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Soybean volume faces moderate drop from the prior week

Ben Potter, Senior editor

June 6, 2022

2 Min Read
barge with shipping containers
Getty/Jorg Greuel

USDA’s latest round of grain export inspection data, out Monday morning and covering the week through June 2, held another mixed round of numbers for traders to digest. Corn volume once again led the way, improving slightly from week-ago results and moving to the higher end of analyst estimates. Wheat volume also firmed from a week ago but stayed near the lower end of trade estimates. Soybeans fared the worst, taking a moderate week-over-week dip and trending below the entire range of trade guesses.

Corn export inspections moved to 56.5 million bushels last week. That was on the upper end of analyst estimates, which ranged between 46.3 million and 59.1 million bushels. Cumulative totals for the 2021/22 marketing year are still well below last year’s pace, however, after reaching 1.722 billion bushels.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 14.5 million bushels. China, Japan, Taiwan and Colombia rounded out the top five.

Sorghum export inspections firmed moderately week-over-week, reaching 8.2 million bushels. That grain is largely bound for China, with Mexico picking up the modest remainder. Cumulative totals for the 2021/22 marketing year are now tracking slightly above last year’s pace, with 249.2 million bushels.

Soybean export inspections faced a moderate week-over-week decline, landing at 12.9 million bushels. That was also below the entire range of trade guesses, which came in between 14.7 million and 22.0 million bushels. Cumulative totals for the 2021/22 marketing year continue to trend moderately below last year’s pace, with 1.832 billion bushels.

Mexico was the top destination for U.S. soybean export inspections last week, with 5.4 million bushels. Egypt, Japan, Colombia and Costa Rica filled out the top five.

Wheat export inspections saw a blend of old and new crop shipments last week, due to the 2021/22 marketing year drawing to a close at the end of May. Total inspections were for 13.0 million bushels, moving slightly higher week-over-week but staying toward the lower end of trade guesses, which ranged between 11.0 million and 18.4 million bushels. Cumulative totals for the 2022/23 marketing year are starting slightly ahead of the prior year’s pace, with 8.3 million bushels through the first two days of June.

Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 3.8 million bushels. South Korea, the Philippines, El Salvador and Japan rounded out the top five.

Click here to see more data from the latest USDA grain export inspection report.

About the Author(s)

Ben Potter

Senior editor, Farm Futures

Senior Editor Ben Potter brings two decades of professional agricultural communications and journalism experience to Farm Futures. He began working in the industry in the highly specific world of southern row crop production. Since that time, he has expanded his knowledge to cover a broad range of topics relevant to agriculture, including agronomy, machinery, technology, business, marketing, politics and weather. He has won several writing awards from the American Agricultural Editors Association, most recently on two features about drones and farmers who operate distilleries as a side business. Ben is a graduate of the University of Missouri School of Journalism.

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