The latest USDA grain export inspection report, out Monday morning and covering the week through April 2, held another round of mixed round of data for traders to digest. On the positive side of the ledger was corn, which increased 11% week-over-week, and wheat, which nearly doubled its output from the prior week. Soybeans continued to trend lower, meantime, sinking another 32% lower week-over-week.
Corn export inspections improved to 75.3 million bushels, finding modest week-over-week gains. That volume was also on the upper end of trade guesses, which ranged between 43.3 million and 82.7 million bushels. Cumulative totals for the 2020/21 marketing year continue to widen their lead over last year’s pace, now at 1.405 billion bushels.
China was the No. 1 destination for U.S. corn export inspections last week, with 19.8 million bushels. Mexico (17.6 million bushels) and Japan (14.5 million bushels) also made significant contributions. South Korea and Colombia rounded out the top five.
Sorghum export inspections slid moderately lower week-over-week, to 6.5 million bushels. The entirety of that grain is headed to China. Cumulative totals for the 2020/21 marketing year are still nearly tripling last year’s pace, with 181.6 million bushels.
Soybean export inspections were relatively disappointing last week, sliding 32% lower to land at just under 11.0 million bushels. That was still near the middle of analyst estimates, however, which ranged between 5.5 million and 18.4 million bushels. Cumulative totals for the 2020/21 marketing year remain well above last year’s pace, with 1.998 billion bushels.
Mexico was the No. 1 destination for U.S. soybean export inspections last week, with 3.5 million bushels. Egypt, China, Taiwan and Indonesia filled out the top five.
Wheat export inspections improved considerably week-over-week, climbing 94% to reach 21.8 million bushels. That also exceeded the entire range of trade guesses, which were between 11.0 million and 20.2 million bushels. Cumulative totals for the 2020/21 marketing year inched slightly ahead of last year’s pace, with 768 million bushels.
China topped all destinations for U.S. wheat export inspections last week, with 7.4 million bushels. Mexico, South Korea, the Philippines and Venezuela rounded out the top five.
Click here to read more highlights from the latest USDA grain export inspection report.