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Serving: United States

Weekly Grain Movement – Corn stands strong

iStock/Getty Images Green field of corn at sunrise.
Soybean volume continues to struggle, with wheat facing moderate declines.

The latest weekly grain export inspection report from USDA, out Monday morning and covering the week through April 29, showed corn volume continuing to strengthen after moving higher again week-over-week. In contrast, wheat faced moderate declines, with soybeans coming in at roughly half of the prior week’s tally.

Corn export inspections moved another 9.5% higher week-over-week to reach 84.2 million bushels. Actual totals also surpassed the entire range of trade guesses, which ranged between 43.3 million and 83.7 million bushels. Cumulative totals for the 2020/21 marketing year widened its already commanding lead over last year’s pace, now at 1.708 billion bushels.

China was by far the No. 1 destination for U.S. corn export inspections last week, with 30.3 million bushels. Japan, Mexico, South Korea and Colombia rounded out the top five.

Sorghum export inspections moved moderately higher week-over-week to reach 9.3 million bushels. China accounted for nearly all of that total, with Mexico and the United Kingdom accounting for the small remainder. Cumulative totals for the 2020/21 marketing year are more than doubling last year’s pace, with 221.2 million bushels.

Soybean export inspections stumbled 49.5% below the prior week’s tally, falling to 5.3 million bushels. That was just below the range of trade estimates, which came in between 5.5 million and 11.0 million bushels. Cumulative totals for the 2020/21 marketing year are still well ahead of last year’s pace, with 2.036 billion bushels.

Mexico led all destinations for U.S. soybean export inspections last week, with 2.1 million bushels. Costa Rica, Indonesia, Colombia and Taiwan filled out the top five.

Wheat export inspections slid 12% lower week-over-week, falling to 18.7 million bushels. That was near the middle of trade guesses, which ranged between 14.7 million and 22.0 million bushels. Cumulative totals for the 2020/21 marketing year remain fractionally above last year’s pace for now, with 849.8 million bushels.

China was the No. 1 destination for U.S. wheat export inspections last week, with 6.1 million bushels. Mexico, Japan, South Korea and Haiti rounded out the top five.

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

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