Weekly Grain Movement – Spring season finishes with mild sales
Category: Grains
(Farm Futures) – The summer season officially began June 21, but grain exports last week ended on a mild streak, with corn, soybean and wheat export inspections all landing slightly to moderately below the prior week’s totals.
Corn export inspections reached 59.5 million bushels last week – on the high end of trade estimates that ranged between 43 million and 66 million bushels, but slightly below the prior week’s total of 66.2 million bushels. The effort was still significantly ahead of the same week last year (38.2 million bushels), but marketing year-to-date totals for 2017/18 continue to trend 7% behind the prior year, reaching 1.740 billion bushels. The weekly rate needed to reach USDA forecasts eased to 50.9 million bushels.
South Korea was the No. 1 destination for corn export inspections last week, with 10.9 million bushels, followed closely by Mexico (10.1 million) and Japan (9.0 million). Other top destinations included Taiwan (3.5 million), Tunisia (3.3 million), Indonesia (2.9 million) and Spain (2.8 million).
Soybean export inspections totaled 18.9 million bushels last week, moderately behind the prior week’s total of 30.1 million bushels and landing on the low end of trade estimates, which ranged between 14 million and 29 million bushels. The weekly rate needed to reach USDA forecasts moved slightly higher but remains a manageable 24.6 million bushels. Marketing year-to-date totals reached 1.794 billion bushels, still trailing the 2016/17 marketing year by 6.5%.
Three countries – Vietnam, the Netherlands and China – shared honors as the No. 1 destination for U.S. soybean inspections last week, with 2.8 million bushels apiece. Other top destinations included Pakistan (2.5 million), Mexico (1.9 million), Canada (1.5 million) and Peru (1.3 million).
Wheat export inspections reached 13.0 million bushels last week, down slightly from the prior week’s total of 13.8 million bushels and also at the low end of trade estimates, which ranged between 11 million and 18 million bushels. The weekly rate needed to reach USDA estimates shifted higher, to 18.2 million bushels. For the young 2018/19 marketing year, finishing its third full week, U.S. wheat export inspections have only totaled 42 million bushels – roughly half of the pace of 2017/18 so far.
The Philippines captured the No. 1 home for U.S. wheat export inspections last week, with 3.7 million bushels. Other top destinations included Indonesia (2.0 million), japan (1.3 million), Brazil (1.2 million) and South Korea (1.2 million).
