U.S. export inspections met expectations last week, especially for #corn, which incl. 466kt to #China. Some 232kt #soybeans were also inspected for China. Both corn & soy totals are above average for the week.
#India is not planning a #wheat export curb, despite reports to the contrary this morning. India cut its wheat crop estimate to 105 mmt from 111.3 mmt previously, but the govt says it has sufficient stocks anyway.
Some big movers in Q1 2022 vs Q1 2021 were U.S. #beef exports to #China, up 113% by value and 78% by volume. Poultry up big as well. #Pork fell 48% by value and 56% by volume. #Wheat & #ethanol, prominent in Q1 2021, completely fell off the list.
USA exported a record $9.8B worth of ag products to #China in Q1 2022, up 19% on the year. #Soybeans, #corn, #cotton & #sorghum accounted for 72%. Q1 soy + corn exports to China by value were up 19% from 2021, but volume was up only 3%.
#China was a leading buyer of U.S. #corn & #soybeans last week, old and new crop, though unknown buyers topped the list for old crop beans. New crop #wheat sales were meh and #cotton was up sharply from the previous few weeks.
Global #corn export threadUSA, #Brazil, #Argentina & #Ukraine account for 85% of the world's corn exports. But who ships where? Let's start in top exporter USA. China, Mexico & Japan were the destinations for 69% of all shipments last year.
Finally, #Ukraine. Forward export potential is unknown due to the ongoing war, but China has been the leading buyer of its #corn in the last two years. 21% of Ukraine's exports enter Europe via Netherlands or Spain, and Ukraine & Brazil share top customers in Egypt & Iran.
Here's a comparison of vessel traffic for #soybeans late April 2022 vs 2021. It is easy to see this year's thinning out of ships closer to the ports. May 2021 soy exports out of #Brazil were second highest ever for any month on record at 15 mmt.
Preliminary data shows #Brazil exported 11.6M tonnes of #soybeans in April, down 28% from April 2021 (which was an all-time record for any month at 16.1 mmt). Current lineups & outlooks suggest May shipments could drop more than 40% on the year. Poor crop is to blame.