Corn and soybean rows with grassy field road between them. Mark R Coons/iStock/GettyImages

Weekly Grain Movement – The soybean slump continues

Wheat also down week-over-week, while corn holds steady.

Corn continues to dominate grain export inspections for the week ending April 2, topping all trade estimates and firming fractionally above the prior week’s tally. But soybeans and wheat underperformed, moving lower still from last week’s already lackluster results.

Corn export inspections reached 50.1 million bushels last week, moving a hair above the prior week’s tally and topping all trade guesses, which ranged between 31.5 million and 47.2 million bushels. Marketing year-to-date totals are still unlikely to match last year’s tally, however, with 761.2 million bushels since last September.

Japan (14.8 million) and Mexico (12.7 million) were again the top two destinations for U.S. corn export inspections last week, as they often have been so far in 2020. South Korea, Saudi Arabia and Taiwan rounded out the top five.

Less impressive was the tally for U.S. wheat export inspections last week after reaching just 11.8 million bushels. That total slid 17% below the prior week’s volume and landed on the low end of trade estimates, which ranged between 11.0 million and 20.2 million bushels. Marketing year-to-date totals are still maintaining a modest lead over 2018/19’s pace, with 764.4 million bushels.

Mexico topped all destinations for U.S. wheat export inspections last week, with just under 2.0 million bushels. Other leading destinations included Japan, Guatemala, Nigeria and Indonesia.

Soybean export inspections also had a lackluster performance last week, with just under 11.0 million bushels – spilling 28% lower than a week ago and falling below all trade estimates, which ranged between 11.0 million and 23.9 million bushels. Cumulative totals for the 2019/20 marketing year have an eroding but slim lead over the prior year’s pace after reaching 1.172 billion bushels.

China showed up on the list of destinations for U.S. soybean export inspections last week but only accounted for about 64,000 bushels. Egypt was once again the No. 1 destination with 4.0 million bushels. Mexico, Japan, South Korea and Indonesia filled out the top five.

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

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