Weekly grain movement: Another big week for wheatWeekly grain movement: Another big week for wheat

The newest grain export inspection report from USDA, out Monday morning and covering the week through September 15, held mostly bullish numbers for traders to digest. Wheat turned in another round of impressive results, besting an already robust total from the prior week. Corn and soybeans also trended higher week-over-week and stayed within the range of analyst estimates.

Corn export inspections tracked moderately above the prior week’s total, moving to 21.6 million bushels. That was toward the lower end of trade estimates, which ranged between 14.8 million and 31.5 million bushels. Cumulative totals for the young 2022/23 marketing year are off to a better start than a year ago, with 45.2 million bushels over the first half of September.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 8.6 million bushels. Japan, China, Venezuela and Jamaica rounded out the top five.

Sorghum export inspections saw steep week-over-week declines, falling to just 337,000 bushels. That grain is bound for Mexico and Madagascar. Cumulative totals for the 2022/23 marketing year are still above last year’s pace so far, with 2.2 million bushels.

Soybean export inspections improved to 19.1 million bushels last week. That tally was also on the upper end of trade estimates, which ranged between 12.9 million and 23.9 million bushels. Cumulative totals for the 2022/23 marketing year are running ahead of last year’s pace so far, with 33.5 million bushels.

China was the No. 1 destination for U.S. soybean export inspections last week, with 5.5 million bushels. Mexico was close behind, with 5.2 million bushels. Japan, Indonesia and South Korea filled out the top five.

Wheat export inspections improved to 29.0 million bushels last week. That was on the higher end of trade guesses, which ranged between 14.7 million and 34.9 million bushels. Cumulative totals for the 2022/23 marketing year are still slightly below last year’s pace, however, with 265.0 million bushels.

China topped all destinations for U.S. wheat export inspections last week, with 5.0 million bushels. Japan, Yemen, Mexico and Ethiopia rounded out the top five.

Click here for more data from the latest USDA grain export inspection report, covering the week through September 15.