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Weekly Grain Movement – Lackluster results last week

Farm Progress grain bins on farm
Corn, soybean and wheat export inspections fail to impress.

USDA’s latest batch of grain export inspection data was pedestrian for the week ending June 11, with corn and wheat volumes both taking a modest step back from the prior week. Soybean volume firmed by 37%, meantime, but were still on the lower half of trade guesses.

Corn export inspections fell below all trade guesses, which ranged between 37.4 million and 49.2 million bushels, to land at 35.8 million bushels. That tally slipped 22% below the prior week’s volume but was moderately higher compared to the same week in 2019. Still, cumulative totals for the 2019/20 marketing year have only matched roughly three-fourths of last year’s pace, with 1.204 billion bushels.

Japan topped all destinations for U.S. corn export inspections last week, with 11.0 million bushels. Mexico, South Korea, the Philippines and Peru rounded out the top five.

Sorghum export inspections rose moderately week-over-week to reach 8.8 million bushels. China continues to be the dominant buyer, but Japan, New Zealand and Mexico also appeared on the ledger last week. Cumulative totals for the 2019/20 marketing year have nearly tripled last year’s pace, with 147.2 million bushels.

Soybean export inspections moved moderately higher than a week ago, reaching 13.8 million bushels. Analysts were generally expecting a better outcome, with trade guesses ranging between 11.0 million and 18.4 million bushels. Cumulative totals for the 2019/20 marketing year are still slightly above the prior year’s pace, with 1.327 billion bushels.

Egypt topped all destinations, as it has done several times this year, with another 3.8 million bushels. China, Bangladesh, Mexico and Lebanon filled out the top five.

Wheat export inspections were also tepid last week, sliding 7% lower week-over-week to 16.3 million bushels. That tally was also on the lower end of trade estimates, which ranged between 14.7 million and 22.0 million bushels. Cumulative totals for the young 2020/21 marketing year are at 24.2 million bushels – a moderately sluggish start compared to last year.

The Philippines accounted for more than a fourth of last week’s total U.S. wheat export inspections, with 4.8 million bushels. Yemen, Japan, Guatemala and Mexico rounded out the top five.

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