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Weekly Grain Movement – Corn finishes 2017/18 with strong week
Soybean and wheat totals slip moderately from the prior week.
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Stewart-Sutton/Thinkstock
For the week ending August 30, corn export inspections finished slightly higher than the prior week, closing out its 2017/18 marketing year on a strong note. Soybean and wheat export inspections, meantime, fall moderately from the prior week’s totals.
“When adjusted for official Census data USDA uses in its forecasts, it appears both corn and soybeans should meet USDA’s forecast for the marketing year, though that won’t be finally known until October,” notes Farm Futures senior grain market analyst Bryce Knorr. “Wheat shipments remain slow through the first quarter of that crops marketing year that began June 1.”
Corn export inspections reached 51.5 million bushels last week, up 5.5% from the prior week. Totals also bested trade expectations, which ranged between 35.4 million and 51.2 million bushels. The 2017/18 marketing year concludes with corn export inspections exceeding 2.273 billion bushels, up 1.4% year-over-year.
Mexico was the No. 1 destination for U.S. soybean export inspections last week, with 16.7 million bushels. Other top destinations included Japan (13.6 million), South Korea (5.4 million), Saudi Arabia (2.8 million) and Egypt (2.3 million).
Soybean export inspections landed at 28.3 million bushels last week, down 15.3% from the prior week. Totals were on the low end of trade expectations that ranged between 25.7 million and 36.7 million bushels. As the 2017/18 marketing year concludes, soybean export inspections topped 2.068 billion bushels, down 2.7% from 2016/17.
Iran was last week’s top destination for U.S. soybean inspections, with 5.2 million bushels. Other top destinations included Spain (4.4 million), Taiwan (2.9 million), Pakistan, (2.5 million), the United Kingdom (2.5 million), China (2.4 million) and Mexico (2.3 million).
Wheat export inspections reached 14.4 million bushels last week, down 19.8% from the prior week’s total of 18.0 million bushels. The tally landed on the lower end of trade estimates, which ranged between 12 million and 20 million bushels, with the rate needed to meet USDA forecasts now at 20.8 million bushels. For the 2018/19 marketing year, totals have reached 192 million bushels, down more than 32% so far year-over-year.
Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 3.3 million bushels. Other top destinations included the Philippines (2.4 million), Indonesia (1.5 million), Italy (1.3 million), Yemen (1.3 million) and Ethiopia (1.2 million).
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