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Weekly Grain Movement - Soybeans slide from a week ago

fotokostic/ThinkstockPhotos Soybean pouring from combine into waiting truck.
Corn totals also down week-over-week, as wheat climbs moderately higher.

Grain export inspections mostly slowed for the week ending December 19, per the latest data from USDA, out Monday morning. Soybeans still command the most volume overall, capturing nearly half of all grain totals this past week. Wheat showed the most upside in the latest data dump, climbing moderately ahead of the prior week’s total and besting trade estimates.

Soybean export inspections reached 39.8 million bushels last week. Volume slid moderately below the average trade estimate of 45.9 million bushels and the prior week’s tally of 46.3 million bushels. Still, 2019/20 volume remains 24.7% higher than the same pace a year ago, with 727.3 million bushels since September 1.

China took in 15.4 million bushels, or roughly 39% of the total last week. Other significant destinations of note included the Netherlands (5.9 million), Thailand (3.2 million), Saudi Arabia (2.6 million) and the United Kingdom (2.4 million).

Corn export inspections saw a big decline of nearly 45% week-over-week, tumbling to 15.2 million bushels. The average trade guess was much higher, at 23.6 million bushels, as was the prior week’s tally of 27.0 million bushels. Cumulative totals for the 2019/20 marketing year also continue to disappoint, now at 300.3 million bushels since September 1. That’s more than 55% below last year’s pace.

Mexico (8.4 million) and Japan (3.8 million), accounted for nearly all U.S. corn export inspections last week. Central and South American countries took most of the small remainder, including Jamaica, Colombia, El Salvador and Venezuela.

Wheat export inspections moved moderately higher this past week, unlike corn and soybeans. Total inspections were for 21.3 million bushels. That was a moderate improvement over both the average trade guess of 17.9 million bushels and the prior week’s tally of 18.6 million bushels. Cumulative totals for the 2019/20 marketing year are now at 520.2 million bushels, trending 15.1% above last year’s pace so far.

Mexico (4.7 million) and the Philippines (3.7 million) were the top two destinations for U.S. wheat export inspections last week. Other leading destinations included Guatemala, South Korea, Ecuador and Colombia.

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

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