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Weekly Grain Movement – Corn claws moderately higher

Weekly Grain Movement – Corn claws moderately higher
Soybean volume nearly doubles week-over-week, with wheat trending slightly lower

The latest batch of grain export inspection data from USDA showed mostly positive data for the week ending July 1. Corn volume improved moderately, and soybeans posted solid week-over-week gains, while wheat tracked slightly lower this past week.

Corn export inspections moved nearly 20% higher from a week ago to reach 48.7 million bushels. That was also near the middle of trade estimates, which ranged between 39.4 million and 59.1 million bushels. Cumulative totals for the 2020/21 marketing year continues to widen an already impressive lead over last year’s pace, reaching 2.289 billion bushels.

China was again the top destination for U.S. corn export inspections last week, with just under 16.0 million bushels. Mexico, Japan, Saudi Arabia and Costa Rica rounded out the top five.

Sorghum export inspections tumbled to just 132,000 bushels last week, with that grain bound for Mexico and Chad. Cumulative sales for the 2020/21 marketing year remain solidly ahead of last year’s pace, with 255.2 million bushels.

Soybean export inspections nearly doubled its volume from a week ago, reaching 7.6 million bushels. That was also toward the higher end of trade estimates, which ranged between 3.3 million and 11.0 million bushels. Cumulative totals for the 2020/21 marketing year still far exceed last year’s pace, with 2.111 billion bushels.

Mexico was the No. 1 destination for U.S. soybean export inspections last week, with 3.4 million bushels. Japan, Colombia, Indonesia and Costa Rica filled out the top five.

Wheat export inspections saw a modest retreat to 9.5 million bushels this past week. That was also below the entire range of trade guesses, which came in between 10.1 million and 18.4 million bushels. Cumulative totals for the first month of the 2021/22 marketing year are moderately lower versus a year ago, with 65.9 million bushels.

Mexico was the No. 1 destination for U.S. wheat export inspections, with 3.2 million bushels. Taiwan, Nigeria, Japan and the Dominican Republic rounded out the top five.

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

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