The USDA projects corn exports of 2.45 billion bushels and this should account for 18.7% of the total corn production of 13.074 billion bushels from last year. With 33 weeks remaining in the 2007/08 marketing year, cumulative sales of 1.596 billion bushels to all nations are 28% higher than year earlier levels and 51% higher than the five year average. Shipments of 868 million bushels are 12% higher than year earlier levels and 63% below the five-year average.
Looking at soybeans, estimated exports are 995 million bushels and will account for 33% of the total soybean production of 2.585 billion bushels grown last year. With 33 weeks remaining in the marketing year, cumulative sales of 770 million bushels to all nations are 2% higher than year earlier levels and 2% higher than the five-year average. Shipments of 468 million bushels are 6% lower than year earlier levels, but 18% above the five-year average.
Wheat exports are the leader of the three grains, as the USDA is estimating exports will reach 1.175 billion bushels and will account for 50% of last year's total wheat production figure of 2.067 billion bushels. We are down to 19 weeks remaining in the 2007/08 marketing year for wheat and cumulative wheat sales have reached 1.082 billion bushels to all nations. This is 77% higher than year earlier levels and 56% higher than the five-year average. Shipments of 779 million bushels of wheat are 71% higher than year earlier levels and 73% above the five- year average.
For the week ending January 3 data released on January 10th finds 40 ocean-going grain vessels were loaded in the Gulf, up 3 percent from last year. Seventy-seven vessels were due within the next ten days, 9 percent more than the same period a year ago. In the week ending January 2, the cost of shipping grain from the Gulf to Japan was $124 per metric tonne, up 1 percent from the previous week. The rate from the Pacific Northwest to Japan was $70 per metric tonne, down 10 percent from the previous week. During the week ending January 5, barge grain movement totaled 573,000 tons, 18.6 percent less than last week and 20.6 percent greater than the same period last year. U.S. railroads originated 16,989 carloads of grain during the holiday week ending December 29, down 36 percent from the previous week, down 3 percent from the same week last year, and down 2 percent from the 3-year average.
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