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Weekly Grain Movement – China slowly emerges

Soybean export inspections to China catch up to Spain for the 2018/19 marketing year.

Weekly export inspections showed some more movement from China, which is now neck-and-neck as the top destination for the 2018/19 marketing year after weeks and weeks of inactivity this fall and winter due to the ongoing U.S.-China trade dispute.

“Soybean shipments to China continue to rebound, with 17.9 million bushels inspected for export in the latest week,” according to Farm Futures senior grain market analyst Bryce Knorr. “China now accounts for 9% of total inspections, a far cry from years past but tied for the lead with Spain. Still, total inspections are down 37% from last year, so there’s still a long way to go to get up to the level forecast by USDA.”

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Total U.S. soybean export shipments last week reached 39.1 million bushels, easing slightly from the prior week’s total of 40.1 million bushels but landing on the high end of trade estimates that ranged between 22 million and 44 million bushels. Marketing year-to-date totals for 2018/19 reached 832 million bushels, trending 37% lower year-over-year.

China was the No. 1 destination for U.S. soybean export inspections last week, with 17.9 million bushels. Other top destinations included Bangladesh (4.4 million), Mexico (3.9 million), Egypt (2.6 million) and Spain (2.6 million).

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U.S. corn export inspections last week reached 29.3 million bushels, falling moderately below the prior week’s tally of 35.5 million bushels and falling below average trade estimates that ranged between 33 million and 45 million bushels. Marketing year-to-date totals of 914 million bushels in 2018/19 continue to outpace the prior year’s pace by more than 47%.

Japan was the No. 1 destination for U.S. corn export inspections last week, with 10.7 million bushels. Other top destinations included Mexico (6.6 million), Peru (5.3 million), South Korea (2.7 million) and Colombia (1.9 million).

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U.S. wheat export inspections for the week ending February 7 reached 20.7 million bushels, moderately outpacing the prior week’s tally of 16.3 million bushels and landing on the high end of trade estimates that ranged between 14 million and 22 million bushels. Marketing year-to-date totals for 2018/19 reached 566 million bushels, trending 10% lower year-over-year.

Japan was the top destination for U.S. wheat export inspections last week, with 3.4 million bushels. Other top destinations included Mexico (2.7 million), the Philippines (2.4 million), Indonesia (2.2 million), Egypt (2.2 million) and Malaysia (2.0 million).

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