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Weekly Grain Movement – Wheat and corn capture improvements

fotokostic/Thinkstock Field of soybeans next to field of corn next to field of wheat
Soybean volume faces a moderate slide compared to last week.

USDA’s latest batch of grain export inspection data, out Monday morning and covering the week through November 12, held some mixed results as it often does. Soybeans led the way once more in total volume and climbed to the upper end of trade estimates but still fell moderately lower week-over-week. Corn and what notched week-over-week improvements, in contrast, but total volume was less than impressive.

Soybean export inspections saw another 82.3 million bushels last week, which failed to match the prior week’s tally but were still on the higher end of trade estimates, which ranged between 51.4 million and 91.9 million bushels. And cumulative totals so far for the 2020/21 marketing year are still building its lead over last year’s pace after reaching 815 million bushels.

China remains by far the No. 1 destination for U.S. soybean export inspections, accounting for another 62.7 million bushels last week, or 76% of the total. Egypt, Mexico, the Netherlands and Japan rounded out the top five.

Corn export shipments climbed 18% above last week’s tally to reach 32.2 million bushels, putting the total in the middle of trade estimates that ranged between 25.6 million and 39.4 million bushels. Cumulative totals for the 2020/21 marketing year are getting closer to doubling last year’s pace, with 330.5 million bushels since September 1.

China was the top destination for U.S. corn export inspections last week, with just under 11.0 million bushels. Mexico was not far behind, with 8.8 million bushels. Japan, Peru and El Salvador filled out the top five.

Sorghum export inspections faded moderately lower week-over-week but still reached 4.6 million bushels last week, which are largely headed to China, Eritrea (a small East African nation just north of Ethiopia) and Japan. Cumulative totals for the 2020/21 marketing year have now more than doubled last year’s pace, with 35.6 million bushels.

Wheat export inspections made small inroads this past week, climbing 7% above last week’s tally to reach 12.0 million bushels. Still, that was on the low end of trade guesses, which ranged between 10.1 million and 22.0 million bushels. Cumulative totals for the 2020/21 marketing year are maintaining a slim lead over last year’s pace, with 442 million bushels.

The Philippines once again topped all destinations for U.S. wheat export inspections last week, with 2.9 million bushels. Japan, Taiwan, Ethiopia and South Korea rounded out the top five.

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

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