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Weekly grain movement – Corn and soybean volume trends higher

iStockphoto Illustration of two container ships facing each other on the water, one with USA flag
Wheat volume faces a moderate week-over-week decline.

The newest set of grain export inspection data from USDA, out Monday morning and covering the week through Sept. 23. Corn and soybeans both made moderate inroads compared to the prior week, with each crop landing on the upper end of analyst estimates. Wheat volume was disappointing, in contrast, moving moderately lower from a week ago and falling below the entire range of trade guesses.

Corn export inspections improved 28% week-over-week to reach 20.4 million bushels. That was near the upper end of trade estimates, which ranged between 11.8 million and 22.6 million bushels. Cumulative totals for the 2021/22 marketing year are still well below last year’s pace so far, with 44.9 million bushels since the start of September.

Mexico accounted for more than half of all U.S. corn export inspections last week, with 11.6 million bushels. Japan, Honduras, Costa Rica and Panama rounded out the top five.

Sorghum export inspections moved substantially higher week-over-week, climbing to 4.6 million bushels. That grain is bound for China, Mexico and Vietnam. Cumulative totals for the 2021/22 marketing year are still off to a sluggish start compared to a year ago after reaching 5.2 million bushels since Sept. 1.

Soybean export inspections improved to 16.2 million bushels last week, versus the prior week’s tally of 10.2 million bushels. That was also on the higher end of trade estimates, which ranged between 5.5 million and 18.4 million bushels. Cumulative totals for the 2021/22 marketing year are still only about a fifth of last year’s pace after reaching 34.6 million bushels.

China dominated U.S. soybean export inspections last week, accounting for 10.6 million bushels. Germany, Mexico, Taiwan and Indonesia filled out the top five.

Wheat export inspections were lackluster, falling to about half of the prior week’s total to 10.5 million bushels. That tally was also below all trade guesses, which ranged between 14.7 million and 23.0 million bushels. Cumulative totals for the 2021/22 marketing year still lag moderately behind last year’s pace, with 294.0 million bushels.

Nigeria was the No. 1 destination for U.S. wheat export inspections last week, with 1.8 million bushels. Thailand, Yemen, Mexico and Japan rounded out the top five.

Read more from the latest USDA grain export inspection report, which covers the week through Sept. 23.

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