $425, up $5 from Jan 12;
SFW wheat Melbourne: $415, unchanged from Jan 12.
(AUD/USD=> US$0.6969 vs US$0.6977 a week earlier).
Watching next week’s market, on Monday, we get the Export Inspections in the afternoon.
Skip ahead to Wednesday and EIA will release they weekly report showing ethanol production and stocks.
Wednesday afternoon will also show the monthly Cold Storage report from NASS.
Weekly Export Sales will be out on Thursday, with January Feeder cattle futures and options expiring that day as well.
Friday is expiration day for February serial grain options.
That’s all, thank you.
We wish you a nice day and a good weekend.
Author: Sandro F. Puglisi
