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Weekly Grain Movement – Soybeans continue red-hot pace

Wheat volume moves moderately higher, while corn takes a step back

Ben Potter

November 8, 2021

2 Min Read
5-07-21 CargoShipExports101117-1540x800_1.jpg

The latest round of grain export inspection data from USDA, out Monday morning and covering the week through November 4, showed mixed but mostly bullish results. Soybean volume continues to move along at a solid clip, moving slightly higher from a week ago. Wheat volume nearly doubled, while corn saw a moderate week-over-week decline.

Corn export inspections dropped 16% from a week ago, landing at 22.2 million bushels. That was also on the very low end of trade estimates, which ranged between 21.7 million and 39.4 million bushels. Cumulative totals for the 2021/22 marketing year, which began September 1, remain moderately behind last year’s pace after reaching 237.7 million bushels.

Mexico accounted for more than half of all U.S. corn export inspections last week, with 12.5 million bushels. Japan, El Salvador, Colombia and Saudi Arabia rounded out the top five.

Sorghum export inspections came in at a lackluster 303,000 bushels. That grain is bound for Mexico, Vietnam and Madagascar. Cumulative totals for the 2021/22 marketing year remains moderately behind last year’s pace, with 19.8 million bushels since the start of September.

Soybean export inspections saw modest week-over-week gains, moving to 97.3 million bushels. That was better than the entire range of trade estimates, which came in between 40.4 million and 92.4 million bushels. Cumulative totals remain well behind last year’s pace, however, reaching 508.9 million bushels.

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China was once again the dominant destination for U.S. soybean export inspections, with 66.4 million bushels. Egypt, Bangladesh, Mexico and Taiwan filled out the top five.

Wheat export inspections showed some signs of improvement, moving to 8.5 million bushels – a week-over-week gain of 77%. That was still on the lower end of trade estimates, meantime, which ranged between 5.5 million and 14.7 million bushels. Cumulative totals for the 2021/22 marketing year are still moderately behind last year’s pace, reaching 363.7 million bushels.

Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 3.4 million bushels. Thailand, Japan, Colombia and Italy rounded out the top five.

Click here to read more from the latest USDA grain export inspection report, which covers the week through November 4.

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About the Author(s)

Ben Potter

Senior editor, Farm Futures

Senior Editor Ben Potter brings more than 14 years 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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