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Weekly Grain Movement – Soybeans still struggling

Wheat export inspections also down moderately week-over-week

Grain export inspections for the week ending June 4 didn’t hold a lot of bullish news, per USDA’s latest report, out Monday morning. Corn, soybeans and wheat all saw week-over-week declines, with soybeans landing at nearly half of the prior week’s tally. Sorghum continues to churn out positive numbers but is a secondary player in the grain export market.

Corn export inspections only saw a fractional week-over week decline, slipping to 43.3 million bushels and landing in the middle of trade estimates, which ranged between 31.5 million and 49.2 million bushels. Cumulative totals for the 2019/20 marketing year are at about three-fourths of the prior year’s pace, with 1.166 billion bushels.

Korea jumped to the No. 1 position for U.S. corn export inspections last week, with 9.3 million bushels. Japan, Mexico, Peru and Israel rounded out the top five.

Sorghum export inspections have performed strongly this marketing year, notching another 7.7 million bushels last week. Cumulative totals for the 2019/20 marketing year are more than double last year’s pace, with 138.4 million bushels. China continues to be the primary buyer, accounting for 100% of last week’s volume.

Soybean export inspections saw a lackluster pace last week, tumbling 47% lower week-over-week to land at 7.8 million bushels. That anemic total was also below all trade estimates, which ranged between 11.0 million and 22.0 million bushels. Cumulative totals for the 2019/20 marketing year are still maintaining a slim lead over last year’s pace, with 1.309 billion bushels.

Last week’s soybean export inspection volume was scattered across more than a dozen countries, with Japan emerging as the No. 1 destination, with 2.1 million bushels. Egypt, Mexico, Indonesia and Vietnam rounded out the top five. China accounted for just 236,000 bushels last week.

Wheat export inspections were also relatively disappointing last week, dropping 22% to 15.9 million bushels. Trade estimates expected better numbers, with individual guesses ranging between 14.7 million and 23.0 million bushels. A correct cumulative total for the 2019/20 marketing year was not made available in this week’s report.

China came in as the No. 1 destination for U.S. wheat export inspections last week, with 2.3 million bushels. Other top destinations included the Philippines, Nigeria, Guatemala and South Africa.

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

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