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Weekly grain movement: Corn continues strong trend

Getty/iStockphoto Vessel loaded with corn
Soybeans and wheat volumes also trend higher week-over-week

The latest set of grain export inspection data from USDA, out Monday morning and covering the week through June 23, held mixed but mostly positive data for traders to digest. However, volume for corn, soybeans and wheat came in largely as expected and failed to alter grain prices in any significant manner immediately following the report.

Corn export inspections reached 49.1 million bushels last week, moving slightly higher week-over-week. That was on the very high end of trade estimates, which ranged between 35.4 million and 49.2 million bushels. Cumulative totals for the 2021/22 marketing year remain substantially behind last year’s pace, with 1.867 billion bushels since the beginning of last September.

Japan was the No. 1 destination for U.S. corn export inspections last week, with 18.8 million bushels. Mexico, China, South Korea and Panama rounded out the top five.

Sorghum export inspections doubled in volume from a week ago, climbing to 5.9 million bushels. Most of that grain is bound for China, although Mexico also accounted for a modest amount. Cumulative totals for the 2021/22 marketing year are slightly higher than year-ago totals, with 263.3 million bushels.

Soybean export inspections improved slightly week-over-week, reaching 17.2 million bushels. It was also toward the higher end of analyst estimates, which ranged between 11.0 million and 21.1 million bushels. Cumulative totals for the 2021/22 marketing year are still running moderately below last year’s pace, with 1.887 billion bushels.

Germany was the unlikely No. 1 destination for U.S. soybean export inspections last week, with 5.5 million bushels. China, Egypt, Japan and Mexico filled out the top five.

Wheat export inspections saw fractional week-over-week improvements after bringing in 12.9 million bushels. That was on the lower end of trade estimates, however, which ranged between 11.0 million and 22.0 million bushels. Cumulative totals for the 2022/23 marketing year have started slightly below last year’s pace, with 49.2 million bushels.

Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 3.6 million bushels. The Philippines, Ethiopia, Nigeria and Colombia rounded out the top five.

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

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