USDA’s grain export inspection report for the week ending May 14 didn’t hold a lot of bullish data for traders to digest, although wheat showed some upside after firming 28% from a week ago. But corn and soybeans both spilled lower versus last week, although both crops stayed within the range of trade estimates.
Corn export inspections slid 18% lower from a week ago to land at 45.3 million bushels. On the upside, the total was moderately ahead of the same week a year ago and stayed in the middle of trade estimates, which ranged between 31.5 million and 51.2 million bushels. Cumulative totals for the 2019/20 marketing year are almost uncertain to match last year’s pace after reaching 1.033 billion bushels – a deficit of more than 442 million bushels versus a year ago.
China showed up on the ledger for U.S. corn export inspections last week, with 5.1 million bushels, but was not the top destination. Mexico was again the No. 1 destination, with nearly 14.0 million bushels. Japan, South Korea and Colombia filled out the top five.
Sorghum export inspections nearly tripled the prior week’s tally with another 9.0 million bushels, which primarily went to China. Cumulative totals for the 2019/20 marketing year are still more than double last year’s pace, now at 116.2 million bushels.
Soybean export inspections were even more lackluster last week, dropping 34% below the prior week’s tally to 12.9 million bushels and staying on the low end of trade estimates, which ranged between 11.0 million and 23.9 million bushels. Cumulative totals for the 2019/20 marketing year still have a modest lead over last year’s pace, with 1.277 billion bushels.
Wheat was the only major grain to see improvement in export inspection volume from a week ago. Last week’s haul improved 28% to reach 16.2 million bushels. That was in the middle of trade estimates, which ranged between 11.0 million and 22.0 million bushels. Cumulative totals for the 2019/20 marketing year still have a slim lead over last year’s pace, with 877.5 million bushels.
Japan was again the top destination for U.S. wheat export inspections last week, with 2.5 million bushels, followed closely by the Philippines (2.4 million).
Japan led all destinations for U.S. wheat export inspections last week, with 2.5 million bushels. Yemen, the Philippines, Mexico and Nigeria rounded out the top five. South Korea, Yemen and Brazil filled out the top five.
Click here to read the entire latest grain export inspection report from USDA.