Weekly Grain Movement – Corn, soybeans beat trade expectations

Still, export volume lags behind last year’s pace.

Weekly export inspections for the week ending Feb. 1 were positive – comparatively speaking. Corn and soybean totals outpaced trade expectations, with wheat landing in the middle of the average trade guess. Even so, totals were under year-over-year results, both for the week and for cumulative marketing year results.

Corn export inspections reached 42.3 million bushels, which put it slightly ahead of the prior week’s total of 39.8 million bushels, and set it higher than the average trade guess, which ranged between 29 million and 41 million bushels. This week last year, corn export inspections were slightly higher, at 44.2 million bushels.

The weekly rate for corn export inspections to meet USDA’s forecast is now 43.3 million bushels, with marketing year-to-date totals of 584 million bushels since Sept. 1. That’s more than 32% below the pace set by 2016/17. 

Japan was the No. 1 destination last week for corn export inspections with nearly half the total volume (20.0 million bushels). Other top destinations included Mexico 96.5 million bushels), South Korea (5.5 million bushels), Peru (3.1 million bushels) and Colombia (2.4 million bushels).

Soybean export inspections reached 47.9 million bushels last week, which bested the prior week’s total of 41.5 million bushels, and landed ahead of the average trade guess, which ranged between 25 million and 36 million bushels. This week last year was still moderately higher, at 60.6 million bushels.

The weekly rate for soybean export inspections to reach USDA’s forecast now falls to 28.5 million bushels, although marketing year-to-date totals continue to lag behind 2016/17’s pace, with 1.276 billion bushels versus 1.488 billion bushels a year ago.

For the first time in several weeks, China did not account for the majority of soybean export inspections but remained the No. 1 destination, with 22.5 million bushels. Other top destinations included the Netherlands (5.7 million bushels), Japan (4.2 million bushels), Thailand (3.1 million bushels) and Vietnam (2.8 million bushels).

Weekly wheat export inspections fell near the middle of the average trade guess of 11 million to 22 million bushels, with a total of 15.7 million bushels. That total was below year-over-year weekly results of 25,2 million bushels, however, and was moderately below the weekly rate needed to reach USDA’s forecast, now at 21.4 million bushels. Marketing year-to-date totals have reached 611 million bushels, which is about 5% below the pace of 2016/17.

As with corn, Japan was the No. 1 destination for weekly wheat export inspections, with 4.7 million bushels. Other top destinations included Nigeria (3.3 million bushels), the Philippines (2.9 million bushels), Colombia (1.6 million bushels) and Mexico (1.4 million bushels).

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