Grain News – Market Facilitation Payments
Yesterday in Washington the President has authorized the second round of payments from a 12-billion-dollar aid package for farmers stung by the U.S. trade war with China, but did not specify an amount.
“Today I am making good on my promise to defend our Farmers and Ranchers from unjustified trade retaliation by foreign nations. I have authorized Secretary Perdue to implement the 2nd Round of Market Facilitation Payments,” he said in a Twitter post.
Corn export inspections last week reached 34.8 million bushels, moving slightly ahead of the prior week’s total of 34.5 million bushels. Cumulative totals for the 2018/19 marketing year, which began September 1, are now at 629.6 million bushels, trending 73% higher year-over-year. Japan was the top destination last week, with 11.6 million bushels.
European Union corn imports for 2018/19 reached 389.7 million bushels as of December 16, which is up 41% so far compared to 2017/18. The EU is currently a net grain importer this marketing year for the first time in a decade, due in part to a record pace of corn imports.
Soybean export inspections reached 35.8 million bushels last week, moving slightly higher than the prior week’s tally of 34.0 million bushels. Cumulative totals for the 2018/19 marketing year, which began September 1, are now at 557 million bushels, down more than 41% compared to the same point a year ago. Spain was last week’s top destination, with 8.5 million bushels.
The National Oilseed Processors Association’s latest monthly report shows a November crush totaling 166.959 million bushels, which is the largest November crush on record but slightly below October’s all-time best of 172.346 million bushels. Analysts were expecting NOPA to report a larger crush of around 168.444 million bushels.
Wheat export inspections reached 25.1 million bushels last week, moving 52% ahead of the prior week’s total of 16.5 million bushels. Cumulative year-to-date totals for the 2018/19 marketing year, which began June 1, topped 430 million bushels but remain nearly 15% below the pace of 2017/18. Mexico was the No. 1 destination last week, with 3.3 million bushels.
Landmark Grain will be offering again this year the very popular “Average Grain Pricing Program”. This will be for new crop 2019 corn and beans and is a short-term contract design to pick up the seasonal trend for higher prices. There is no knock out or doubling up with this contract. Deadline for signing up will be March 15th. with the contract running from March 18th. through July 12th. Contact your Landmark Grain Marketing Specialist for more details. With that I would like to wish you all a Very Merry Christmas and a Happy New Year!