USDA’s latest export inspection report, covering the week ending April 9, held mostly positive news, as corn and soybean volume landed on the high end of trade estimates, while wheat outperformed analyst expectations. The data dump wasn’t enough to shake prices out of the red, however, as grain prices were already slumping Monday due to a combination of various other factors.
Corn export inspection volume again led the charge after notching another 40.5 million bushels last week. That was good enough to land barely on the high end of analyst estimates, which ranged between 31.5 million and 47.2 million bushels, although last week’s total spilled 19% lower week-over-week. Cumulative totals for the 2019/20 marketing year are increasingly unlikely to match last year’s pace after totaling 802 million bushels through April 9.
Mexico (13.7 million) and Japan (10.3 million) accounted for around half of all U.S. corn export inspections last week. South Korea, Colombia and the Dominican Republic rounded out the top five.
Sorghum export inspections continue to show signs of life, with China accounting for another 7.6 million bushels last week. Marketing year-to-date totals have nearly doubled the pace of last year, with 78 million bushels.
Soybean export inspections firmed 47% from a week ago to reach 16.2 million bushels. That tally was also on the high end of trade estimates that ranged between 11.0 million and 18.4 million bushels. Cumulative totals for the 2019/20 marketing year are now at 1.188 billion bushels, maintaining a modest lead over last year’s pace so far.
China appeared on last week’s ledger, with a modest 2.4 million bushels in soybean export inspections. Egypt once again led all destinations last week, however, with 6.6 million bushels. Mexico, Indonesia and Vietnam filled out the top five.
Wheat export inspections rebounded 74% from last week to reach 22.4 million bushels. That tally also topped all trade estimates, which ranged between 11.0 million and 18.4 million bushels. Cumulative totals for the 2019/20 marketing year are still trending nearly 8% above last year’s pace, with 787.9 million bushels.
The Philippines was the No. 1 destination for U.S. wheat export inspections last week, with 4.4 million bushels. Mexico, Burma, South Korea and Japan rounded out the top five.
Click here to read the entire latest grain export inspection report from USDA.