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Weekly grain movement: Another strong showing for soybeans

Corn and wheat turn in pedestrian totals, in contrast

Ben Potter

January 9, 2023

2 Min Read
ship loaded with corn
Getty/iStockphoto

USDA’s new set of grain export inspection data, out Monday morning and covering the week through January 5, showed soybeans leading the charge once more, though volume slipped slightly lower week-over-week. Corn volume also faded moderately lower from week-ago totals and landed on the lower end of trade estimates. Wheat jumped well above week-ago totals but results were still lackluster.

Corn export inspections were largely disappointing last week after only reaching 15.7 million bushels. That was on the lower end of analyst estimates, which ranged between 12.8 million and 35.4 million bushels. Cumulative totals for the 2022/23 marketing year remain well below last year’s pace, with 554.7 million bushels.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 9.5 million bushels. China, Taiwan, El Salvador and Jamaica rounded out the top five.

Sorghum export inspections continue to post lackluster results, with just under 450,000 bushels last week. That grain is bound for Ethiopia, Mexico and China. Cumulative totals for the 2022/23 marketing year are roughly at one-fourth of last year’s pace so far, with 16.5 million bushels

Soybean export inspections eased slightly lower week-over-week but were still strong at 52.8 million bushels. That was also toward the higher end of trade estimates, which ranged between 36.7 million and 68.0 million bushels. Cumulative totals for the 2022/23 marketing year are still slightly below last year’s pace, with 1.105 billion bushels.

China accounted for the bulk of U.S. soybean export inspections last week, with 40.9 million bushels. Italy, Mexico, Bangladesh and Algeria filled out the top five.

Wheat export inspections were largely disappointing after reaching 7.4 million bushels last week. That was toward the middle of trade guesses, which ranged between 2.8 million and 12.9 million bushels. Cumulative totals for the 2022/23 marketing year are slightly below last year’s pace so far, with 444.4 million bushels.

China was the No. 1 destination for U.S. wheat export inspections last week, with 2.4 million bushels. Ethiopia, Mexico, Japan and the Philippines rounded out the top five.

Click here for more highlights from the latest USDA grain export inspection report, covering the week through January 5.

About the Author(s)

Ben Potter

Senior editor, Farm Futures

Senior Editor Ben Potter brings more than 14 years of professional agricultural communications and journalism experience to Farm Futures. He began working in the industry in the highly specific world of southern row crop production. Since that time, he has expanded his knowledge to cover a broad range of topics relevant to agriculture, including agronomy, machinery, technology, business, marketing, politics and weather. He has won several writing awards from the American Agricultural Editors Association, most recently on two features about drones and farmers who operate distilleries as a side business. Ben is a graduate of the University of Missouri School of Journalism.

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