Grains are lower at noon:
Corn – 8 3/4 cents/bu (May @ 5.49)
Soybeans -7 1/2 cent/bu (May @ 14.08 3/4)
Chi Wheat – 1 1/4 cents/bu (May @ 6.25 3/4)
Cdn $ -0.00195 (78.845 cents) ßWas above 80 cents in the morning commentary
WTI Crude Oil -0.22/barrel (61.20)
This morning, the USDA released it’s Weekly Export Inspections Report for the week ending March 18th. Exports were positive across the board with wheat above expectations, and corn and soybeans on the high end of expectations. At least 6 corn cargoes were headed to China, but for the first time in a while, no soybeans were. Instead, Egypt was the premium buyer of soybeans. Wheat exports to date exceed the seasonal pace needed to hit USDA’s target by 29 million bushels (22 million Last week), soybeans exceed by 296 million bushels (309 million last week), and corn exceeds by 81 million bushels (55 million last week). To hit the USDA’s targets, soybeans only need to average 8.6 million bushels per week, and corn only needs to average 54.2 million bushels per week.
| In Million Bu. | Actual | Estimates | Last Week | 10-Week Average |
| Corn | 77.2 | 63-86.6 | 89.5 | 58.8 |
| Soybeans | 18.0 | 11-22 | 20.2 | 51.5 |
| Wheat | 23.8 | 11.9-21.1 | 26.2 | 15.8 |
In the graph I attached below, you can see that corn exports are a record high for weekly corn export inspections (topping the 1989 record shown in brown by 0.9 million bushels). The red circle indicates the previous March export record (2016/17), and you can clearly see that we are well ahead of that. HUGE volumes of corn are being shipped right now.
Despite an impressive week on exports, grains continue to react with a mind of their own pushing lower. South American weather conditions are turning more favourable, resulting in decreases in futures.
It is estimated that Mato Grosso, Brazil is now 97.6% finished corn planting (99.5% Last year). Their soybean harvest is also estimated at 91.7% complete (98.3% last year).