Grain Exports drop significantly from previous week.
+2 pts WoW
+2 pts WoW
Spring Wheat🔹(G+E%) 41
-1 pts WoW
Wheat 🔹275,067 MT
Corn: Exports inspections fall in line with expectations, but decreased by 161,597 MT from last week’s tally. They are currently running 33.0% behind the figures from a year ago, compared to 33.0% behind last week’s numbers. USDA projects that exports in 2022-23 will reach 1.725 billion bu., showing a 30.2% decline compared to the previous marketing year.
Current crop conditions for corn improved by 2 points on the week coming in at 57 rated Good or Excellent. Illinois, and Colorado showing the biggest improvement with 9 points and 6 points respectively.
Soybeans: This weeks Export inspections have decreased by 52,264 MT compared to last week. Currently, they are running 6.9% behind the figures from a year ago, as opposed to 5.9% behind last week. The USDA’s forecast for exports in 2022-23 is 2.000 billion bu., showing a 7.3% decline from the previous year, 2021-22.
Improvements were also seen in crop conditions this week for soybeans, 2 points higher than last week. Currently rating 54 good and excellent. Overall rating is greatly driven by improvement in Illinois jumping 12 points on the week. South Dakota, Nebraska, Arkansas, Missouri and Ohio modestly improved as well.
Wheat: Export inspections have decreased by 310,251 MT from the previous week’s figure. Shipments are currently running 14.0% behind the numbers from a year ago, compared to 4.8% behind last week’s figures. The USDA projects exports in 2023-24 to reach 725 million bu., showing a 6.5% decline from the previous marketing year.
The only major grain this week to decrease in overall ratings was wheat. Dropping slightly to a rating of 41 good or excellent. Down 1 point from preceding week. Washington and Minnesota, impacting heavily dropping by 9 points and 7 points respectively. Only South Dakota and Montana posted gains.
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