USDA’s latest grain export inspection report, covering the week through August 27 and released Monday morning, didn’t have a lot of supportive data for traders to chew on. Corn fell below all trade estimates and slumped to less than half of the prior week’s tally, with soybeans and wheat landing on the lower end of trade estimates this past week.
Corn export inspections tumbled to 15.8 million bushels last week, falling below all trade estimates, which ranged between 19.7 million and 31.5 million bushels. The latest tally was also less than half of the prior week’s haul of 35.1 million bushels. As the 2019/20 marketing year draws to a close, cumulative totals are nearly 12% below last year’s pace, with 1.640 billion bushels.
Mexico reemerged as the No. 1 destination for U.S. corn export inspections last week, accounting for nearly half of the total at 7.8 million bushels. China, Japan, Jamaica and Colombia rounded out the top five.
Sorghum export inspections jumped higher last week, moving to 6.4 million bushels. China accounted for the bulk of the total, with Zimbabwe picking up the remainder. Cumulative totals for the 2019/20 marketing year are still more than double last year’s pace, with 195.2 million bushels.
Soybean export inspections were also relatively disappointing last week, posting a moderate week-over-week decline and sliding to 29.6 million bushels. That was also on the lower end of trade estimates, which ranged between 23.9 million and 40.4 million bushels. Cumulative totals for the 2019/20 marketing year will almost certainly fail to match last year’s pace, with 1.585 billion bushels.
China was by far the No. 1 destination for U.S. soybean export inspections last week, with 17.1 million bushels. Mexico, the Netherlands, Spain and Japan filled out the top five.
Wheat export inspections drifted modestly lower last week, landing at just under 19.0 million bushels. Analysts were generally expecting a bigger tally, with estimates ranging between 16.5 million and 25.7 million bushels. Cumulative totals for the 2020/21 marketing year are still moderately ahead of last year’s pace, now at 247.8 million bushels.
Nigeria topped all destinations for U.S. wheat export inspections last week, with 3.0 million bushels. An Asian quartet of Vietnam, Indonesia, the Philippines and Japan rounded out the top five.
Click here to review the latest round of grain export inspection data from USDA.