Weekly Grain Movement – Soybeans stay on high end of trade estimates

Wheat also takes a step forward, with corn retreating moderately

Ben Potter, Senior editor

August 24, 2020

2 Min Read

USDA’s latest grain export inspection report, out Monday morning and covering the week through August 20, held mixed but mostly positive news. Soybeans and wheat moved higher, with each crop landing on the higher end of trade estimates. But corn took a moderate step lower, landing on the lower end of analyst expectations.

Corn export inspections reached 35.1 million bushels last week, moving 17% below the prior week’s tally and landing on the lower end of trade estimates, which ranged between 31.5 million and 45.3 million bushels. Cumulative totals for the 2019/20 marketing year are more than 222 million bushels behind the prior year’s pace, reaching 1.624 billion bushels.

Mexico (9.6 million) and Japan (9.0 million) were the top two destinations for U.S. corn export inspections, as they are many weeks. Colombia was not far behind, with 8.6 million bushels. China and Venezuela rounded out the top five.

Sorghum export inspections took a moderate step back last week, with 2.6 million bushels. China and Sudan accounted for more than 99% of that total. Cumulative totals for the 2019/20 marketing year are still more than double of last year’s pace, with 188.7 million bushels.

Soybean export inspections saw a moderate week-over-week increase, climbing to 42.3 million bushels. That was also on the high end of trade estimates, which ranged between 22.0 million and 45.9 million bushels. Cumulative totals for the 2019/20 marketing year are now at 1.552 billion bushels, trending 5% below last year’s pace with less than two weeks to go in the current marketing year.

China accounted for more than half of the total U.S. soybean export inspections last week, with 25.1 million bushels. Other top destinations included the Netherlands, Egypt, Mexico and Japan.

Wheat export inspections also landed on the high end of trade expectations, reaching 20.9 million bushels. Analysts were expecting that number to land somewhere between 14.7 million and 22.0 million bushels. Cumulative totals for the 2020/21 marketing year are staying moderately ahead of last year’s pace so far, chalking up 228.9 million bushels so far.

Yemen topped all destinations for U.S. wheat export inspections last week but only took 2.7 million bushels. China was close behind, with 2.3 million bushels. Mexico, the Philippines and Taiwan filled out the top five.

Click here to review the latest round of grain export inspection data from USDA.

About the Author(s)

Ben Potter

Senior editor, Farm Futures

Senior Editor Ben Potter brings two decades of professional agricultural communications and journalism experience to Farm Futures. He began working in the industry in the highly specific world of southern row crop production. Since that time, he has expanded his knowledge to cover a broad range of topics relevant to agriculture, including agronomy, machinery, technology, business, marketing, politics and weather. He has won several writing awards from the American Agricultural Editors Association, most recently on two features about drones and farmers who operate distilleries as a side business. Ben is a graduate of the University of Missouri School of Journalism.

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