As it often does, USDA’s latest weekly export inspections data brought a mixed bag of news. The good news – corn export inspections posted another relatively strong week of results. But soybean volume stayed somewhat muted, and wheat totals landed below the average trade guess altogether.
Corn export inspections hit 51.4 million bushels for the week ending February 22. Although it didn’t meet year-over-year totals of 57.5 million bushels, it did outpace the average trade guess of 31 million to 43 million bushels, and it stayed ahead of the weekly rate needed to meet USDA’s forecast, now at 46.3 million bushels. For the marketing year-to-date, corn volume reached 707 million bushels, which is about 30% below the pace of 2016/17.
Japan was the week’s top destination for U.S. corn export inspections last week, with 10.5 million bushels. Other top destinations included Mexico, Japan and Saudi Arabia.
Soybean export inspections landed at 28.0 million bushels, lower than a week ago (35.4 million bushels), but hitting the bullseye between trade expectations that ranged between 22 million and 33 million bushels. The weekly rate needed to meet USDA’s forecasts is now 24.5 million bushels. Year-to-date totals for 2017/18 reached 1.388 billion bushels, 13% off the pace of 2016/17.
China was the No. 1 destination for U.S. soybean export inspections last week, with 8.8 million bushels. Other top destinations included Egypt, South Korea and Japan.
Wheat export inspections slumped along at 10.3 million bushels – behind last week’s total of 15.6 million bushels and below the average trade guess, which ranged between 11 million and 19 million bushels. The weekly rate needed to reach USDA’s forecast is now 19.7 million bushels. Still, the year-to-date totals for the 2017/18 marketing year, at 655 million bushels, are just 6% off the pace of 2016/17.
Indonesia led all countries in U.S. wheat export inspections last week, tallying 2.3 million bushels. Other top destinations included Iraq, Guatemala and Yemen.