October 15, 2018
Weekly export inspections for the week ending October 11 were another mixed bag, with wheat slightly exceeding the prior week’s total, soybeans exceeding expectations and corn slumping moderately. Optimistically, China saw some activity last week, according to Farm Futures senior grain market analyst Bryce Knorr.
“China loaded out two cargoes of soybeans last week, the first in a month as costs out of the U.S. remain at a discount to Brazilian originations that’s more than the 25% tariff imposed on U.S. imports,” he says. “The Golden Empress was inspected Oct. 10 with 2.4 million bushels, while the Star Laura loaded Oct. 9 with 2.5 million bushels out of the Pacific Northwest.”
Corn export inspections landed at 39.2 million bushels last week, falling moderately below the prior week’s tally of 54.5 million bushels and below the average trade guess, which ranged between 47 million and 59 million bushels. Totals still far exceeded year-over-year results of 13.0 million bushels, however, with the weekly rate needed to match USDA forecasts moving up to 46.9 million bushels. Marketing year totals for 2018/19 reached 269 million bushels, pacing 74% higher year-over-year.
Last week, Mexico was the top destination for U.S. corn export inspections, with 14.0 million bushels. Other top destinations include South Korea (5.3 million), Colombia (5.0 million), Japan (5.0 million), Egypt (4.4 million) and Peru (2.3 million).
Soybean export inspections exceeded expectations with 42.5 million bushels last week, nearly doubling the prior week’s tally of 21.8 million bushels and above the average trade guess, which ranged between 18 million and 25 million bushels. The weekly rate needed to match USDA forecasts eased slightly, to 40.1 million bushels. Marketing year-to-date totals for 2018/19 still lag 34% behind the prior year’s totals, with 174 million bushels.
Vietnam was the top destination for U.S. soybean export inspections last week, with 5.2 million bushels, followed closely by China (5.0 million) and Spain (4.8 million). Other top destinations included the Netherlands (4.2 million), Taiwan (2.8 million), Iran (2.5 million), Argentina (2.3 million), South Korea (2.3 million), Portugal (2.2 million) and Bangladesh (2.1 million).
Wheat export inspections reached 16.6 million bushels last week, up slightly from the prior week’s total of 16.4 million and on the high end of the average trade guess, which ranged between 11 million and 18 million bushels. The weekly rate needed to meet USDA forecasts still moved higher, to 21.7 million bushels, with marketing year-to-date totals down 26% at 287 million bushels.
Iraq and the Philippines were the top destinations for U.S. wheat export inspections last week, with 3.8 million bushels each. Other leading destinations included Mexico (3.4 million) Japan (2.0 million) and Vietnam (1.1 million).
About the Author(s)
Senior editor, Farm Futures
Senior Editor Ben Potter brings more than 14 years of professional agricultural communications and journalism experience to Farm Futures. He began working in the industry in the highly specific world of southern row crop production. Since that time, he has expanded his knowledge to cover a broad range of topics relevant to agriculture, including agronomy, machinery, technology, business, marketing, politics and weather. He has won several writing awards from the American Agricultural Editors Association, most recently on two features about drones and farmers who operate distilleries as a side business. Ben is a graduate of the University of Missouri School of Journalism.
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