What’s HOT
A strong week of sales was followed by a strong week of inspections…
Corn export inspections for the week ending Nov 30 were 45.6 million bushels - beating soybean inspections by 5 million and marking the best week of corn shipments since last June.
To top it off (a sign of the times, I suppose) - PNW corn shipments showed a major sign of life at 15.7 million bushels - within spitting distance of last week’s US Gulf totals.
The only time we have seen the PNW out-shipping the US Gulf on corn has been during extreme low water situations on the Mississippi River or amidst a hurricane.
This was the largest week of PNW corn shipments since June and the closest the two origins have been since January.
For illustration purposes - I added the PNW to the map below.
As it stands right now (and until the Spring, at least) the Panama Canal is no longer an option for US corn and soybean exports.
Alternatively, US Gulf bushels will opt for a longer transit via the Suez Canal or we will see an increase in shipments off the PNW (as shown above with last week’s export inspections).
Keep reading with a 7-day free trial
Subscribe to No Bull to keep reading this post and get 7 days of free access to the full post archives.