Corn export inspections for the week ending September 20 continue to forge ahead with solid results, while soybeans retreated slightly from the prior week’s results and wheat posted an identical tally from a week ago.

Corn export inspections reached 49.7 million bushels last week, which was moderately ahead of the prior week’s total of 40.8 million bushels, while exceeding trade estimates that ranged between 33 million and 45 million bushels. The weekly rate needed to match USDA forecasts eased slightly, to 45.7 million bushels, while year-to-date totals for the 2018/19 marketing year of 117 million bushels are outpacing the prior year by nearly 40% so far. 

“Corn inspections remain good, outpacing expectations and the rate needed every week during the marketing year to reach USDA’s aggressive forecast for the 2018 crop,” says Farm Futures senior grain market analyst Bryce Knorr. “China continues to load out small amounts of U.S. corn, including 66,536 bushels in containers from Illinois in the latest week.”

Japan was the No. 1 destination for U.S. corn export inspections last week, with 11.9 million bushels. Other top destinations included Egypt (8.7 million), Mexico (8.3 million), Taiwan (5.7 million), South Korea (5.1 million) and Colombia (2.4 million). 

Soybean export inspections of 25.5 million bushels last week were lower than the prior week’s total of 28.9 million bushels but landed in the middle of trade estimates, which ranged between 20 million and 33 million bushels. The weekly rate needed to match USDA forecasts moved higher, to 38.1 million bushels, and the cumulative total for the 2018/19 marketing year of 85 million bushels have started sluggish, coming in around 25% below the pace from last year. 

Spain was the No. 1 destination for U.S. soybean inspections last week, with 5.1 million bushels. Other top destinations included Mexico (3.0 million), Egypt (3.0 million), Saudi Arabia (2.6 million), Pakistan (2.5 million) and the Netherlands (2.5 million).

Wheat export inspections of 15.1 million bushels last week matched the prior week’s total (also 15.1 million) and landed in the middle of the average trade guess, which ranged between 12 million and 18 million bushels. The weekly rate needed to match USDA forecast moved higher, to 18.5 million bushels, while the cumulative marketing year-to-date total for 2018/19 reached 240 million bushels – down 29% from the prior marketing year. 

Italy was the No. 1 destination for U.S. wheat export inspections last week, with 2.8 million bushels. Other top destinations included Mexico (2.6 million), Guatemala (1.8 million), Taiwan (1.8 million), the Philippines (1.2 million) and Venezuela (1.1 million).