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Weekly Grain Movement – Soybeans attempt a comeback

Volume tops trade guess after several lackluster weeks.

The latest round of USDA weekly export inspection data proved a muddled victory for soybeans, which barely topped the prior week’s numbers but landed ahead of the average trade guess and bested year-over-year results. Wheat export inspections landed on the high end of the trade guess, with corn hitting the low end of the trade guess, meantime.

Soybean export inspections reached 48.5 million bushels, which exceeded the average trade guess that ranged between 29 million and 40 million bushels. It was slightly ahead of last week’s total of 47.9 million bushels, and bested year-over-year weekly results of 42.2 million bushels. The weekly rate needed to meet USDA’s forecast fell to 25.9 million bushels. Year-to-date totals for the 2017/18 marketing year, which began Sept. 1, remains moderately behind 2016/17’s pace, with 1.324 billion bushels versus 1.530 billion bushels the year prior. 

China captured the majority of weekly soybean export inspections, as it often does, with a total of 29.0 million bushels. Other top destinations included Mexico (3.2 million bushels), the Netherlands (3.1 million bushels), Pakistan (2.6 million bushels) and Bangladesh (2.1 million bushels).

Corn export inspections topped 32.9 million bushels, which put it moderately behind last week’s total of 43.0 million bushels and on the low end of the average trade guess, which ranged between 31 million and 43 million bushels. The rate needed to meet USDA’s forecast is upped to 47.7 million bushels, and the year-to-date totals for the 2017/18 marketing year, which began Sept. 1, is 32% off last year’s pace, with 618 million bushels. 

Japan was last week’s top destination for corn export inspections, with 11.3 million bushels, followed by Mexico, with 9.2 million bushels. Other top destinations included Bangladesh (2.4 million bushels), the Philippines (2.3 million bushels) and Colombia (1.3 million bushels). 

Wheat export inspections reached 17.9 million bushels, beating out last week’s total of 15.8 million bushels and landing on the high end of the average trade guess, which ranged between 11 million and 21 million bushels. The weekly rate needed to reach USDA’s forecast is now 20.1 million bushels, and year-to-date totals for the 2017/18 marketing year, which began July 1, is around 4% lower than 2016/17, with 629 million bushels.

Japan landed in the No. 1 spot for wheat export inspections, with 3.7 million bushels. Other top destinations included Mexico (2.8 million bushels), the Philippines (2.9 million bushels), South Korea (1.5 million bushels) and Nigeria (1.3 million bushels).

 

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