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Weekly grain movement: Corn and soybeans fade moderately lower

Wheat volume improves week-over-week while remaining rangebound.

Ben Potter

November 27, 2023

2 Min Read
Corn being loaded onto export barge
Getty Images/sandsun

The latest set of grain export inspection data from USDA, out Monday morning and covering the week through November 16, held few surprises for traders to digest. Corn, soybean and wheat volume all found rangebound results. Wheat moved modestly higher week-over-week, while corn and soybeans retreated moderately below the prior week’s tally.

Corn export inspections made it to 16.0 million bushels last week, versus the prior week’s total of 23.7 million bushels. That was also below the entire set of trade estimates, which ranged between 17.7 million and 29.5 million bushels. Cumulative totals for the 2023/24 marketing year are still trending moderately above last year’s pace so far, with 268.2 million bushels.

Mexico was by far the No. 1 destination for U.S. corn export inspections last week, with 13.2 million bushels. Japan, Panama, Portugal and Taiwan rounded out the top five.

Sorghum export inspections made modest week-over-week improvements to reach 4.6 million bushels. That grain was largely bound for China, with Mexico accounting for the modest remainder. Cumulative totals for the 2023/24 marketing year are noticeably higher than last year’s pace so far, with 25.3 million bushels.

Soybean export inspections climbed to 59.1 million bushels last week. That was toward the upper end of trade estimates, which ranged between 36.7 million and 69.8 million bushels. Cumulative totals for the 2023/24 marketing year are still tracking slightly below last year’s pace so far, with 584.8 million bushels.

China accounted for more than half of last week’s U.S. soybean export inspections, with 36.9 million bushels. Germany, Italy, Indonesia and Mexico filled out the top five.

Wheat export inspections were pedestrian after only reaching 13.2 million bushels last week. That was near the middle of analyst estimates, which ranged between 7.3 million and 18.4 million bushels. Cumulative totals for the 2023/24 marketing year remain moderately below last year’s pace so far, with 287.2 million bushels.

Taiwan was the No. 1 destination for U.S. wheat export inspections last week, with just under 4.0 million bushels. The Philippines, Yemen, South Korea and Honduras rounded out the top five.

Click here for more highlights from the latest USDA grain export inspection report, which covers the week through October 16.

Read more about:

Exports

About the Author(s)

Ben Potter

Senior editor, Farm Futures

Senior Editor Ben Potter brings two decades 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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