Grain export inspections rebounded slightly from the prior week but still have plenty of catching up to do to match USDA forecasts.
Corn export inspections for the week ending November 1 reached 49.4 million bushels. That was well ahead of the prior week’s total of 27.5 million bushels and ahead of the average trade guess, which ranged between 27 million and 39 million bushels. The rate needed to meet USDA forecasts eased slightly, to 47.4 million bushels, with marketing year-to-date totals of 390 million bushels still tracking significantly ahead of 2017/18’s pace of 219 million bushels.
“Corn inspections rebounded with solid totals, with one reason for the very strong improvement in basis seen last week on the river system,” notes Farm Futures senior grain market analyst Bryce Knorr.
Japan was last week’s top destination of U.S. corn export inspections, with 15.4 million bushels. Other top destinations included Mexico (9.8 million), South Korea (5.4 million), Taiwan (3.5 million) and Peru (2.9 million).
Soybean export inspections reached 45.2 million bushels last week, down slightly from the prior week’s tally of 48.9 million bushels landing on the high end of trade estimates that ranged between 33 million and 47 million bushels. The weekly rate needed to meet USDA forecasts eased to 39.7 million bushels, although the cumulative total of 315 million bushels for the 2018/19 marketing year remain substantially behind the prior year’s pace of 546 million bushels.
Thailand was last week’s top destination for U.S. soybean export inspections, with 5.8 million bushels, followed closely by the Netherlands, with 5.2 million bushels. Other top destinations last week included Argentina (4.9 million), Mexico (4.3 million), Japan (3.0 million) and Taiwan (3.0 million).
Wheat export inspections landed at 12.0 million bushels last week, down slightly from the prior week’s total of 14.5 million bushels and scraping the bottom of trade estimates, which ranged between 12 million and 20 million bushels. The weekly rate needed to match USDA forecasts drifted higher, to 22.5 million bushels, and cumulative totals of 329 million bushels for the 2018/19 marketing year lags nearly 22% behind the prior year’s total of 421 million bushels.
Saudi Arabia was last week’s top destination for U.S. wheat export inspections, with 2.4 million bushels. Other top destinations included Bangladesh (2.3 million), Brazil (1.8 million), Mexico (1.2 million), Japan (1.1 million) and South Korea (1.1 million).