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Weekly Grain Movement – ‘Big Three’ all take a small step back

Corn, soybeans and wheat volume all down slightly week-over-week.

USDA’s latest grain export inspection report, covering the week through September 10, had mixed signals for traders this morning. Corn, soybean and wheat volume all declined slightly from a week ago, but the news wasn’t all bad after the tally for each crop still made it to the higher end of trade estimates.

Corn export inspections slipped 1% below the prior week’s total, moving to 34.6 million bushels. That was still on the high end of trade estimates, which ranged between 19.7 million and 35.4 million bushels. It’s only a week and a half into the 2020/21 marketing year, but cumulative totals have started off moderately ahead of last year’s pace, with 45.3 million bushels so far.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 8.3 million bushels. Other leading destinations included China, South Korea, Colombia and Japan.

Soybean export inspections also drifted slightly lower from a week ago, moving to 47.2 million bushels. That was in line with trade estimates, which ranged between 29.4 million and 55.1 million bushels. Cumulative totals for the young 2020/21 marketing year are besting last year’s pace so far, with just under 68 million bushels.

China dominated all destinations for U.S. soybean export inspections last week after accounting for 30.4 million bushels. Egypt, Japan, the Netherlands and the United Kingdom rounded out the top five.

Wheat export inspections slid 9% below the prior week’s tally to 23.4 million bushels. That was still on the upper end of trade estimates, which ranged between 16.5 million and 25.7 million bushels. Cumulative totals for the 2020/21 marketing year, which began June 1, are up to 279.6 million bushels and maintaining a moderate increase compared to a year ago.

Indonesia led all destinations for U.S. wheat export inspections last week, with 3.3 million bushels. The Philippines, Japan, China and Brazil filled out the top five.

Click here to review the latest round of grain export inspection data from USDA.

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