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Weekly Grain Movement – Corn exceeds expectations again

vencavolrab/ThinkstockPhotos- Green corn field in the sunset.
Soybeans and wheat post relatively disappointing results, in contrast.

USDA’s weekly grain export inspection report for the week ending March 26 again offered a mixed bag of data. Corn led the charge, surging 48% higher week-over-week and topping all trade estimates. But soybean and wheat volumes stayed parked on the low end of trade guesses this past week, although wheat managed meager week-over-week gains.

Corn export inspections nearly reached 50.0 million bushels last week, which was significantly higher than the prior week’s tally of 33.8 million bushels and above all analyst estimates, which ranged between 27.6 million and 39.4 million. But because of a relatively week start to this marketing year, cumulative totals for 2019/20 are still 39% lower year-over-year, now at 711.1 million bushels.

Japan was once again the No. 1 destination for U.S. corn export inspections last week, accounting for another 17.9 million bushels. Mexico also accounted for a significant amount, with 11.9 million bushels. South Korea, Colombia and Costa Rica rounded out the top five.

Soybean export inspections eroded 30% lower from a week ago to land at 15.2 million bushels. Analysts were generally expecting a more bullish tally, with guesses that ranged between 14.7 million and 25.7 million bushels. Cumulative totals for the 2019/20 marketing year are still holding a moderate lead from last year’s pace, with 1.161 billion bushels since last September.

China barely contributed to U.S. soybean export inspections last week, accounting for just 75,000 bushels, although the country remains the No. 1 customer overall this marketing year. Mexico (4.1 million) and Bangladesh (4.0 million) were the top two destinations last week.

Wheat export inspections were relatively disappointing last week, inching 3% ahead of the prior week’s tally to 13.4 million bushels but staying on the low end of trade estimates that ranged between 11.0 million and 22.0 million bushels. Cumulative totals for the 2019/20 marketing year are staying modestly ahead of last year’s pace, now at 751.8 million bushels.

Mexico (3.2 million) and Indonesia 3.1 million) were the top two destinations for U.S. wheat export inspections last week. Colombia, Japan and Ecuador filled out the top five.

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

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