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Weekly Grain Movement – Corn eases, wheat firms

Getty/iStockphoto Barge carrying grain in Mississippi River
Soybeans face moderate week-over-week decline.

The newest batch of grain export inspection data from USDA, out Monday morning and covering the week through August 19, held mixed but mostly positive data for traders to digest. Wheat was the week’s clear winner, trending 17% higher and exceeding the entire range of trade guesses. Corn slipped slightly lower, meantime, with soybeans facing a moderate decline week-over-week. Both grains stayed near the middle of analyst estimates, however.

Corn export inspections reached 28.5 million bushels last week, which was down 7% from a week ago. That was also near the middle of trade estimates, which ranged between 19.7 million and 37.4 million bushels. Cumulative totals for the 2020/21 marketing year remain well ahead of last year’s pace, with 2.563 billion bushels.

China was the No. 1 destination for U.S. corn export inspections last week, with 13.4 million bushels. Mexico, Guatemala, Nicaragua and Panama rounded out the top five.

Sorghum export inspections rebounded to 5.1 million bushels last week. The vast majority of that grain is bound for China, with Mexico, Japan and South Korea picking up the small remainder. Cumulative totals for the 2020/21 marketing year still hold a comfortable lead over last year’s pace, with 276.6 million bushels.

Soybean export inspections slid moderately lower week-over-week, to 7.9 million bushels. That was close to the middle of trade guesses, which ranged between 3.7 million and 12.9 million bushels. Cumulative totals for the 2020/21 marketing year are still well above last year’s pace, with 2.163 billion bushels.

China was the No. 1 destination for U.S. soybean export inspections last week, with 2.6 million bushels. Germany was close behind, with 2.4 million bushels. Mexico, Indonesia and Cuba filled out the top five.

Wheat export inspections saw moderate week-over-week gains, moving to 24.2 million bushels. That was better than all analyst estimates, which ranged between 11.0 million and 21.1 million bushels. Cumulative totals for the 2021/22 marketing year are still moderately below last year’s pace, with 208.1 million bushels.

China topped all destinations for U.S. wheat export inspections last week, with 6.2 million bushels. The Philippines, South Korea, Mexico and Japan rounded out the top five.

Click here to read more from the latest USDA grain export inspection report.

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