Small soybean plants Thinkstock/stevanovicigor

Weekly Grain Movement – Soybeans firm, corn fades

Wheat also trips lower week-over-week.

For the latest batch of grain export inspection data from USDA, out Monday afternoon, results were mixed but somewhat disappointing. Soybeans trended higher from a week ago but only managed to make it to the middle of trade estimates. Corn and wheat fell lower, meantime, with sorghum continuing to significantly outpace last year’s tally.

Corn export inspections reached 15.8 million bushels for the week ending July 30, which was 15% below the prior week’s total, landing on the very low end of trade estimates, which ranged between 15.4 million and 25.3 million bushels. Cumulative totals for the 2019/20 marketing year are still majorly behind last year’s pace with only a month to go, reaching 1.494 billion bushels.

Japan led all destinations for U.S. corn export inspections last week, with 12.8 million bushels. Mexico, Colombia, Peru and El Salvador rounded out the top five.

Sorghum continues to be an overall small but powerful success story for the 2019/20 marketing year, notching another 6.7 million bushels last week, which was nearly double the prior week’s tally. China has been and continues to be the primary buyer, accounting for 100% of last week’s total. Cumulative totals for this marketing year have nearly tripled last year’s pace, with 178.1 million bushels.

Soybean export sales outpaced the prior week’s tally by 9.3% after reaching 20.3 million bushels and landing in the middle of trade guesses that ranged between 13.8 million and 25.7 million bushels. Cumulative totals for the 2019/20 marketing year remain slightly behind the prior year’s pace, with 1.447 billion bushels.

China was the No. 1 destination for U.S. soybean export inspections last week, with 2.6 million bushels, followed closely by Egypt, Indonesia, Bangladesh and the Netherlands.

Wheat export inspections slipped 8% lower week-over-week to land at 18.4 million bushels. That total landed on the lower end of trade estimates, which ranged between 16.5 million and 24.8 million bushels. Still, cumulative totals for the 2020/21 marketing year are still trending moderately above last year’s pace after reaching 170.2 million bushels.

The Philippines topped all destinations for U.S. wheat export inspections last week, with 3.8 million bushels, followed closely by Japan (3.4 million). Indonesia, South Korea and Mexico filled out the top five.

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

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