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Weekly Grain Movement – Soybeans take fractional step lower

oticki/ThinkstockPhotos RipeningSoybeanField
Corn and wheat volumes also down slightly week-over-week.

The latest batch of grain export inspection data from USDA, out Monday morning and covering the week through August 13, held solid – but not spectacular – numbers for corn, soybeans and wheat. All three grains saw a small week-over-week decline but stayed on the higher end of analyst expectations.

Corn export inspections saw 40.8 million bushels last week, which was a moderate drop from the prior week’s tally of 50.7 million bushels but still on the higher end of trade estimates, which ranged between 31.5 million and 43.3 million bushels. Cumulative totals for the 2019/20 marketing year, which is rapidly winding down, are now at 1.587 billion bushels and all but guaranteed not to match the prior year’s tally.

China was the No. 1 destination for U.S. corn export inspections last week, accounting for 12.4 million bushels. Mexico was not far behind, with 9.8 million bushels. Japan, Colombia and Guatemala rounded out the top five.

Sorghum export inspections saw a moderate decline, falling to 3.3 million bushels last week. China, Sudan and Mexico were the only three destinations. Cumulative totals for the 2019/20 marketing year are still more than double last year’s pace, reaching 186 million bushels.

Soybean export inspections saw a fractional dip lower, moving to 28.8 million bushels. That was still on the upper end of trade estimates, which ranged between 15.6 million and 29.4 million bushels. Cumulative totals for the 2019/20 marketing year have fallen moderately behind last year’s pace, now at 1.5050 billion bushels.

China accounted for more than half of all U.S. soybean export inspections last week, with 15.7 million bushels. The Netherlands, Mexico, Indonesia and Egypt filled out the top five.

Wheat export inspections saw a small week-over-week decline, sliding to 17.0 million bushels. That tally made it to the middle of trade estimates, which ranged between 14.7 million and 22.0 million bushels. Cumulative totals for the 2020/21 marketing year are still slightly ahead of last year’s pace, with 206.7 million bushels.

Japan topped all destinations for U.S. wheat export inspections last week, with 4.9 million bushels. Sri Lanka, Thailand, Mexico and Yemen rounded out the top five.

Click here to review the latest round of grain export inspection data from USDA.

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