Summary: Last week, Allendale released estimates for 2018 crop seedings. Soybean seedings were pegged at 92.104 Mil Ac and corn was estimated to be 88.514 Mil Ac. Allendale’s survey tends to over-estimate soybean seedings. In years that the soybean estimate was too high, the median error was 1.4%. Based on Allendale’s estimate of 92.104 Mil Ac, that…
Bottom Line: Last week, Brazil shipped 2.54 MMT of soybeans. That’s up from the previous week’s 1.84 MMT and above last year’s 2.25 MMT. For comparison, last week the US exported 491,000 MT of soybeans and Argentina exported 40,000 MT. Brazil’s export commitments rose to 20.63 MMT, up 5% from last year. This is the…
Summary: Our point estimate for next week’s export inspections is 400,000 MT (15 Mil Bu). If this is correct, that would be down 56% from last week and would be the smallest for this marketing year. This week’s ship lineup is 901,000 MMT. That is up 28% from last week (which was the smallest in 27 weeks). This week’s lineup is above last year’s 663,000 MMT. …
Bottom Line: Today, Egypt’s GASC purchased 240,000 MT of wheat. The average CIF price paid was $233.71/MT. That is the highest price paid in three years. For the first time in 6 weeks, Romania was able to capture half the business with Russia accounting for the rest. On a FOB basis, the average price paid was $217.89/MT, up…
Summary: In last week’s Mar WASDE, the USDA surprised the trade by raising its projection for US corn exports by a much larger-than-expected 175 Mil Bu. Since December, the USDA has raised its corn export projection by 300 Mil BU. That is the largest Dec-to-Mar increase in the corn export projection ever made. At this…
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