May 31, 2022
The latest batch of grain export inspection data from USDA, out Monday morning and covering the week through May 26, came in largely as expected, although the numbers weren’t all necessarily bullish. Wheat improved moderately from a week ago but still landed near the lower end of analyst expectations. Soybeans trended lower, also landing on the lower end of trade guesses. Corn volume also faded lower week-over-week but managed to stay closer to the middle of trade estimates.
Corn export inspections slid 21% lower week-over-week to 54.8 million bushels. That was near the middle of trade guesses, which came in between 39.4 million and 70.9 million bushels prior to today’s report. Cumulative totals for the 2021/22 marketing year remain well below last year’s pace, with 1.664 billion bushels.
China was the No. 1 destination for U.S. corn export inspections last week, with 10.6 million bushels. Japan was close behind, with 10.4 million bushels. Mexico, Colombia and South Korea rounded out the top five.
Sorghum export inspections tilted moderately lower from week-ago results, moving to 5.7 million bushels. Most of that grain is bound for China, with Mexico and Japan picking up the modest remainder. Cumulative totals for the 2021/22 marketing year are running slightly behind last year’s pace, with 240.9 million bushels.
Soybean export inspections were lackluster, only making it to 13.9 million bushels after facing a moderate week-over-week decline. That was also on the lower end of trade estimates, which ranged between 11.0 million and 29.4 million bushels. Cumulative totals for the 2021/22 marketing year are now at 1.781 billion bushels, versus year-ago totals of 2.082 billion bushels.
Germany was the No. 1 destination for U.S. soybean export inspections last week, with 2.5 million bushels. Egypt, Mexico, China and Japan filled out the top five.
Wheat export inspections made moderate inroads from a week ago, climbing to 12.6 million bushels. That was still toward the lower end of analyst estimates, which ranged between 9.2 million and 18.4 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately below last year’s pace, with 734.7 million bushels.
Nigeria led all destinations for U.S. wheat export inspections last week, with 2.9 million bushels. The Philippines, Mexico, Taiwan and Peru rounded out the top five.
Click here to see more data from the latest USDA grain export inspection report.
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