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Serving: United States
beef exports bounce back

Weekly Grain Movement – Corn faces disappointing results

Soybeans and wheat remain within the range of trade expectations.

Grain export inspections have seen some impressive weekly tallies earlier this spring and summer. It’s apparent that the week ending July 23 wasn’t one of them after sifting through USDA’s latest round of data, out Monday morning. Corn totals fell by around a third this past week. Soybeans and wheat firmed week-over-week, but totals remained fairly lackluster.

Corn export inspections saw the highest volume of any grain last week but still managed to be disappointing after sliding 32% week-over-week to land at 31.4 million bushels. That tally also fell below all trade estimates, which ranged between 35.4 million and 47.2 million bushels. Cumulative totals for the 2019/20 marketing year, which has roughly five weeks remaining, has stayed significantly behind last year’s pace, with 1.463 billion bushels.

Mexico led all destinations for U.S. corn export inspections last week, with 10.7 million bushels. Japan, Colombia, China and Guatemala rounded out the top five.

Sorghum export inspections notched another 3.3 million bushels this past week, which fell 33% below the prior week’s tally, although cumulative sales for the 2019/20 marketing year are more than doubling last year’s pace, with 171.2 million bushels. China took most of the total last week, with Japan picking up the small remainder.

Soybean export inspections firmed slightly from a week ago, but still remain fairly suppressed, with 17.4 million bushels. It was good enough to land in the middle of trade guesses, however, which ranged between 12.9 million and 25.7 million bushels. Cumulative totals for the 2019/20 marketing year are down 3.9% from last year’s pace, with 1.425 billion bushels.

China reemerged as the No. 1 destination for U.S. soybean export inspections last week, with just under 5.0 million bushels. Mexico, the Netherlands, Algeria and Egypt filled out the top five.

Wheat export inspections also firmed week-over-week, reaching 20.0 million bushels. However, that tally still landed on the lower half of trade estimates, which ranged between 16.5 million and 25.7 million bushels. Cumulative totals for the 2020/21 marketing year are staying ahead of 2019/20’s pace so far, with 151.2 million bushels.

The Philippines was the No. 1 destination for U.S. wheat export inspections last week, with 2.8 million bushels, followed closely by Brazil’s 2.4 million bushels. Thailand, Mexico and Chile rounded out the rest of the top five.

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

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