Bottom Line: Today, China’s “spot” soybean crushing margin was down from two weeks ago (before the week-long Spring Holiday) and below break-even. The spot margin is -38 Yuan/MT. The “forward” margin is down too at -66 Yuan/MT. In addition, the forward margin is 41 Yuan ($0.18/Bu) below what it was a year ago. Ship lineup data from the principal soybean exporting…
Bottom Line: Last week, Brazil exported 100,000 MT of corn. For comparison, Argentina exported 513,000 MT and the US exported 1,306,000 MT. Last year, for this week, Brazil’s corn exports were 83,000 MT. Brazil’s corn export “commitments” were estimated to be 31.9 MMT as of Feb 23. That’s up 146.8% from a year ago. Ship lineups indicate that…
Bottom Line: China’s Oct-Jan (2017/18) cumulative feed imports to date are 7.37 MMT vs last year’s 6.37 MMT. That’s up 16% from last year and signals a reversal in what had been a declining trend in China’s feed imports. Based on USDA’s February WASDE, China’s total annual feed imports this year are projected to be 25.63 MMT, up 6% from last…
Bottom Line: Last week, Brazil shipped 1.86 MT of soybeans. That’s up sharply from the previous week’s 0.91 MMT and above last year’s 1.65 MMT. For comparison, last week the US exported 0.76 MMT of soybeans and Argentina exported none. Last week, we suggested that the slow pace of Brazil’s exports could be due to…
Summary: At this time, the pace of US corn export sales supports a modest increase in the USDA’s export projection of 2,050 Mil Bu. +++++++++++++++++++++++++++++++++++++++ This week, US corn export sales for 2017/18 rose by 61 Mil Bu. However, this week’s sales were down 21% from the previous week and down 12% from the 4-week…
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