Weekly Grain Movement – Corn backpedals but still impressesWeekly Grain Movement – Corn backpedals but still impresses

The latest batch of grain export inspection data from USDA, out Monday morning and covering the week through May 6, held mixed but mostly positive numbers for traders to digest. Although corn volume saw a moderate week-over-week decline, cumulative totals for the 2020/21 marketing year still increased its already commanding lead over last year’s pace. And soybeans and wheat each saw modest week-over-week improvements.

Corn export inspections reached 67.2 million bushels last week, spilling moderately lower from a week ago but still making it to the higher end of trade estimates, which ranged between 43.3 million and 86.6 million bushels. Cumulative totals for the 2020/21 marketing year extended its already impressive lead over last year’s pace, climbing to 1.778 billion bushels.

Mexico and China were the top two destinations for U.S. corn export inspections last week, with each accounting for around 13.5 million bushels. Japan was not far behind, with 13.2 million bushels. South Korea and Colombia rounded out the top five.

Sorghum export inspections moved moderately lower week-over-week, finding another 4.9 million bushels. China accounted for more than 99% of that total, with Mexico picking up the slim remainder. Cumulative totals for the 2020/21 marketing year are still more than doubling last year’s pace, with 226.1 million bushels.

Soybean export inspections saw week-over-week improvements of 64%, reaching 8.7 million bushels. That was on the higher end of analyst estimates, which ranged between 3.7 million and 11.0 million bushels. Cumulative totals for the 2020/21 marketing year remain far ahead of last year’s pace after reaching 2.046 billion bushels.

China was nearly absent from the ledger last week for U.S. soybean export inspections last week. Instead, Indonesia and Mexico were the top two destinations, with 2.7 million bushels apiece. Turkey, Japan and Ireland filled out the top five.

Wheat export inspections inched slightly ahead of the prior week’s tally to 20.0 million bushels. That was also on the higher end of trade guesses, which ranged between 13.8 million and 22.0 million bushels. Cumulative totals for the 2020/21 marketing year are slightly ahead of last year’s pace, with 870.7 million bushels.

China was the No. 1 destination for U.S. wheat export inspections last week, with 7.4 million bushels. South Korea, Algeria, Mexico and Djibouti rounded out the top five.

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