The latest batch of grain export inspection data from USDA, out Monday morning and covering the week through February 4, held mostly positive data for traders to digest today. Corn inspections saw moderate week-over-week improvements and exceeded all analyst estimates. Wheat also saw moderate improvements while staying near the middle of trade estimates. Soybeans faced a modest decline from last week, in contrast.
Corn export inspections moved 41% above last week’s tally to reach 62.1 million bushels for the week ending February 4. That also bested all trade guesses, which ranged between 35.4 million and 55.1 million bushels. Cumulative totals for the 2020/21 marketing year are still close to doubling last year’s pace, with 844.5 million bushels.
Japan topped all destinations for U.S. corn export inspections last week, with 12.4 million bushels. Mexico and China followed closely behind, with 12.1 million and 11.3 million bushels, respectively. Colombia and Taiwan filled out the top five.
Sorghum export inspections notched another 7.9 million bushels last week, sliding 19% below the prior week’s tally. The entirety of that grain is bound for China. Cumulative totals for the 2020/21 marketing year are still well ahead of last year’s pace, with 128.6 million bushels.
Soybean export inspections trended 6% lower week-over-week, to 66.2 million bushels. That was still on the upper end of trade guesses, which ranged between
36.7 million and 73.5 million bushels. Cumulative totals for the 2020/21 marketing year have climbed far beyond last year’s pace, reaching 1.807 billion bushels. (Volume had just passed the 1-billion-bushel mark at this time last year.)
China accounted for nearly half of all U.S. soybean export inspections last week, with 32.2 million bushels. The Netherlands, Mexico, Egypt and Vietnam rounded out the top five.
Wheat export inspections saw a moderate week-over-week improvement, moving to 16.2 million bushels. That was in the middle of trade guesses, which ranged between 12.9 million and 20.2 million bushels. Cumulative totals for the 2020/21 marketing year remain slightly behind last year’s pace, with 624.8 million bushels
Mexico was the No. 1 destination for U.S. wheat export inspections last week, with just under 4.0 million bushels. A quartet of Asian nations – the Philippines, Taiwan, Thailand and China – filled out the top five.
Click here to read through more highlights from USDA’s latest grain export inspection report.