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Weekly Grain Movement: Corn pushes past analyst expectations

Soybean and wheat volume finds improvements versus the prior week’s results.

Ben Potter, Senior editor

June 3, 2024

2 Min Read
Ship getting loaded with grain
Getty Images/Miragest

USDA’s latest set of grain export inspection data, out Monday morning and covering the week through May 30, held mixed but mostly bullish data for traders to digest. Corn volume led the way once more, moving moderately higher week-over-week and jumping above the entire set of trade guesses. Soybeans also made weekly improvements, staying toward the higher end of analyst estimates. Wheat notched modest week-over-week gains.

Corn export inspections improved to 54.1 million bushels last week, which was a weekly gain of almost 22%. That was also better than the entire set of analyst estimates, which ranged between 38.4 million and 47.2 million bushels. Cumulative totals for the 2023/24 marketing year are still trending moderately above last year’s pace after reaching 1.486 billion bushels.

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

Sorghum export inspections found modest week-over-week improvements after reaching 2.7 million bushels. The entirety of that grain is bound for China. Cumulative totals for the 2023/24 marketing year are still tracking noticeably above last year’s pace so far, with 195.3 million bushels.

Soybean export inspections made moderate week-over-week improvements after moving to 12.8 million bushels. That was also on the very high end of analyst estimates, which ranged between 6.4 million and 12.9 million bushels. Cumulative totals for the 2023/24 marketing year are still well below last year’s pace, meantime, with 1.481 billion bushels.

Mexico was the No. 1 destination for U.S. soybean export inspections last week, with 2.6 million bushels. China, Turkey, Germany and Egypt filled out the top five.

Wheat export inspections found modest weekly improvements after reaching 15.3 million bushels. That was also toward the higher end of analyst estimates, which ranged between 9.2 million and 16.5 million bushels. Cumulative totals for the 2023/24 marketing year are still slightly below last year’s pace, with 687.4 million bushels.

The Philippines topped all destinations for U.S. wheat export inspections last week, with 3.6 million bushels. Mexico, South Korea, Japan and Taiwan rounded out the top five.

Click here for more highlights from the latest USDA grain export inspection report, which covers the week through May 30.

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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