November 13, 2023
USDA’s latest set of grain export inspection data, out Monday morning and covering the week through November 9, showed mostly pedestrian results for traders to digest. Soybeans turned in the strongest performance but failed to match analyst expectations. Corn volume was also fairly solid, while wheat totals were fairly disappointing.
Corn export inspections reached 24.0 million bushels last week. That was toward the higher end of analyst estimates, which ranged between 15.7 million and 29.5 million bushels. Cumulative totals for the 2023/24 marketing year are still trending moderately higher than last year’s pace, with 242.5 million bushels.
Mexico was by far the No. 1 destination for U.S. corn export inspections last week, with 15.2 million bushels. Colombia, Honduras, Japan and Trinidad rounded out the top five.
Sorghum export inspections moved moderately higher week-over-week after reaching 3.1 million bushels. That grain is primarily bound for China, with Mexico and Panama accounting for the modest remainder. Cumulative totals for the 2023/24 marketing year are more than doubling last year’s pace so far, with 22.5 million bushels.
Soybean export inspections faded moderately lower week-over-week to 61.2 million bushels. Unfortunately, it was also below the entire range of trade guesses, which came in between 64.3 million and 82.7 million bushels. Cumulative totals for the 2023/24 marketing year are now running slightly below last year’s pace, with 515.6 million bushels.
China was the No. 1 destination for U.S. soybean export inspections last week, with 38.1 million bushels. Bangladesh, Mexico, Germany and Vietnam filled out the top five.
Wheat export inspections only made it to 7.6 million bushels last week. That was on the lower end of trade estimates, which ranged between 5.5 million and 12.9 million bushels. Cumulative totals for the 2023/24 marketing year remain moderately below last year’s pace, with 273.5 million bushels.
The Philippines topped all destinations for U.S. wheat export inspections last week, with 2.4 million bushels. South Korea, Mexico, Brazil and Haiti rounded out the top five.
Click here for more highlights from the latest USDA grain export inspection report, which covers the week through October 5.
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