Weekly Grain Movement: Corn and soybeans miss the markWeekly Grain Movement: Corn and soybeans miss the mark

The latest set of grain export inspection data from USDA, out Monday morning and covering the week through September 22 showcased mixed but mostly disappointing results. Wheat volume fared the best, staying toward the higher end of analyst estimates despite a moderate week-over-week decline. Meanwhile, corn and soybean volumes were lackluster, spilling below the entire range of trade guesses.

Corn export inspections failed to match analyst estimates that ranged between 19.7 million and 31.5 million bushels after facing a moderate weekly decline to 18.1 million bushels. Cumulative totals for the 2022/23 marketing year are still trending above last year’s pace, however, with 63.3 million bushels since the start of September.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 9.9 million bushels. Japan, China, Venezuela and Costa Rica rounded out the top five.

Sorghum export shipments improved from a week ago but still only totaled 798,000 bushels. That grain is bound for South Sudan, Mexico and Madagascar. Cumulative totals for the 2022/23 marketing year are off to a sluggish start after amassing just 3.0 million bushels so far.

Soybean export inspections failed to match analysts’ expectations after landing at 9.5 million bushels. Trade estimates were much more robust, ranging between 14.1 million and 29.4 million bushels. Cumulative totals for the 2022/23 marketing year are still running slightly ahead of last year’s pace, with 43.0 million bushels.

Japan was the No. 1 destination for U.S. soybean export inspections last week, with 2.9 million bushels. China, Mexico, Costa Rica and Columbia filled out the top five.

Wheat export inspections turned in a solid total of 19.1 million bushels, although that still failed to match the prior week’s tally of 30.7 million bushels. Still, it trended toward the higher end of trade estimates, which ranged between 7.3 million and 29.4 million bushels. Cumulative totals for the 2022/23 marketing year are still slightly below last year’s pace, with 285.8 million bushels.

China topped all destinations for U.S. wheat export inspections last week, with 4.2 million bushels. Chile, Mexico, Taiwan and Vietnam rounded out the top five.

Click here for more from the latest USDA grain export inspection report, covering the week through September 22.