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Weekly Grain Movement: Trending in a positive direction

Corn volume retains strong pace, while soybeans and wheat capture weekly gains.

Ben Potter, Senior editor

June 17, 2024

2 Min Read
Ship with corn
Getty Images/siren68

UDSA’s latest set of grain export inspection data, out Monday morning and covering the week through June 13, held mixed but mostly positive data for traders to digest. Corn volume eased slightly lower but remains relatively strong for this time of year. Soybean volume moved moderately higher week-over-week, while wheat gathered modest weekly gains.

Corn export inspections reached 50.7 million bushels last week, which was slightly below the prior week’s volume of 52.8 million bushels. That was still toward the higher end of analyst estimates, which ranged between 35.4 million and 55.1 million bushels. Cumulative totals for the 2023/24 marketing year are still noticeably higher than last year’s pace so far, reaching 1.591 billion bushels.

Japan was the No. 1 destination for U.S. corn export inspections last week, with 13.1 million bushels. Mexico, Spain, Colombia and Saudi Arabia rounded out the top five.

Sorghum export inspections slumped noticeably lower week-over-week after only reaching 51,000 bushels. That grain is bound for Mozambique, Mexico and Japan. Cumulative totals for the 2023/24 marketing year are still almost tripling last year’s pace, with 202.5 million bushels.

Soybean export inspections moved moderately higher week-over-week, to 12.3 million bushels. That was also slightly on the higher end of trade guesses, which ranged between 7.3 million and 15.7 million bushels. Cumulative totals for the 2023/24 marketing year are still tracking moderately below last year’s pace after reaching 1.502 billion bushels.

Indonesia was the No. 1 destination for U.S. soybean export inspections last week, with 3.1 million bushels. Germany, Egypt, Mexico and Algeria filled out the top five.

Wheat export inspections made modest inroads last week after reaching 13.8 million bushels. That was also toward the higher end of analyst estimates, which ranged between 9.2 million and 16.5 million bushels. Cumulative totals for the 2023/24 marketing year have started with moderate gains over last year’s pace so far, with 24.7 million bushels since June 1.

South Korea was the No. 1 destination for U.S. wheat export inspections last week, with 2.5 million bushels. Malaysia, Thailand, the Philippines and Mexico rounded out the top five.

Click here for more highlights from the latest USDA grain export inspection report, which covers the week through June 13.

Read more about:

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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