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Weekly Grain Movement: Mostly lackluster results

Corn, soybean and wheat volume fail to impress last week.

Ben Potter, Senior editor

May 28, 2024

2 Min Read
Export ship loading grain
Getty Images/cpsnell

The latest set of grain export inspection data, out Monday morning and covering the week through May 23, didn’t have a lot of bullish data for traders to digest. Corn volume led the way once again but stayed toward the low end of analyst estimates. Soybean volume improved slightly week-over-week but were also on the low end of trade guesses. Wheat fared a bit better after almost doubling the prior week’s volume.

Corn export inspections faded moderately lower week-over-week to 42.4 million bushels. That was also toward the lower end of trade guesses, which ranged between 37.4 million and 51.2 million bushels. Cumulative totals for the 2023/24 marketing year are still trending moderately above last year’s pace so far after reaching 1.429 billion bushels.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 16.4 million bushels. Japan, Colombia, China and Taiwan rounded out the top five.

Sorghum export inspections faded noticeably lower than the prior week’s volume after only reaching 1.9 million bushels. The entirety of that grain is bound for China. Cumulative totals for the 2023/24 marketing year remains noticeably above last year’s pace so far after reaching 192.6 million bushels.

Soybean export inspections made modest week-over-week improvements after reaching 7.8 million bushels. However, that was on the very low end of analyst estimates, which ranged between 7.3 million and 14.7 million bushels. Cumulative totals for the 2023/24 marketing year are still tracking moderately below last year’s pace, with 1.469 billion bushels.

China was the No. 1 destination for U.S. soybean export inspections last week, with 2.8 million bushels. Egypt, Indonesia, Mexico and Colombia filled out the top five.

Wheat export inspections moved well above the prior week’s pace after reaching 14.7 million bushels. That also matched the high end of analyst estimates, which ranged between 6.4 million and 14.7 million bushels. Cumulative totals for the 2023/24 marketing year are still modestly below last year’s pace after reaching 672.1 million bushels.

Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 4.5 million bushels. The Philippines, Taiwan, Japan and Italy rounded out the top five.

Click here for more highlights from the latest USDA grain export inspection report, which covers the week through May 23.

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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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