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Weekly Grain Movement – The pace slows down

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Corn, soybeans and wheat all face moderate week-over-week declines.

The latest batch of grain export inspection data from USDA, out Monday morning and covering the week through November 18, didn’t have a lot of bullish numbers for traders to digest. Corn and soybean volumes were down moderately, and totals were on the lower end of analyst estimates. Wheat totals were even more lackluster after sliding below the entire range of trade guesses last week.

Corn export inspections shifted 29% lower week-over-week, falling to 24.3 million bushels. That was on the very low end of trade estimates, which ranged between 23.6 million and 39.4 million bushels. Cumulative totals for the 2021/22 marketing year saw last year’s lead widen slightly, with a total of 299.5 million bushels.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 9.7 million bushels, followed by China’s 8.3 million bushels. Japan, Panama and Venezuela rounded out the top five.

Sorghum export inspections rebounded to 6.4 million bushels last week, which China accounting for the bulk of that total (Somalia and a handful of other countries picked up the remainder). Cumulative totals for the 2021/22 marketing year are still off to a relatively slow start compared to last year’s pace, with 26.7 million bushels.

Soybean export inspections eroded 29% below the prior week’s tally, to 61.9 million bushels. Analysts were generally expecting a bigger total, with trade guesses ranging between 40.4 million and 91.9 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately behind last year’s pace after reaching 667.3 million bushels.

China was once again by far the No. 1 destination for U.S. soybean export inspections, with another 45.3 million bushels last week. Mexico, Thailand, South Korea and Egypt filled out the top five.

Wheat export inspections were lackluster, tumbling 54% lower week-over-week to 6.5 million bushels. That was below the entire range of trade guesses, which came in between 7.3 million and 18.4 million bushels. Cumulative totals for the 2021/22 marketing year are still tracking moderately below last year’s pace, with 385.4 million bushels.

South Korea was the No. 1 destination for U.S. wheat export inspections last week, with 1.8 million bushels. Mexico, Japan, the Philippines and Colombia rounded out the top five.

Click here to read more from the latest USDA grain export inspection report, which covers the week through November 18.

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