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June 21, 2022
The latest batch of grain export inspection data from USDA, out Tuesday morning and covering the week through June 16, didn’t hold a lot of bullish data from traders to digest. Corn showed mostly solid results, easing slightly lower from a week ago but staying near the top of analyst estimates. Soybean and wheat volume were also down week-over-week, staying near the lower end of trade guesses.
Corn export inspections reached 46.6 million bushels last week. That was slightly lower from week-ago totals but on the higher end of trade estimates, which came in between 23.6 million and 51.2 million bushels. Cumulative totals for the 2021/22 marketing year are still trending well below last year’s pace, with 1.817 billion bushels.
China was the No. 1 destination for U.S. corn export inspections last week, with 13.3 million bushels. Mexico, Japan, Colombia and Taiwan rounded out the top five.
Sorghum export inspections came in at nearly half of the prior week’s total, falling to 2.8 million bushels. That grain is largely bound for China, with Mexico and Haiti accounting for the modest remainder. Cumulative totals for the 2021/22 marketing year are slightly above last year’s pace, with 257.5 million bushels.
Soybean export inspections were tepid, coming in at 15.7 million bushels, sliding moderately below the prior weeks’ tally of 22.3 million bushels. It was also slightly on the low end of trade estimates, which ranged between 11.0 million and 23.0 million bushels. Cumulative totals for the 2021/22 marketing year are still running significantly behind last year’s pace, reaching 1.870 billion bushels.
Egypt was the No. 1 destination for U.S. soybean export inspections last week, with 3.9 million bushels. Mexico, China, Pakistan and Colombia filled out the top five.
Wheat export inspections fell to 12.2 million bushels last week, falling nearly 20% below the prior week’s results. It was also on the lower end of trade estimates, which ranged between 11.0 million and 18.4 million bushels. Cumulative totals for the young 2022/23 marketing year are already moderately behind last year’s pace, with 35.6 million bushels.
The Philippines topped all destinations for U.S. wheat export inspections last week, with 4.5 million bushels. Thailand, El Salvador, Honduras and Jamaica rounded out the top five.
Click here to see more data from the latest USDA grain export inspection report.
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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