Analysts were expecting another big round of corn export inspections for the week ending June 25, and USDA did not disappoint. But soybean export inspections fell to the lower end of trade guesses, despite moving moderately higher than a week ago, and wheat export inspections saw relatively lackluster results after spilling moderately lower week-over-week.
Corn export inspections eased slightly week-over-week but still hauled in another 48.6 million bushels, landing on the upper end of trade guesses that ranged between 39.4 million and 51.2 million bushels. Cumulative totals for the 2019/20 marketing year still lag significantly behind last year’s pace, however, with 1.308 billion bushels.
Japan was the No. 1 destination for U.S. corn export inspections last week, with 12.1 million bushels – followed closely by Mexico’s 11.4 million bushels. Colombia, China and South Korea rounded out the top five.
Sorghum export inspections made a moderate jump higher this past week, to 6.2 million bushels. Cumulative totals for the 2019/20 marketing year are still more than double last year’s pace, with 157.8 million bushels. China and Sudan were the primary destinations last week, with Haiti and Mexico also taking very small amounts.
Soybean export inspections firmed moderately from a week ago to 11.9 million bushels but still landed on the lower end of trade guesses, which ranged between 10.1 million and 20.2 million bushels. Cumulative totals for the 2019/20 marketing year are now fractionally behind last year’s pace, with 1.352 billion bushels.
With China accounting for a very slim total last week, Egypt returned as the No. 1 destination for U.S. soybean export inspections, with 4.9 million bushels. Mexico, Morocco, Japan and Colombia filled out the top five.
Wheat export inspections took a moderate spill week-over-week, landing at 18.9 million bushels, which was in the middle of trade guesses that ranged between 16.5 million and 23.9 million bushels. Cumulative totals in the young 2020/21 marketing year are trending fractionally higher than a year ago, at 73.5 million bushels.
The Philippines led all destinations for U.S. wheat export inspections last week, with 6.1 million bushels. Other top destinations included Japan, Indonesia, Guatemala and Nigeria.