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Weekly grain movement: Trending in the right direction

Getty/iStockphoto ship loaded with corn
Corn, soybeans and wheat all find week-over-week gains

Grain export inspections were fairly bullish for the week ending September 29 but had little impact on grain prices immediately following UDSA’s report released on Monday morning. Corn and soybean export inspections moved to the higher end of analyst estimates, while wheat totals bested the entire range of trade guesses.

Corn export inspections improved to 26.0 million bushels last week. That was on the very high end of trade estimates that ranged between 15.7 million and 27.6 million bushels. Cumulative totals for the 2022/23 marketing year are slightly ahead of last year’s pace after reaching 86.7 million bushels.

China was the No. 1 destination for U.S. corn export inspections last week, with 16.7 million bushels. Mexico, Guatemala, Trinidad and Jamaica rounded out the top five.

Sorghum export inspections were slim last week after only reaching 218,000 bushels. The entirety of that grain is bound for Mexico. Cumulative totals for the young 2022/23 marketing year are at less than half of last year’s pace so far, with 3.3 million bushels.

Soybean export sales were solid last week after reaching 21.1 million bushels. That was on the upper end of trade estimates, which ranged between 9.2 million and 25.7 million bushels. Cumulative totals for the 2022/23 marketing year are slightly below last year’s pace so far, with 65.5 million bushels.

Germany was the No. 1 destination for U.S. soybean export inspections last week, with 4.4 million bushels. Algeria, Mexico, Italy and China filled out the top five.

Wheat export inspections were robust, coming in at 24.5 million bushels. That was better than the entire set of trade estimates, which ranged between 9.2 million and 23.9 million bushels. Cumulative totals for the 2022/23 marketing year are tracking slightly below last year’s pace, with 312.9 million bushels.

The Philippines topped all destinations for U.S. wheat export inspections last week, with 4.5 million bushels. China, Indonesia, El Salvador and South Korea rounded out the top five.

Click here for more from the latest USDA grain export inspection report, covering the week through September 29.

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