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Weekly Grain Movement – Soybeans keep soaring

LoveTheWind/iStock/Getty Images Plus Soybean splash isolated on black background
Corn improves week-over-week, while wheat sputters.

The latest weekly grain export inspection report from USDA, out Monday morning and covering the week through October 15, held another mixed bag of data. Soybean volume decreased slightly but remains relatively strong and adding to its already impressive year-over-year lead. Corn volume saw a modest bump, meantime, with wheat tumbling to less than half of last week’s tally.

Soybean export inspections dipped 9% below the prior week’s total to 79.9 million bushels. That was nevertheless on the very high end of trade estimates, which ranged between 44.1 million and 80.8 million bushels. Cumulative totals for the 2020/21 marketing year are nearly double last year’s pace so far, reaching 423.2 million bushels.

China remains the dominant destination for U.S. soybean export inspections at this time, with another 64.0 million bushels last week. Egypt, Mexico, Japan and Indonesia rounded out the top five.

Corn export inspections firmed 8.6% higher week-over-week to reach 35.9 million bushels for the week ending October 15. That surpassed all trade guesses, which ranged between 25.6 million and 35.4 million bushels. Cumulative totals for the 2020/21 marketing year remain well above last year’s pace so far, with 214.8 million bushels.

China led all destinations for U.S. corn export inspections last week, with 14.2 million bushels. Mexico, Japan, Saudi Arabia and Colombia filled out the top five.

Sorghum export inspections rebounded from nearly zero a week ago to 2.9 million bushels. China accounted for most of that total, with Madagascar and Thailand picking up the small remainder. Cumulative totals for the 2020/21 marketing year are more than double last year’s pace so far, with 21.2 million bushels.

Wheat export inspections were lackluster last week after pulling in another 8.8 million bushels. Analysts were expecting a bigger haul, with trade guesses ranging between 14.7 million and 22.0 million bushels. Cumulative totals for the 2020/21 marketing year remain moderately ahead of last year’s pace, reaching 392.3 million bushels.

Ethiopia was the No. 1 destination for U.S. wheat export inspections last week, with 2.4 million bushels. Burma, Indonesia, Japan and Venezuela rounded out the top five.

Click here to walk through additional data from USDA’s latest grain export inspection report.

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