USDA’s latest batch of grain export inspection data, out Monday morning and covering the week through March 25, showed a second straight week of declines for corn, soybeans and wheat. A silver lining – corn and soybean totals were ahead of what they were the same week a year ago, allowing cumulative totals for the 2020/21 marketing year to extend already sizeable leads over 2019/20’s pace. Wheat totals remain slightly behind last year’s pace, in contrast.
Corn export inspections reached 66.7 million bushels last week, which was a week-over-week decline of around 16%. That was slightly on the lower end of trade estimates, which ranged between 47.2 million and 88.6 million bushels. Cumulative totals for the 2020/21 marketing year are still nearly doubling last year’s pace so far, after reaching 1.328 billion bushels.
Japan reemerged as the No. 1 destination for U.S. corn export inspections last week, with 16.7 million bushels. China, Mexico, Colombia and Saudi Arabia rounded out the top five.
Sorghum export inspections rebounded well above the prior week’s tally to reach 9.6 million bushels. More than 99% of the total is bound for China, with Italy picking up the tiny remainder. Cumulative totals for the 2020/21 marketing year remain well above last year’s pace, with 175.1 million bushels.
Soybean export inspections slid 14% lower week-over-week to 15.6 million bushels. That was still on the higher end of analyst estimates, with trade guesses ranging between 5.5 million and 21.1 million bushels. Cumulative totals for the 2020/21 marketing year are still far ahead of last year’s pace, with 1.987 billion bushels since September 1.
China topped all destinations for U.S. soybean export inspections last week, with 3.5 million bushels. Japan, Egypt, Mexico and Belgium filled out the top five.
Wheat export inspections came in at less than half of the prior week’s tally, with a total volume of 11.1 million bushels. That was also below the entire range of trade guesses, which came in between 12.9 million and 22.0 million bushels. Cumulative totals for the 2020/21 marketing year remain slightly behind last year’s pace, with 745.9 million bushels.
Nigeria led all destinations for U.S. wheat export inspections last week, with 2.9 million bushels. The Philippines, Japan, Mexico and the Dominican Republic rounded out the top five.
Click here to read more highlights from the latest USDA grain export inspection report.