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Weekly grain movement: Corn continues strong pace

Getty/iStockphoto barge with shipping containers
Wheat makes moderate gains, with soybean volume down slightly.

The latest set of grain export inspection data from USDA, out Monday morning and covering the week through April 28, showed corn volume continuing at a healthy clip after rising slightly higher week-over-week and moving to the upper end of trade estimates. Wheat volume also improved moderately from a week ago, with soybeans easing slightly lower.

Corn export inspections reached 66.3 million bushels last week, firming slightly higher week-over-week. It was also on the high end of trade guesses, which ranged between 39.4 million and 69.9 million bushels. Cumulative totals for the 2021/22 marketing year are still moderately below last year’s pace, however, reaching 1.440 billion bushels.

China was the No. 1 destination for U.S. corn export inspections last week, with 11.1 million bushels. Japan, Mexico, Colombia and Spain rounded out the top five.

Sorghum export inspections improved moderately week-over-week to 8.6 million bushels. That grain is bound for China, Spain and Mexico. Cumulative totals for the 2021/22 marketing year are still slightly behind last year’s pace, with 208.9 million bushels.

Soybean export inspections shifted slightly below week-ago totals, with 22.1 million bushels. That was also on the lower end of trade guesses, which ranged between 18.4 million and 36.7 million bushels. Cumulative totals for the 2021/22 marketing year remain well below last year’s pace, with 1.735 billion bushels.

China was again the dominant destination for U.S. soybean export inspections last week, with 8.5 million bushels. Egypt also saw a big bump in volume, with 6.4 million bushels. Mexico, Colombia and Japan filled out the top five.

Wheat export inspections rose moderately above the prior week’s tally, with 14.2 million bushels. That was also toward the higher end of analyst estimates, which ranged between 8.3 million and 18.4 million bushels. Cumulative totals for the 2021/22 marketing year are still moderately below last year’s pace, with 688.7 million bushels.

Mexico was the No. 1 destination for U.S. wheat export inspections, with 3.6 million bushels. The Philippines, South Korea, Colombia and Japan rounded out the top five.

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

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