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Weekly Grain Movement – ‘Big Three’ take a step back

Weekly Grain Movement – ‘Big Three’ take a step back
Corn, soybean and wheat volume all track moderately lower week-over-week

Grain export inspections have been moving along at a healthy clip for the most part this spring, but corn, soybeans and wheat each saw moderate declines for the week ending May 20. Even so, totals for all three grains during the 2020/21 marketing year are still tracking above last year’s pace.

Corn export inspections fell to 68.0 million bushels. That was also on the lower end of trade estimates, which ranged between 66.9 million and 86.6 million bushels. Cumulative totals for the 2020/21 marketing year still widened its already impressive lead over last year’s pace, climbing to 1.924 billion bushels.

China was by far the No. 1 destination for U.S. corn export inspections last week, with 30.5 million bushels. Mexico, Japan, Colombia and South Korea rounded out the top five.

Sorghum export inspections roughly tripled its total week-over-week, moving to 6.4 million bushels. China and Eritrea were the primary customers, with Mexico picking up a fractional remainder. Cumulative totals for the 2020/21 marketing year are nearly doubling last year’s pace, with 234.9 million bushels.

Soybean export inspections suffered a moderate week-over-week decline, spilling to 7.1 million bushels. That was still near the middle of trade guesses, which ranged between 5.5 million and 9.2 million bushels. Cumulative totals for the 2020/21 marketing year remain well above last year’s pace, with 2.066 billion bushels.

Indonesia was once again the No. 1 destination for U.S. soybean export inspections last week, with 2.8 million bushels. Egypt, Mexico, Costa Rica and China filled out the top five.

Wheat export inspections faded 13% week-over-week, falling to 21.1 million bushels. That was still on the upper end of analyst estimates, which ranged between 15.6 million and 23.0 million bushels. Cumulative totals for the 2020/21 marketing year are holding on to a slim lead over last year’s pace, with 916.7 million bushels.

Japan led all destinations for U.S. wheat export inspections last week, with 3.4 million bushels. Mexico, Indonesia, the Philippines and Taiwan rounded out the top five.

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

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