Weekly Grain Movement – Another mixed bag of results

Some crops made trade expectations, while others fell short.

Corn couldn’t quite meet the trade expectations for weekly export inspections for the week ending Nov. 9. Soybeans turned in a relatively strong performance but came in behind a week ago. And wheat beat last week’s totals, but came in on the low end of trade estimates.

Weekly export inspections for corn came in at 14.8 million bushels, which was below the average trade guess of 19.7 million to 27.6 million bushels. The total was also below last week’s total of 18.0 million bushels. The weekly rate needed to meet USDA’s forecast is now 37.6 million bushels. Total year-to-date volume for 2017/18 is still well behind a year ago, with 233 million bushels versus 428 million bushels.

Top corn destinations for the week ending Nov. 9 included Mexico (9.1 million bushels), Peru (1.8 million bushels), Guatemala (1.3 million bushels), Costa Rica (1.2 million bushels) and Taiwan (1.2 million bushels).

Weekly export inspections for soybeans totaled 76.7 million bushels, which was right in line with trade expectations of 62.5 million and 88.2 million bushels. Total volume was behind numbers from a week ago (91.6 million bushels) but remains well above the weekly rate needed to meet USDA forecasts, which currently stands at 37.8 million bushels. Total year-to-date volume for 2017/18 is moderately behind totals from the year prior, with 623 million bushels versus 708 million bushels.

China captured the bulk of that volume, with 53.9 million bushels. Turkey (4.9 million bushels), the Netherlands (3.1 million bushels) and Saudi Arabia (2.6 million bushels) were other top destinations for the week ending Nov. 9.

Weekly export inspections for wheat totaled 11.1 million bushels last week, which is on the low end of trade expectations, which ranged between 9.2 million and 16.5 million bushels. Volume was slightly higher than last week’s totals (10.5 million bushels), but couldn’t keep pace with the rate needed to meet USDA’s weekly forecast, which is currently 18.8 million bushels. Year-to-date totals for 2017/18 is slightly behind totals from a year ago, with 431 million bushels versus 457 million bushels.

Top wheat destinations for the week ending Nov. 9 included Mexico (2.9 million bushels), Indonesia (2.7 million bushels), Japan (1.3 million bushels) and Trinidad (1.0 million bushels).

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