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Weekly Grain Movement – Soybeans soar, wheat crumbles

Getty/iStockphoto Agricultural concept, heap of soy beans and dollar banknotes
Corn volume improves moderately from a week ago.

USDA’s latest batch of grain export inspection data, out Monday morning and covering the week through Oct. 14, revealed an impressive tally for soybean volume, which moved moderately higher from a week ago and exceeded the entire range of trade estimates. Corn also posted solid results and moved moderately higher week-over week. Wheat volume was disappointing, in contrast, sliding to less than half of the prior week’s results and failing to match analyst expectations.

Corn export inspections improved 16% from a week ago to reach 38.4 million bushels. That was better than the entire set of trade guesses, which ranged between 25.6 million and 33.5 million bushels. Cumulative totals for the 2021/22 marketing year still haven’t caught up to last year’s pace, meantime, with 160.9 million bushels since Sept. 1.

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

Soybean export inspections tracked 32% higher than last week’s tally, climbing to 84.4 million bushels. That was better than the entire range of trade estimates, which came in between 58.8 million and 77.2 million bushels. Cumulative totals for the 2021/22 marketing year are still roughly half of last year’s pace, reaching 215.8 million bushels.

China was by far the No. 1 destination for U.S. soybean export inspections last week, with 62.9 million bushels. Egypt, Germany, Mexico and Turkey filled out the top five.

Wheat export inspections were lackluster, falling to 5.1 million bushels. That was also well below the entire range of trade guesses, which came in between 11.0 million and 20.2 million bushels. Cumulative totals for the 2021/22 marketing year are trailing last year’s pace by 13%, with 343.0 million bushels.

Mexico was the No. 1 destination for U.S. wheat export inspections last week, with just under 1.5 million bushels. Venezuela, South Korea, Morocco and Taiwan rounded out the top five.

Click here to read more from the latest USDA grain export inspection report, which covers the week through Sept. 23.

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