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Weekly Grain Movement – Corn steps up, wheat retreats

stanley45/iStock/GettyImagesPlus Unloading corn into semi from gray combine
Soybeans down slightly week-over-week but still impresses.

Grain export inspection volume for the week ending December 10 was mixed but mostly positive. Corn inspections moved moderately higher week-over-week. Soybeans drifted slightly lower but still turned in big totals. Wheat was this week’s disappointment, after spilling below half of the prior week’s tally.

Corn export inspections tracked 18% higher from a week ago, reaching 34.9 million bushels. That total was still near the middle of trade estimates, which ranged between 28.5 million and 39.4 million bushels. Cumulative totals for the 2020/21 marketing year are still well ahead of last year’s pace, with 469.8 million bushels.

China was the No. 1 destination for U.S. corn export inspections last week, with 13.9 million bushels. Mexico, Japan, Colombia and El Salvador rounded out the top five.

Sorghum export inspections more than doubled the prior week’s volume after reaching 7.8 million bushels. China took the bulk of the total, with Cameroon, Japan and South Korea filling in the small remainder. Cumulative totals for the 2020/21 marketing year are still more than doubling last year’s pace, with 67.9 million bushels.

Soybean export inspections faded slightly week-over-week but still landed at an impressive 87.0 million bushels, staying near the middle of trade estimates that ranged between 75.3 million and 97.4 million bushels. Cumulative totals for the 2020/21 marketing year are close to doubling last year’s pace, with 1.179 billion bushels since September 1.

China continues to account for more than half of all U.S. soybean export inspections, taking another 57.0 million bushels last week. Pakistan, Egypt, Vietnam and Thailand filled out the top five.

Wheat export inspections were trimmed in half compared to a week ago, falling to

9.6 million bushels. That was also below all trade estimates, which ranged between 13.8 million and 23.9 million bushels. Cumulative totals for the 2020/21 marketing year still have a slim lead over last year’s pace, with 504.6 million bushels.

China was the No. 1 destination for U.S. wheat export inspections last week, with 3.7 million bushels. Indonesia, Yemen, Mexico and Georgia rounded out the top five.

Click here for additional data from USDA’s latest grain export inspection report.

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