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Weekly grain movement: Corn continues to hold steady

Getty/iStockphoto Ship with containers
Soybean and wheat volume move moderately lower again last week.

The latest set of grain export inspection data from USDA, out Monday morning and covering the week through February 24, shows corn continues to post solid results while soybean and wheat volume have struggled in comparison after falling moderately lower for the second consecutive week.

Corn export inspections totaled 60.8 million bushels last week, moving fractionally lower than the prior week’s tally. That was still towards the upper end of trade estimates, which ranged between 39.4 million and 65.0 million bushels. Cumulative totals for the 2021/22 marketing year are still modestly behind last year’s pace, reaching 912.8 million bushels.

Japan was the No. 1 destination for U.S. corn export inspections last week, with just under 18.0 million bushels. China, Mexico, Colombia and Costa Rica rounded out the top five.

Sorghum export shipments faced a moderate week-over-week drop, falling to 5.8 million bushels. Most of that total was bound for China, with Mexico picking up the small remainder. Cumulative totals for the 2021/22 marketing year are still a bit behind last year’s pace after reaching 118.9 million bushels.

Soybean export inspections reached 27.0 million bushels last week, which was a week-over-week decline of 30%. It was also toward the lower end of analyst estimates, which ranged between 14.7 million and 54.2 million bushels. Cumulative totals for the 2021/22 marketing year remain significantly behind last year’s pace, with 1.492 billion bushels.

China was again by far the No. 1 destination for U.S. soybean export inspections last week, with another 16.4 million bushels. Japan, Mexico, Colombia and Indonesia filled out the top five.

Wheat export inspections faced a week-over-week decline of 29%, sliding to 14.9 million bushels. That was very close to the middle of trade estimates, which ranged between 11.0 million and 18.4 million bushels. Cumulative totals for the 2021/22 marketing year are still running moderately below last year’s pace, with 569.0 million bushels.

Mexico was the No. 1 destination for U.S. wheat inspections last week, with 2.8 million bushels. The Philippines, Nigeria, Colombia and Taiwan filled out the top five.

Click here to read more data from the latest USDA grain export inspection report.

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