Weekly grain movement: Corn posts solid results, soybeans disappointWeekly grain movement: Corn posts solid results, soybeans disappoint

The latest set of grain export inspection data from USDA, out Monday morning and covering the week through July 7, showed corn volume continuing a strong pace overall after climbing moderately higher week-over-week and staying toward the upper end of analyst estimates. Wheat volume was weak, in contrast. Soybeans fared even worse after eroding moderately lower from a week ago and falling below the entire range of trade guesses.

Corn export inspections improved to 36.8 million bushels last week. That was good enough to stay toward the higher end of trade estimates, which ranged between 28.5 million and 43.3 million bushels. Cumulative totals for the 2021/22 marketing year are still well behind last year’s pace, meantime, with 1.938 billion bushels.

China was the No. 1 destination for U.S. corn export inspections last week, with 15.9 million bushels. Mexico, Japan, Costa Rica and the Netherlands rounded out the top five.

Sorghum export inspections more than doubled the prior week’s output, to 7.2 million bushels. That grain is bound for China and Mexico. Cumulative totals for the 2021/22 marketing year are still running slightly ahead of last year’s pace after reaching 273.6 million bushels.

Soybean export inspections were largely disappointing, falling moderately lower week-over-week and coming in at 13.1 million bushels. That was also below the entire range of analyst estimates, which were between 13.8 million and 21.1 million bushels. Cumulative totals for the 2021/22 marketing year are still moderately below last year’s pace, with 1.917 billion bushels.

China was the No. 1 destination for U.S. soybean export inspections last week, with 2.7 million bushels. Germany, Egypt, Mexico and Algeria filled out the top five.

Wheat export inspections reached 11.4 million bushels last week. That was on the lower end of analyst estimates, which ranged between 9.2 million and 16.5 million bushels. Cumulative totals for the 2022/23 marketing year are running slightly behind last year’s pace so far, with 70.6 million bushels.

Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 3.2 million bushels. South Korea, El Salvador, Taiwan and Peru rounded out the top five.

Click here to see more data from the latest USDA grain export inspection report.