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Weekly Grain Movement – Corn exceeds expectations

iStock/Getty Images young corn seedlings
Soybeans and wheat track lower week-over-week.

As it often is, USDA’s latest batch of export inspection data, out Tuesday morning and covering the week through May 27, held a mixed bag of data for traders to digest. Corn totals shone again, trending moderately higher and besting the entire range of analyst estimates. Soybeans retreated slightly week-over-week, meantime, and wheat tumbled to less than half of the prior week’s tally.

Corn export inspections moved 17% higher week-over-week, to 80.7 million bushels. That was better than the entire range of trade guesses, which came in between 59.1 million and 78.7 million bushels. Cumulative totals for the 2020/21 marketing year are close to doubling last year’s pace, with 2.005 billion bushels.

China accounted for roughly half of all U.S. corn export inspections last week, with 40.8 million bushels. Mexico, Japan, South Korea and Colombia rounded out the top five.

Sorghum export inspections inched fractionally lower week-over-week, to 6.4 million bushels. China took more than 99% of the total, with Mexico picking up the tiny remainder. Cumulative totals for the 2020/21 marketing year widened its already impressive lead from a year ago, moving to 241.3 million bushels.

Soybean export inspections saw modest week-over-week reductions, sliding to 7.1 million bushels. That was mostly in line with analyst estimates, which ranged between 3.3 million and 14.7 million bushels. Cumulative totals for the 2020/21 marketing year remain well ahead of last year’s pace, with 2.074 billion bushels.

Mexico topped all destinations for U.S. soybean export inspections, with 3.3 million bushels. Japan, Indonesia, Colombia and Vietnam filled out the top five.

Wheat export inspections slumped 57% lower week over week, to 9.4 million bushels. Analysts were generally expecting a bigger haul, with estimates that ranged between 9.2 million and 23.0 million bushels. Cumulative totals for the 2020/21 marketing year still have a slim lead over last year’s pace, with 927.1 million bushels.

Mexico was the No. 1 destination for U.S. wheat export inspections, with 3.3 million bushels. South Korea, Italy, the Philippines and Brazil rounded out the top five.

Click here to read more highlights from the latest USDA grain export inspection report.

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