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Weekly Grain Movement – The ‘big three’ take a step back

Weekly Grain Movement – The ‘big three’ take a step back

Corn, soybean and wheat export inspections all down week-over-week.

USDA’s latest grain export inspection report was released a day late, due to the Memorial Day holiday on Monday. But the latest round of data didn’t feel worth the wait, with corn, soybean and wheat volumes all taking a step back from the prior week’s tally.

Corn export inspections again led the way in total volume, although the tally for the week ending May 21 slipped 8% from a week ago to land at 43.0 million bushels. Analysts were generally expecting a bigger haul, with trade guesses ranging between 39.3 million and 55.1 million bushels. Cumulative totals for the 2019/20 marketing year are still far behind last year’s pace after reaching 1.077 billion bushels.

Last week, Mexico (11.1 million) and Japan (10.2 million) led all destinations for U.S. corn export inspections. Colombia, Israel and South Korea rounded out the top five.

Sorghum export inspections logged another 7.4 million bushels last week, headed primarily to China and South Sudan. Last week’s tally saw a moderate week-over-week decline, but cumulative sales for the 2019/20 marketing year continue to more than double last year’s pace, with 125.6 million bushels.

Soybean export inspections continue to show lackluster results in May, sliding another 6% from a week ago to 12.2 million bushels. That tally was below all trade estimates, which ranged between 12.9 million and 22.0 million bushels. Cumulative totals for the 2019/20 marketing year are still modestly higher than last year’s pace, at 1.289 billion bushels.

Soybean export inspections to China were disappointing last week, with only 184,000 bushels headed to our No. 1 buyer. Mexico emerged as the top destination instead last week, with 4.7 million bushels. Japan, Egypt, Indonesia and Vietnam filled out the top five.

Wheat export inspections dropped slightly week-over-week, landing at 16.8 million bushels. Analysts were generally expecting a larger haul, with trade guesses ranging between 14.7 million and 22.0 million bushels. Cumulative totals for the 2019/20 marketing year are maintaining a very slim lead over last year’s pace, with 896.2 million bushels.

China emerged as the dominant destination for U.S. wheat inspections last week, with 6.1 million bushels. Other top destinations included the Philippines, Mexico, Japan and Taiwan.

Click here to read the entire latest grain export inspection report from USDA.

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