Weekly Grain Movement – 2017 ends on a slow note

Export inspections for the week ending Dec. 28 were light, as expected.

The final full week of 2017 saw relatively low export sales, with wheat volume falling below the average trade guess, and corn and soybeans occupying the low end of those estimates.

For the week ending Dec. 28, corn export inspection volume totaled 26.9 million bushels, measured against the average trade guess of 22 million to 31 million bushels. Total volume did exceed the tally from a week prior (24.4 million bushels) and this week a year ago (25.1 million bushels), but was still well behind the weekly pace needed to meet USDA’s forecast, now at 40.8 million bushels.

Japan and Mexico were the top two destinations for corn export inspections last week, at 7.3 million bushels and 7.2 million bushels, respectively. Other top destinations include South Korea (5.2 million bushels), Peru (2.1 million bushels) and Guatemala (1.3 million bushels). 

Soybean export inspections, at 41.9 million bushels, couldn’t hold the pace from a week ago (47.2 million bushels) or this week last year (58.4 million bushels), and came in on the low end of the average trade guess, which ranged between 40 million and 47 million bushels. Volume continues to stay ahead of the weekly rate needed to meet USDA’s forecast, however, currently at 32.9 million bushels. Total volume for the 2017/18 marketing year is currently 172 million bushels behind the pace of 2016/17. 

China captured nearly 60% of the total soybean volume for the week ending Dec. 28, with 24.8 million bushels. Japan (3.3 million bushels), the Netherlands (2.9 million bushels), Mexico (2.6 million bushels) and Vietnam (2.6 million bushels) were other top destinations for the week.

Wheat export inspections, meantime, cratered from 19.1 million bushels the week prior to 10.1 million bushels for the week ending Dec. 28. That fell below the average trade guess, which ranged between 11 million and 22 million bushels. The weekly rate needed to meet USDA’s forecast is now 19.2 million bushels, and 2017/18 marketing year-to-date totals have fallen 37 million bushels behind the pace of 2016/17.

Mexico was the No. 1 destination for the week, with 3.5 million bushels. Other top destinations included Japan (2 million bushels), Thailand (2 million bushels), South Korea (1 million bushels) and Taiwan (1 million bushels).

TAGS: USDA
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