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Weekly grain movement – Corn climbs, soybeans slide lower

iStockphoto Illustration of two container ships facing each other on the water, one with USA flag
Wheat volume finds moderate week-over-week gains.

USDA’s newest round of grain export inspection data, out Monday morning and covering the week through Nov. 11, had mixed but mostly positive data for traders to digest. Soybeans trended moderately lower but still stayed within the range of trade guesses as the grain continues a robust pace overall. Corn trended moderately higher from a week ago and surpassed the entire ranged of analyst estimates. Wheat saw a similar situation – moving moderately higher week-over-week and coming in higher than all trade guesses.

Corn export inspections improved 32% from a week ago to reach 33.7 million bushels. That was better than the entire range of trade guesses, which came in between 19.1 million and 29.5 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately behind last year’s pace, meantime, reaching 274.7 million bushels.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 13.7 million bushels. Colombia, Japan, Guatemala and El Salvador rounded out the top five.

Soybean export inspections faded 28% lower week-over-week, dropping to 76.2 million bushels. That was good enough to stay near the middle of trade estimates, which ranged between 59.7 million and 91.9 million bushels. Cumulative totals for the 2021/22 marketing year remain substantially behind last year’s pace after reaching 594.8 million bushels.

China remains the dominant destination for U.S. soybean export inspections, accounting for another 48.4 million bushels last week. Mexico, Germany, Thailand and Italy filled out the top five.

Wheat export inspections climbed 55% higher week-over-week, reaching 14.3 million bushels. That was better than all trade guesses, which ranged between 5.5 million and 13.8 million bushels. Cumulative totals for the 2021/22 marketing year are still trailing last year’s pace, moving to 378.7 million bushels.

Nigeria was the No. 1 destination for U.S. wheat export inspections, with 4.8 million bushels. Ethiopia, Mexico, Guatemala and Japan rounded out the top five.

Click here to read more from the latest USDA grain export inspection report, which covers the week through Nov. 11.

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