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Weekly Grain Movement – Corn and soybeans drift slightly lower

Willard/iStock/GettyImages Two fields of corn and soybeans next to each other in late afternoon sunlight
Wheat volume firms slightly week-over-week.

The latest set of grain export inspection data from USDA, out Monday morning and covering the week through November 19, didn’t have a lot of bullish surprises in store for traders. Corn and soybean totals tilted slightly lower week-over-week but stayed in the range of trade guesses. Wheat volume edged higher, meantime, keeping on the high end of analyst estimates.

Corn export inspections slipped 0.9% lower week-over-week, to 32.8 million bushels. That was in the middle of trade estimates, which ranged between 27.6 million and 43.3 million bushels. Cumulative totals for the 2020/21 marketing year are still well ahead of last year’s pace, with 364.2 million bushels since September 1.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 11.6 million bushels. China, Colombia, Japan and Guatemala rounded out the top five.

Sorghum export inspections dropped moderately week-over-week but still reached 4.8 million bushels last week, with 100% of the total headed for China. Cumulative totals for the 2020/21 marketing year have more than doubled last year’s pace so far, with 43.2 million bushels.

Soybean export inspections dropped 19% below the prior week’s tally to 73.9 million bushels. Analysts were expecting a similar total, with trade guesses that ranged between 55.1 million and 91.9 million bushels. Cumulative totals for the 2020/21 marketing year are maintaining a wide lead over last year’s pace, with 897.2 million bushels.

China accounted for nearly 70% of all U.S. soybean export inspections last week, with 51.0 million bushels. Mexico, Egypt, Indonesia and the Netherlands filled out the top five.

Wheat export inspections pushed 7% higher from a week ago to reach 13.2 million bushels. That was on the higher end of trade estimates, which ranged between 5.5 million and 14.7 million bushels. Cumulative totals for the 2020/21 marketing year are fractionally ahead of last year’s pace, with 455.5 million bushels.

Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 2.5 million bushels. China wasn’t far behind, with 2.3 million bushels. Guatemala, Nigeria and the Philippines rounded out the top five.

Click here to walk through additional data from USDA’s latest grain export inspection report.

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