July 24, 2023
As is often the case, USDA’s latest grain export inspection report, out Monday morning and covering the week through July 20, held a mixed bag of data for traders to digest. Volume was mostly lackluster, although wheat volume exceeded the entire range of analyst estimates. Soybean totals were also on the high end of trade guesses, while corn totals were mostly disappointing.
Corn export inspections spilled moderately below last week’s tally after only reaching 12.2 million bushels. That was also on the low end of trade estimates, which ranged between 9.8 million and 23.6 million bushels. Cumulative totals for the 2022/23 marketing year are still noticeably below last year’s pace, with 1.348 billion bushels.
Mexico was the No. 1 destination for U.S. corn export inspections last week, with 6.2 million bushels. Honduras, Japan, Guatemala and Taiwan rounded out the top five.
Sorghum export inspections tracked a bit above the prior week’s total after reaching 6.7 million bushels. That grain is largely bound for China, with Mexico, Taiwan and Japan accounting for the modest remainder. Cumulative totals for the 2022/23 marketing year are still well below last year’s pace so far, with 87.8 million bushels.
Soybean export inspections reached 10.4 million bushels, which was a week-over-week improvement of 77%. That was also toward the higher end of analyst estimates, which ranged between 3.7 million and 11.0 million bushels. Cumulative totals for the 2022/23 marketing year are still slightly below last year’s pace, with 1.844 billion bushels.
Germany was the No. 1 destination for U.S. soybean export inspections last week, with 4.1 million bushels. Mexico, Italy, Indonesia and the Philippines filled out the top five.
Wheat export inspections exceeded expectations last week after reaching 13.2 million bushels. That was better than the entire set of trade guesses, which ranged between 5.5 million and 12.9 million bushels. Cumulative totals for the 2023/24 marketing year are slightly slower than last year’s pace so far, with 79.1 million bushels.
The Philippines topped all destinations for U.S. wheat export inspections last week, with 5.2 million bushels. Mexico, South Korea, Nigeria and Honduras rounded out the top five.
Click here for more highlights from the latest USDA grain export inspection report, which covers the week through July 6.
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