Weekly grain movement: Soybeans continue strong paceWeekly grain movement: Soybeans continue strong pace

Due to Monday’s Federal Presidents’ Day holiday, traders had to wait an extra day for USDA to release its latest grain export inspections report, out Tuesday morning and covering the week through February 16. Soybeans turned in another strong performance, although it was down below the prior week’s total. Corn volume trended moderately higher, staying near the middle of trade estimates. Wheat prices faded moderately lower-week-over week.

Corn export inspections improved 10.5% week-over-week to reach 24.5 million bushels. That was near the middle of analyst estimates, which ranged between 19.7 million and 29.5 million bushels. Cumulative totals for the 2022/23 marketing year are tracking around two-thirds of last year’s pace so far, with 540.7 million bushels since the beginning of September.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 9.4 million bushels. Japan, Taiwan, Guatemala and Costa Rica rounded out the top five.

Sorghum export inspections jumped noticeably higher week-over-week, with 2.8 million bushels. That grain is largely bound for China, although Japan, Mexico and Panama are also set to receive modest amounts. Cumulative totals for the 2022/23 marketing year are only around one-fifth of last year’s pace so far, with an extremely disappointing 22.4 million bushels.

Soybean export inspections took saw moderate week-over-week declines but remain relatively strong, with 58.0 million bushels. That was also near the middle of trade estimates, which ranged between 36.7 million and 72.2 million bushels. Cumulative totals for the 2022/23 marketing year are tracking slightly ahead of last year’s pace, with 1.521 billion bushels.

China again dominated all U.S. soybean export inspection destinations, with 18.5 million bushels. Germany, Egypt, Indonesia and South Korea filled out the top five.

Wheat export inspections were down moderately from the prior week’s tally with 13.7 million bushels. That was also toward the lower end of trade guesses, which ranged between 11.0 million and 19.3 million bushels. Cumulative totals for the 2022/23 marketing year are running slightly behind last year’s pace, with 538.6 million bushels.

China was the No. 1 destination for U.S. wheat export inspections last week, with 2.5 million bushels. Japan, Mexico, Thailand and Taiwan rounded out the top five.

Click here for more highlights from the latest USDA grain export inspection report, covering the week through February 16.