Weekly Grain Movement – Soybeans stand strong

Getty Images Soybeans
Corn takes a step back, while wheat firms moderately.

USDA’s latest set of grain export inspection data, out Monday and covering the week through Nov. 25, held a mixed bag of numbers for traders to digest, as it often does. Soybeans were once again the runaway leader in terms of total volume, although totals retreated moderately below the prior week’s tally. Corn inspections also slid lower week-over-week, while wheat moved moderately higher.

Corn export inspections came in at 30.2 million bushels this past week. That was toward the lower end of trade estimates, which ranged between 22.6 million and 47.2 million bushels. Cumulative totals for the 2021/22 marketing year are still lagging moderately behind last year’s pace, with 337.8 million bushels.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 12.9 million bushels. Japan, Colombia, China and El Salvador rounded out the top five.

Sorghum export inspections reached 7.5 million bushels, trending moderately lower than the prior week’s tally of 9.4 million bushels. The majority of that grain is bound for China, with Niger, Mexico, Japan and Vietnam accounting for the remainder. Cumulative totals for the 2021/22 marketing year are still moderately behind last year’s pace, with 37.2 million bushels.

Soybean export inspections saw a 12% decline from a week ago, sliding to 78.7 million bushels. That was still above the entire range of trade estimates, which came in between 36.7 million and 73.5 million bushels. Cumulative totals for the 2021/22 marketing year are still trending well below last year’s pace, with 776.1 million bushels.

China was once again the dominant destination for U.S. soybean export inspections last week, with 50.9 million bushels. Egypt, Mexico, Taiwan and Italy filled out the top five.

Wheat export inspections improved 30% week-over-week to reach 9.2 million bushels. That was still slightly toward the lower end of trade guesses, which ranged between 6.4 million and 14.7 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately behind last year’s pace, with 395.1 million bushels.

The Philippines led all destinations for U.S. wheat export inspections last week, with 4.3 million bushels. Mexico, Colombia, Honduras and Peru rounded out the top five.

Click here to read more from the latest USDA grain export inspection report.

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