Weekly Grain Movement – Soybean slump continues

Corn, soybean and wheat export inspections produce mostly lackluster results.

Export inspections for the week ending March 29 landed saw corn, soybeans and wheat all land on the high end of trade expectations. The only trouble with that – soybean and wheat expectations weren’t that high to begin with.

Corn export inspections totaled 53.1 million bushels last week, nearly besting trade guesses that ranged between 39 million and 55 million bushels. It also bested the prior week’s total of 52.4 million bushels, but was just short of the weekly rate needed to meet USDA forecasts, now at 54.9 million bushels. Marketing year-to-date totals reached 962 million bushels, versus 1.313 billion bushels in 2016/17. 

Japan was the No. 1 destination for corn export inspections last week, with 13.4 million bushels. South Korea was a close No. 2, with 13.0 million bushels. Other top destinations included Mexico (7.1 million bushels), Spain (5.5 million bushels), Taiwan (3.0 million bushels) and Vietnam (2.8 million bushels). 

Soybean export inspections reached 19.9 million bushels last week, which was on the high end of trade expectations ranged between 11 million and 25 million bushels. Totals were behind the prior week’s effort of 26.1 million bushels and did not match the weekly rate needed to reach USDA forecasts, now at 23.5 million bushels. Marketing year-to-date totals are now 1.524 billion bushels versus 1.727 billion bushels in 2016/17.

China continued the worrisome paradox of remaining the No. 1 customer of U.S. soybean exports while also significantly dialing back its sales. U.S. soybean export inspections for China reached 7.5 million bushels last week. Other top destinations included Mexico (3.3 million bushels), the Netherlands (2.8 million bushels), Egypt (2.0 million bushels) and Bangladesh (2.0 million bushels). 

Wheat export inspections last week totaled 13.3 million bushels, compared to trade estimates that ranged between 10 million and 15 million bushels. Totals were slightly ahead of the prior week’s total of 12.6 million bushels, but did not match the weekly rate needed to meet USDA forecasts, now at 21.6 million bushels. Marketing year-to-date totals are now 730 million bushels, almost 9% below the pace of 2016/17.

Iraq was the No. 1 destination for wheat export inspections last week, with 3.9 million bushels. Other top destinations included Chile (1.8 million bushels), Guatemala (1.8 million bushels), Mexico (1.8 million bushels), Japan (1.6 million bushels) and Ecuador (1.2 million bushels).

 

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