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Weekly Grain Movement – Corn tracks higher, soybeans slide lower

Getty/JJ Gouin One hundred dollar bill in corn kernels
Wheat volume also down moderately from a week ago

The latest batch of grain export inspection data from USDA, out Monday morning and covering the week through July 29, didn’t have a lot of bullish data for traders to digest. Corn was the clear winner, tracking higher week-over-week and exceeding the entire range of trade guesses. But soybeans and wheat saw moderate declines from a week ago, with each grain parking on the lower end of analyst estimates.

Corn export inspections found another 54.5 million bushels last week. That was above the entire range of trade estimates, which came in between 35.4 million and 47.2 million bushels. And cumulative totals for the 2020/21 marketing year widened its already impressive lead over last year’s pace, moving to 2.473 billion bushels.

China was by far the No. 1 destination for U.S. corn export inspections last week, pulling in another 33.1 million bushels. Mexico, Japan, Honduras and Guatemala rounded out the top five.

Sorghum export inspections saw moderate week-over-week declines, falling to 2.1 million bushels. China accounted for most of that total, with Mexico picking up the small remainder. Cumulative totals for the 2020/21 marketing year are still well ahead of last year’s pace, with 266.4 million bushels.

Soybean export inspections tracked moderately lower from a week ago, sliding to 6.7 million bushels. That was a bit on the lower side of analyst estimates, which ranged between 3.7 million and 11.0 million bushels. Cumulative totals for the 2020/21 marketing year are still far ahead of last year’s pace, with 2.139 billion bushels.

Mexico emerged as the No. 1 destination for U.S. soybean export inspections last week, with 1.6 million bushels. Vietnam, Indonesia, China and Japan filled out the top five.

Wheat export inspections also saw a moderate week-over-week decline, dropping to 14.2 million bushels. That tally was on the lower end of trade estimates, which ranged between 11.9 million and 18.9 million bushels. Cumulative totals for the 2021/22 marketing year have failed to match last year’s pace so far, reaching 138.6 million bushels.

Mexico topped all destinations for U.S. wheat export inspections this past week, with 3.9 million bushels. The Philippines, South Korea, Japan and Ethiopia rounded out the top five.

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

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