Brazil’s New-Crop Soybean Export Commitments Slightly More Than a Year Ago.

AgResource Plus

Bottom Line:  Brazil’s official exports for the 2017-18 Feb-Jan local marketing year were 68.8 MMT vs USDA’s last projection of 68.3 MMT.  This suggests that USDA will raise their projection in the Feb WASDE by 500,000 MT.  Last week, Brazil shipped 444,000 MT of soybeans.   Brazil’s “new-crop” export commitments increased by 2.41 MMT last week. New-crop…

Next Week’s Soybean Inspections Could Be Up Nearly 400,000 MT. Ship Lineup Well Above Year Ago Too.

AgResource Plus

Bottom Line:  Our point estimate for next week’s export inspections is 1.5 MMT (55 Mil Bu).   If this is correct, that would be up 395,000 MT (36%) from last week.  This week’s ship lineup is 2.305 MMT.  That is up 2% from last week and above last year’s 1.692 MMT.  There were 25 vessels to-be-nominated (TBN).  That is the same as last week and more than last year’s…

China Crush Margins Back Below Break-even. China Imports To Seasonally Decline in Jan & Feb.

AgResource Plus

Bottom Line: China’s “spot” soybean crushing margin was up from a week ago but still below break-even.  The spot margin is  -26 Yuan/MT.  The “forward” margin was up from last week but was also below break-even at  -44 Yuan/MT.   In addition, the forward margin is 155 Yuan ($0.67/Bu) below what it was a year ago.   Ship lineup data from the…

Brazil’s Corn Exports Winding Down. Exports Could Be 2-3 MMT Less Than USDA’s Projection of 35 MMT.

AgResource Plus

Bottom Line: Last week, Brazil exported 621,000 MT of corn last week. For comparison, Argentina exported 479,000 MT and the US exported 993,506 MT.  Brazil’s corn exports are up from the previous week and are more than double  the amount that was shipped in the same period last year.  Brazil’s corn export “commitments” were estimated to be…