Weekly Grain Movement – Exports land as expected

Corn, soybean and wheat totals all fall within the average trade guess.

“Stability” was the word best summarizing the latest round of USDA export inspection data – with corn, soybean and wheat totals all landing within the average trade guesses for the first time in several weeks. 

Corn export inspections bested last week’s total of 33.3 million bushels with a total of 36.9 million bushels for the week ending Feb. 15. That was on the high end of trade estimates that ranged between 31 million and 39 million bushels. It was moderately lower than the weekly rate needed to meet USDA forecasts, now at 48.1 million bushels. Year-to-date totals for marketing year 2017/18, which began Sept. 1, are up to 655 million bushels, versus 963 million bushels a year ago. 

Japan again topped the charts as the No. 1 destination for corn export inspections last week, with 8.7 million bushels. Other top destinations included South Korea (8.1 million bushels), Peru (8.0 million bushels) and Mexico (7.0 million bushels).

Soybean export inspections reached 35.3 million bushels, which was toward the high end of the average trade guess that ranged between 27 million and 40 million bushels. Totals were lower than last week (49.2 million bushels) and this week a year ago (40.2 million bushels), although it stays ahead of the weekly rate needed to meet USDA forecasts, now at 25.5 million bushels. Year-to-date totals are at 1.360 billion bushels, about 13% lower than a year ago. 

China accounted for around 62% of last week’s soybean export inspections, with 22.0 million bushels. Other top destinations included Mexico (3.0 million bushels), Turkey (2.6 million bushels) and Egypt (2.4 million bushels). 

Wheat export inspections were down from last week’s total of 18.4 million bushels, with a total of 15.5 million bushels. That amount met expectations for the average trade guess, which ranged between 11 million and 21 million bushels. The weekly rate needed to meet USDA’s forecasts is now 20.4 million bushels. Year-to-date totals for marketing year 2017/18, which began July 1, is about 4.5% lower than cumulative totals from 2016/17. 

Japan was the top destination for wheat export inspections last week, with 2.6 million bushels. Other top destinations included Mexico (2.1 million bushels), Guatemala (1.9 million bushels), Spain (1.5 million bushels) and Morocco (1.2 million bushels).

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