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Soybean volume also disappoints last week, while wheat exceeds expectations.

Ben Potter, Senior editor

July 10, 2023

2 Min Read
Corn offloading from export ship on belt
Getty Images

The latest set of grain export inspection data from USDA, out Monday morning and covering the week through July 6, held a decidedly mixed bag of data for traders to digest. Wheat showed the most upside after exceeding the entire range of trade guesses. Soybean volume was tepid, in contrast, and corn spilled below all analyst estimates.

Corn export inspections were disappointing after only reaching 13.4 million bushels last week. That was below the entire set of trade estimates, which ranged between 19.7 million and 35.4 million bushels. Cumulative totals for the 2022/23 marketing year are still substantially below last year’s pace, with 1.319 billion bushels.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 7.9 million bushels. Japan, Colombia, Venezuela and Guyana rounded out the top five.

Sorghum export inspections were nearly nonexistent last week, with just 2,800 bushels. That grain is headed to Mexico and Japan. Cumulative totals for the 2022/23 marketing year are far below last year’s pace so far, with 72.9 million bushels.

Soybean export inspections made it to 8.7 million bushels last week. That was toward the lower end of trade estimates, which ranged between 4.6 million and 14.7 million bushels. Cumulative totals for the 2022/23 marketing year are still modestly below last year’s pace after reaching 1.825 billion bushels.

Germany topped all destinations for U.S. soybean export inspections last week, with 2.5 million bushels. Italy, Japan, Mexico and Indonesia filled out the top five.

Wheat export inspections were better than expected last week after reaching 15.4 million bushels. That was above the entire set of trade guesses, which ranged between 7.3 million and 14.7 million bushels. Cumulative totals for the 2023/24 marketing year have started off moderately slower than last year’s pace so far, with 55.8 million bushels.

The Philippines topped all destinations for U.S. wheat export inspections last week, with 3.4 million bushels. Colombia, Mexico, Chile and Indonesia rounded out the top five.

Click here for more highlights from the latest USDA grain export inspection report, which covers the week through July 6.

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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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