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Weekly Grain Movement – Wheat rebounds, corn and soybeans slump

DarcyMaulsby /iStock/Thinkstock. grain barge river elevator
This barge on the Mississippi River in eastern Iowa is taking on a load of grain, either corn or soybeans, from area farms.
Wheat was the week’s clear winner after climbing above all trade guesses.

USDA’s latest grain export inspection report, out Monday morning and covering the week through April 15, showed some promising results for wheat, while corn and soybeans continued their latest downward trajectories. Traders mostly shrugged off the numbers as they have remained focused on an expected cold snap arriving later this week in the central U.S.

Corn export inspections fell moderately lower again week-over-week, landing at 60.0 million bushels. That was also near the bottom of trade guesses, which ranged between 55.1 million and 82.7 million bushels. Thanks to a red-hot start earlier in the season, cumulative totals for the 2020/22 marketing year remain far ahead of last year’s pace with 1.545 billion bushels since the start of September.

China was the No. 1 destination for U.S. corn export inspections last week, taking in more than a third of the total with 22.1 million bushels. Mexico, Japan, South Korea and Taiwan rounded out the top five.

Sorghum export inspections moved moderately higher last week, reaching 12.4 million bushels. The entirety of that grain is bound for China. Cumulative totals for the 2020/21 marketing year have more than doubled last year’s pace so far, with 204.7 million bushels.

Soybean export inspections spilled 45% week-over-week, falling to 6.8 million bushels. That was closer to the low end of trade estimates, which ranged between 3.7 million and 14.7 million bushels. Cumulative totals for the 2020/21 marketing year still have a commanding lead over last year’s pace, with 2.021 billion bushels.

Mexico topped all destinations for U.S. soybean export inspections last week, with 2.7 million bushels. Japan, Indonesia, Taiwan and China filled out the top five.

Wheat export inspections saw week-over-week increases of 33% after reaching 22.5 million bushels. That was above the entire range of trade guesses, which came in between 9.2 million and 20.2 million bushels. Cumulative totals for the 2020/21 marketing year currently have a slim lead over last year’s pace, with 809.2 million bushels.

The Philippines topped all destinations for U.S. wheat export inspections last week, with 4.8 million bushels. Thailand wasn’t far behind, with 4.0 million bushels. China, South Korea and Mexico rounded out the top five.

Click here for more highlights from the latest USDA grain export inspection report.

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