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Serving: United States
Green ripening soybean field. Image shot on a misty morning light. oticki/iStock/GettyImages

Weekly Grain Movement – Soybeans turn in another strong performance

Wheat matches trade expectations, while corn disappoints.

USDA’s latest batch of grain export inspection report, out Monday morning and covering the week through October 8, once again held a mixed bag of data. Soybeans once again turned in a strong performance, moving moderately higher week-over-week and landing on the higher end of trade estimates. Wheat volume took a moderate step back, meantime, as did corn, which fell below all trade guesses.

Soybean export inspections moved nearly 8% higher week-over-week to 79.3 million bushels. That was on the upper end of trade guesses, which ranged between 44.1 million and 80.8 million bushels. Cumulative totals for the 2020/21 marketing year are well above last year’s pace so far, with 334. 2 million bushels.

China once again accounted for well over half of all soybean export inspections last week, with 59.7 million bushels. Mexico, Indonesia, Japan and the Netherlands rounded out the top five.

Corn export inspections were much more lackluster after falling 28% week-over-week to 24.9 million bushels. That tally spilled below all trade guesses, which ranged between 25.6 million and 35.4 million bushels. Cumulative totals for the 2020/21 marketing year are still well above last year’s pace, however, after reaching 163.0 million bushels.

Mexico accounted for nearly half of all U.S. corn export inspections last week, with 10.7 million bushels. South Korea, China, Honduras and Japan filled out the top five.

Sorghum export inspections tumbled to nearly zero last week, notching just 7,558 bushels bound for Mexico. However, cumulative totals for the 2020/21 marketing year are still more than double last year’s pace, with 18.2 million bushels so far.

Wheat export inspections were lackluster, sliding 24% lower week-over-week to 18.9 million bushels. That managed to stay in the middle of trade estimates, however, which ranged between 14.7 million and 23.9 million bushels. Cumulative totals for the 2020/21 marketing year are maintaining a moderate lead over last year’s pace, with 383.5 million bushels.

China led all destinations for U.S. wheat export inspections last week, with 6.7 million bushels. Nigeria, the Philippines, Brazil and Ecuador rounded out the top five.

Click here to review more data from USDA’s latest grain export inspection report.

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