Export inspections underwhelm but tally with expectations

Grain and oilseed sales export inspections were in line with analyst expectations, but continue to lag volumes seen in 2016 as US exporters face increased competition from around the world, the USDA’s weekly export inspections report showed Monday.

Soybean exports for the week to December 7 came in at 1.23 million mt, well down on the 1.80 million mt seen in the week before and 1.84 million mt in the same week last year, but towards the lower-middle end of the range of expectations that was braced for between 1.1 and 1.6 million mt.

Total sales for the marketing year from September 1 now stand at 20.09 million mt, down from 27.95 in the prevous marketing year at this stage.

Corn sales were a modest improvement on last week’s 605,128 mt, reaching 658,403 mt, square in the middle of the 550,000 to 800,000 mt expectations that had been voiced by the market. 

It was also a sizeable fall on the 872,303 mt which left during the same week in 2016, while total sales of 8.54 million mt are almost half the 14.62 million mt seen at the same stage last year.

Wheat sales in the week to December 7 were 316,867 mt – down from 410,974 mt in the previous week and narrowly sneaking in at the bottom end of expectations, which had been braced for 300,000 to 500,000 mt. 

That too represented a substantial contraction on the 445,436 mt during the same week last year, while total wheat exports now stand at 13.07 million mt, down from 14.11 million mt last year.