U.S. soy exports hit 6-month high as Gulf loadings rise after Ida; lag year ago pace By Reuters
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By Karl Plume
(Reuters) – U.S. soybean exports jumped to a six-month peak last week while corn shipments were the highest in a month as Louisiana Gulf Coast terminals steadily ramped up operations disrupted by Hurricane Ida nearly a month ago, preliminary data showed on Monday.
However, the export rate was well below the normal pace for this season as many terminals are still closed or operating at reduced capacities after Hurricane Ida flooded some areas and destroyed the power grid.
Ida caused major disruptions to overseas grain shipments, causing them to be unable ship grains abroad for weeks. It also marked the peak period of U.S. crop exports. The result was a spike in export prices and global concerns over food inflation.
The weekly USDA grain inspections data was an indicator of overseas shipments. It showed that 11 export vessels had been loaded with wheat, soybeans and wheat at facilities along the lower Mississippi River during the week ending Sept. 23.
This was a significant increase from the seven vessels that were loaded last week, but it is still well below the week last year, which saw 24 vessels being loaded at the U.S. grain hub.
Last week’s weekly corn inspections in all U.S. ports amounted to 517.539 tonnes, an increase of 37% over the prior week. However, soybean inspections dropped 66% to 440.742 tonnes.
The 2021/22 market year began on Sept. 1. Corn inspections are now at half of their pace and soybean inspections at only one-fifth of the previous year. USDA data shows that this is just about a month.
According to a report by the industry and Refinitiv Eikon shipping information, about 11 bulk vessels had been docked at Louisiana Gulf Coast elevators Monday for loading. Nearly 60 other vessels were lined up on the Mississippi River waiting to load.
Most of the nearly dozen large grain terminals owned by Archer-Daniels-Midland Co, Bunge (NYSE:) Ltd, Louis Dreyfus Co and others escaped the storm with minor damage. Cargill Inc was the only terminal to sustain severe damage.
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