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Weekly Grain Movement – Corn and soybeans improve

Wheat volume sees another weekly decline.

Grain export inspection data from USDA, out earlier this morning and covering the week through August 6, was mixed but mostly positive after seeing weekly increases for both corn and soybeans. Wheat bucked the overall trend, falling 32% below the prior week’s tally.

Corn export inspections firmed 58% above the prior week week’s total to reach 45.3 million bushels. But cumulative totals for the 2019/20 marketing year have fallen more than 255 million bushels behind last year’s pace, with a total of 1.541 billion bushels.

Inspections bound for China anchored total corn volume last week, with 10.4 million bushels. Mexico wasn’t far behind, with 9.5 million bushels. Japan, Colombia and South Korea rounded out the top five.

Sorghum export inspections took a big step back last week, notching just 1.5 million bushels – nearly all of which are headed to Somalia. However, cumulative totals for the 2019/20 marketing year are still more than double last year’s pace, reaching 180 million bushels.

Soybean export inspections trended moderately higher week-over-week, reaching 23.4 million bushels. Cumulative sales for 2019/20 are falling further behind last year’s pace as the current marketing year draws to a close, however, now at 1.474 billion bushels.

The Netherlands topped all destinations for U.S. soybean export inspections last week, as it occasionally does, with 5.3 million bushels. China followed closely behind, with 4.9 million bushels. Mexico, Egypt and Japan filled out the top five.

Wheat export inspections fell moderately lower week-over-week, landing at just below 14.0 million bushels. Cumulative volume for the 2020/21 marketing year are maintaining a slim lead over last year’s pace for now, with 186.2 million bushels.

Japan led all destinations for U.S. wheat export inspections last week, with 3.2 million bushels. China, the Philippines, Brazil and South Korea rounded out the top five.

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

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