For the week ending May 31, weekly export inspections for corn remained on the high end of trade estimates and trended higher than the same week a year ago. Soybean and wheat export inspections turned in less impressive, mixed results.
Corn export inspections reached 61.2 million bushels last week, which landed on the high end of trade estimates (which ranged between 43 million and 63 million bushels), but slid moderately below the prior week’s total of 67.2 million bushels. Still, the total trimmed the weekly rate needed to reach USDA forecasts, now at 44.4 million bushels. Cumulative totals for the 2017/18 marketing year have reached 1.558 billion bushels – still 10.7% below last year’s pace of 1.745 billion.
Japan was the top destination for U.S. corn export inspections last week, with 14.09 million bushels. Other top destinations included Mexico (10.7 million bushels), Colombia (5.5 million bushels), Vietnam (5.4 million bushels) and South Korea (5.4 million bushels).
Soybean export inspections hit 20.5 million bushels last week, which was in the middle of trade estimates that ranged between 14 million and 25 million bushels. It was slightly below the prior week’s total of 21.3 million bushels but nearly double the same week a year ago (which was only 10.6 million bushels). The weekly rate needed to reach USDA forecasts inched up to 23.0 million bushels, and the cumulative total for the 2017/18 marketing year reached 1.720 billion bushels (versus 1.879 million in 2016/17).
China was again the top destination for U.S. soybean export inspections last week, but accounted for less than 25% of the total, with 4.9 million bushels. Other top destinations included the Netherlands (3.9 million bushels), Mexico (2.9 million bushels), Egypt (2.4 million bushels) and Pakistan (2.1 million bushels).
Wheat export inspections dipped below trade estimates of 14 million to 22 million bushels, reaching only 12.5 million bushels. The total was also moderately below the prior week’s tally of 16.4 million bushels, with the weekly rate needed to reach USDA forecasts reaching an increasingly aggressive 33.5 million bushels. Cumulative year-to-date totals of 877 million bushels continue to drag 13% behind 2016/17’s pace of 1.010 billion bushels.
Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 2.6 million bushels, followed closely by Indonesia’s 2.4 million bushels. Other top destinations included Bangladesh (1.7 million bushels), Brazil (1.2 million bushels) and Japan (1.2 million bushels).