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Two combines harvesting wheat at night. maki_shmaki/ThinkstockPhotos

Weekly Grain Movement – Corn firms, soybeans slide lower

Wheat volume sees a moderate week-over-week increase.

USDA’s latest weekly grain export inspection report, out Monday morning and covering the week through September 24, held a mixed bag of data – as it often does. Corn and wheat volume increased moderately week-over-week, while soybeans slid slightly lower. All three crops landed in the range of trade estimates.

Corn export inspections tracked 5% above last week’s tally, moving to 31.8 million bushels. That total was on the upper end of trade estimates, which ranged between 25.6 million and 35.4 million bushels. Cumulative totals for the 2020/21 marketing year are off to a relatively stronger start to last year, nearly doubling the pace of 2019/20 so far at 109.6 million bushels.

Mexico and China topped all destinations for U.S. corn export inspections last week, with 11.9 million bushels and 10.6 million bushels, respectively. Japan, South Korea and Taiwan rounded out the top five.

Sorghum export inspections saw a moderate decline, sliding to 2.3 million bushels last week. China accounted for more than 99% of that total, with Mexico picking up the slim remainder. Cumulative totals for the 2020/21 marketing year have tripled last year’s pace so far, with 12.0 million bushels.

Soybean export inspections saw a modest week-over-week drop, moving to 44.5 million bushels. That tally was within the scope of trade estimates, which ranged between 40.4 million and 51.4 million bushels. Cumulative totals for the 2020/21 marketing year are moderately outpacing year-over-year totals, with 178.2 million bushels.

China accounted for nearly 73% of all U.S. soybean export inspections last week, with 32.5 million bushels. Vietnam, Mexico, Spain and Taiwan filled out the top five.

Wheat export inspections saw moderate week-over-week gains, climbing to 20.7 million bushels. That was in the middle of trade estimates, which ranged between 14.7 million and 23.9 million bushels. Cumulative totals for the 2020/21 marketing year are still maintaining a modest lead over last year’s pace after reaching 338.8 million bushels.

As with corn and soybeans, China was the No. 1 destination for U.S. wheat export inspections last week, with 6.9 million bushels. The Philippines, Mexico, Chile and Singapore rounded out the top five.

Click here to review the most recent round of grain export inspection data from USDA.

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