News

China top weekly destination for soybeans

The USDA says more U.S. soybeans are on the way to China. Weekly export inspections data shows 487,450 tons of U.S. beans left ports in the Gulf and Pacific Northwest during the week ending February 7th, in advance of this week’s trade negotiations. Soybean export inspections remain slower than expected because of the trade tensions with China and increased export competition.

Corn inspections have slowed down, also because of increased export competition, but are still ahead of last year’s pace and while wheat export inspections started the marketing year very slowly, they’ve picked up steam as Black Sea prices have moved higher. Japan was the top weekly destination for both corn and wheat.

The 2018/19 marketing year runs through the end of May for wheat and the end of August for beans, corn, and sorghum. The USDA’s next set of supply and demand estimates is scheduled for March 8th but could be pushed back if there’s another government shutdown.

Wheat came out at 562,307 tons, up 119,532 from the week ending January 31st and 62,482 higher than the week ending February 8th, 2018. Along with Japan, Mexico and Egypt were leading destinations for wheat. With just over a quarter left in the 2018/19 marketing year, wheat inspections are 15,389,342 tons, compared to 17,143,976 in 2017/18.

Corn was reported at 743,536 tons, down 157,678 from the previous week and 102,988 lower than this time last year. Mexico and Peru were two of the week’s top destinations, along with Japan. Close to halfway through the marketing year, corn inspections are 23,209,767 tons, compared to 15,736,922 a year ago.

Soybeans were pegged at 1,063,973 tons, 27,669 less than the week before and 275,636 below a year ago. Mexico and Bangladesh joined China on the list of leading destinations. So far, this marketing year, soybean inspections are 22,628,512 tons, compared to 36,051,983 last year.

Sorghum inspections totaled 84,378 tons, an increase of 60,221 on the week and 51,061 on the year. Spain and Japan were the top weekly destinations. 2018/19 sorghum inspections are 680,762 tons, compared to 2,368,266 in 2017/18.