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Weekly grain movement: Soybeans stand strong

Wheat makes modest week-over-week inroads, while corn totals remain lackluster

Ben Potter

January 23, 2023

2 Min Read
cargo ship loading in port at sunset, aerial view
Getty Images/sandsun

The latest grain export inspection updates from USDA, out Monday morning and covering the week through January 19, didn’t have a lot of bullish data for traders to digest. Soybeans turned in the strongest performance despite moderate week-over-week declines, staying near the upper end of trade estimates. Corn volume also trended slightly lower, while wheat volume firmed slightly.

Corn export inspections faded 7% lower to 28.6 million bushels last week. That was also toward the lower end of analyst estimates, which ranged between 21.7 million and 40.4 million bushels. Cumulative totals for the 2022/23 marketing year are still tracking well below last year’s pace so far, with 453.1 million bushels.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 12.2 million bushels. Japan, Saudi Arabia, China and Honduras rounded out the top five.

Sorghum export inspections improved to 2.9 million bushels last week. China accounted for the bulk of that total, with Mexico picking up the modest remainder. Cumulative totals for the 2022/23 marketing year remain well below last year’s pace so far, with 19.4 million bushels.

Soybean export inspections saw a moderate week-over-week decline but remained relatively strong overall, with 66.3 million bushels. That was toward the higher end of trade estimates, which ranged between 33.1 million and 71.8 million bushels. Cumulative totals for the 2022/23 marketing year are still trending slightly below last year’s pace, with 1.253 billion bushels.

China accounted for more than half of all U.S. soybean export inspections last week, with 44.0 million bushels. Germany, Mexico, Italy and Bangladesh filled out the top five.

Wheat export inspections firmed slightly higher week-over-week to 12.3 million bushels. That was still on the lower end of trade estimates, however, which ranged between 9.2 million and 20.2 million bushels. Cumulative totals for the 2022/23 marketing year are slightly below last year’s pace, with 468.9 million bushels.

South Korea was the No. 1 destination for U.S. wheat export inspections last week, with 3.3 million bushels. Mexico, Japan, Chile and Algeria rounded out the top five.

Click here for more highlights from the latest USDA grain export inspection report, covering the week through January 19.

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Exports

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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