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Weekly grain movement: Corn posts more solid results

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Soybean and wheat volume retreat moderately lower week-over-week.

USDA’s latest set of grain export inspection data, out Monday morning and covering the week through February 24, came in largely as analysts had anticipated. Corn volume held mostly steady and stayed toward the higher end of analyst estimates. Soybeans and wheat tilted moderately lower from a week ago but stayed within the range of trade guesses.

Corn export inspections eased slightly from a week ago, sliding to 60.8 million bushels. That was still on the high end of trade estimates, however, which ranged between 39.4 million and 66.9 million bushels. Cumulative totals for the 2021/22 marketing year were unable to gain any ground versus last year’s pace, remaining moderately lower year-over-year at 912.8 million bushels.

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

Sorghum export inspections fell moderately lower week-over-week to 5.8 million bushels. China accounted for the bulk of that total, with Mexico picking up the modest remainder. Cumulative totals for the 2021/22 marketing year are tracking slightly behind last year’s pace so far, with 118.9 million bushels.

Soybean export inspections dropped moderately below the prior week’s pace, with 27.0 million bushels. That was slightly on the lower end of trade estimates, which came in between 18.4 million and 40.4 million bushels. Cumulative totals for the 2021/22 marketing year are still well below last year’s pace after reaching 1.492 billion bushels.

China was again the dominant destination for U.S. soybean export inspections last week, with 13.6 million bushels. Japan, Mexico, Colombia and Indonesia filled out the top five.

Wheat export inspections also fell moderately lower week-over-week, dropping to 14.9 million bushels. That was slightly toward the lower end of trade estimates, which ranged between 11.0 million and 23.0 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately below last year’s pace, with 569.0 million bushels.

Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 3.1 million bushels. The Philippines, Nigeria, Colombia and Taiwan rounded out the top five.

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

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