US corn exports slow, soybeans hit expectations, wheat disappoints

The pace of exports for wheat and corn slowed in the week ending March 22, according to USDA data released Monday.

According to the data, soybean was the only export to hit expectations, with the 584,612 mt inspected for export, an increase on both last week’s figures and the figures for the same period of 2017.

Of the three main grains, it was the only one to sit within the range set by analysts, who had anticipated between 475,000 mt and 650,000 mt.

As ever, China took the bulk of the export volumes, although Mexico and Indonesia were close behind – China drawing all of its volume from the Pacific Northwest, while Indonesia took the bulk from the US Gulf.

Corn wracked up another substantial export programme, but the 1.15 million mt fell below a range that had been anticipated between 1.25 million mt to 1.5 million mt.

The volume is down 20% on the previous week, and 26.5% on the same period of 2017.

Asia proved to be the biggest customer, with South Korea, Japan and Vietnam collectively accounting for 550,714 mt – all loading out of the PNW – with the Caribbean, South and Central America keeping the US Gulf busy.

Some 302,835 mt is heading towards Colombia, El Salvador, Honduras, Jamaica, Mexico, Peru and Venezuela, the data shows.

Wheat also fell below the floor set by analysts, with 278,815 mt missing the 350,000 mt that had been at the bottom end of the range.

The volume is just under half that of the preceding week and just over half of the same period of 2017.

Japan was the biggest recipient at just under 60,000 mt, with the United Arab Emirates coming in close behind.

Wheat remains the closest overall to last year’s export total, however, with 19.4 million mt so far exported in the current marketing year to date, versus 21.2 million mt – down 8.5% year-on-year.

Soybeans exports are 12% behind last year, with corn 28% off last year’s pace.