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Weekly Grain Movement – Another mixed round of data

RGtimeline/iStock/Getty Images Truck unloading grain
Wheat volume climbs higher week-over-week, while corn and soybeans sputter.

The latest round of grain export inspection data from USDA, covering the week through March 4, held some mixed messages for traders to digest. Corn volume faded from a week ago but still landed on the higher end of trade estimates. Soybean totals were also down week-over-week, while wheat trended 41% higher than the prior weeks’ tally.

Corn export inspections reached 60.8 million bushels last week, which failed to match the prior week’s total of 80.6 million bushels but still made its way to the higher end of trade estimates, which ranged between 47.2 million and 70.9 million bushels. Cumulative totals for the 2020/21 marketing year remain far ahead of last year’s pace, with 1.087 billion bushels.

China was the No. 1 destination for U.S. corn export inspections last week, with 13.7 million bushels. Japan followed closely behind, with 12.2 million bushels. Mexico, South Korea and Peru rounded out the top five.

Sorghum export inspections moved moderately higher week-over-week, reaching 7.5 million bushels. More than 99% of that grain is bound for China, with Japan picking up the fractional remainder. Cumulative totals for the 2020/21 marketing year are close to tripling last year’s pace, with 148.6 million bushels.

Soybean export inspections saw week-over-week reductions of 41%, falling to 21.6 million bushels. That was near the middle of trade estimates, however, which ranged between 14.7 million and 29.4 million bushels. Cumulative totals for the 2020/21 marketing year still have a commanding lead over last year’s pace, with 1.932 billion bushels.

China was once again the No. 1 destination for U.S. soybean export inspections last week, with another 7.8 million bushels. Egypt, Indonesia, Mexico and Taiwan filled out the top five.

Wheat export inspections rebounded from the prior week’s lackluster tally of 12.5 million bushels to a more respectable total of 17.7 million bushels. That was on the upper end of trade estimates, which ranged between 9.2 million and 18.4 million bushels. Cumulative totals for the 2020/21 marketing year are now at 683.1 million bushels, still trending slightly behind last year’s pace.

China topped all destinations for U.S. wheat export inspections last week, with 4.8 million bushels. South Korea, the Philippines, Taiwan and Mexico rounded out the top five.

Click here to read through more highlights from the latest USDA grain export inspection report.

Read last week's report: Weekly Grain Movement – Corn rebounds, wheat struggles 

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