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Weekly grain movement: Corn and soybeans match analyst expectations

Wheat volume spills to disappointing levels last week

Ben Potter

March 13, 2023

2 Min Read
Shipping containers with sunset and United States flag
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The latest set of grain export inspection data, out Monday morning and covering the week through March 9, held mostly positive data for traders to digest. Corn volume improved moderately week-over-week and pushed to the higher end of analyst estimates. Soybean volume also trended moderately higher. Wheat volume was lackluster, meantime, spilling below the entire range of trade guesses.

Corn export inspections trended 7% above the prior week’s tally after reaching 39.3 million bushels. That was also toward the higher end of analyst estimates, which ranged between 19.7 million and 48.2 million bushels. Cumulative totals for the 2022/23 marketing year are still significantly below last year’s pace, with 642.4 million bushels.

Japan was the No. 1 destination for U.S. corn export inspections last week, with 12.9 million bushels. Mexico, Colombia, China and Taiwan rounded out the top five.

Sorghum export inspections firmed slightly week-over-week, posting a total of 2.9 million bushels. China accounted for more than 99% of that total, with Mexico and Japan picking up the modest remainder. Cumulative totals for the 2022/23 marketing year are only around one-fourth of last year’s pace so far, with 32.3 million bushels.

Soybean export inspections reached 22.7 million bushels last week. That was near the middle of analyst estimates, which ranged between 11.0 million and 34.9 million bushels. Cumulative totals for the 2022/23 marketing year have shifted slightly above last year’s pace, with 1.592 billion bushels.

China was the No. 1 destination for U.S. soybean export inspections last week, with 5.6 million bushels. Germany, Mexico, Japan and Egypt filled out the top five.

Wheat export inspections were disappointing after only reaching 9.1 million bushels last week. That was moderately lower from the prior week’s tally and also spilled below the entire range of trade estimates, which came in between 9.2 million and 18.4 million bushels. Cumulative totals for the 2022/23 marketing year are just below last year’s pace, with 584.4 million bushels.

Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 1.5 million bushels. El Salvador, Malaysia, the Philippines and Honduras rounded out the top five.

Click here for more highlights from the latest USDA grain export inspection report, covering the week through March 9.

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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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