Farm Futures logo

Corn, soybeans and wheat post solid but rangebound numbers

October 11, 2022

2 Min Read
10-11-22 grain movement GettyImages-160949272.jpg
Getty Images

Grain export inspections for the week ending October 6 weren’t overly bullish but did come in solidly, per the latest data from USDA, out Monday morning. Soybeans fared the best, trending well above the prior week’s total and staying toward the higher end of analyst estimates. Wheat totals were also on the upper end of trade guesses despite sliding moderately below week-ago volume. Corn was relatively disappointing after suffering moderate week-over-week declines.

Corn export inspections trended 32% lower from week-ago totals to 18.0 million bushels. That was also on the lower end of trade estimates, which ranged between 15.7 million and 28.5 million bushels. Cumulative totals for the 2022/23 marketing year are down slightly from last year’s pace so far, with 111.3 million bushels since the beginning of September.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 7.7 million bushels. Japan, China, Panama and Colombia rounded out the top five.

Sorghum export inspections saw another round of sluggish results last week, posting around 814, 000 bushels. That grain is bound for Ethiopia and Mexico. Cumulative totals for the 2022/23 marketing year are off to a sluggish start, with just 4.1 million bushels so far.

Related:Kansas Farm Bureau purchases Shop Kansas Farms

Soybean export inspections came in at a healthy 35.6 million bushels after capturing week-over-week gains. That was also toward the higher end of trade estimates that ranged between 14.7 million and 45.9 million bushels. Cumulative totals for the 2022/23 marketing year are still moderately behind last year’s pace so far, with 101.4 million bushels.

China was the dominant destination for U.S. soybean export inspections last week, with 25.4 million bushels. Mexico, Egypt, South Korea and Portugal filled out the top five.

Wheat export inspections trended moderately lower than week-ago results to 22.6 million bushels. Still, that was on the higher end of trade guesses that ranged between 13.7 million and 27.6 million bushels. Cumulative totals for the 2022/23 marketing year are fractionally behind last year’s pace, with 335.5 million bushels.

Iraq emerged as the No. 1 destination for U.S. wheat export inspections last week, with 3.9 million bushels. China, South Korea, the Philippines and Ecuador rounded out the top five.

Click here for more from the latest USDA grain export inspection report, covering the week through October 6.

Subscribe to receive top agriculture news
Be informed daily with these free e-newsletters

You May Also Like