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Weekly Grain Movement – Mostly lackluster results

Getty/iStockphoto head of wheat and kernels on US dollar bills
Wheat tilts slightly higher week-over-week, while corn and soybeans slump.

The latest batch of grain export inspection data from USDA, out Tuesday morning and covering the week through Sept. 2, didn’t have a lot of bullish data for traders to digest. Wheat was the lone bright spot, inching 3% above the prior week’s tally. But corn and soybean volume each trended significantly lower from a week ago as the 2021/22 marketing year kicks off to a sluggish start.

Corn export inspections reached roughly half of the prior week’s tally, falling to 10.9 million bushels. That was also toward the lower end of trade estimates, which ranged between 4.9 million and 21.7 million bushels. Cumulative totals for the 2021/22 marketing year are well below last year’s pace with just 1.6 million bushels. It’s far to early to worry, however – there are 363 more days left to catch up.

Mexico accounted for more than half of all U.S. corn export inspections last week, with 6.9 million bushels. Japan, Haiti, Taiwan and Hong Kong rounded out the top five.

Sorghum export inspections tumbled to just 150,000 bushels last week. Sales for the 2020/21 marketing year turned into a pleasant surprise – it will be interesting to monitor that trend to see if it can keep up in 2021/22.

Soybean export inspections tumbled to 2.5 million bushels last week, spilling 82% below the prior weeks’ tally. That was also near the low end of trade guesses, which ranged between 1.8 million and 9.2 million bushels. The young 2021/22 marketing year will need an influx of sales to catch last year’s pace, starting with a deficit of 97% compared to 2020/21.

Mexico was the No. 1 destination for U.S. soybean export inspections last week, with 1.6 million bushels. Indonesia, Vietnam, Taiwan and China filled out the top five.

Wheat export inspections saw slight week-over-week improvements, moving to 14.0 million bushels. That was also on the higher end of trade guesses, which ranged between 5.5 million and 19.3 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately behind last year’s pace, with 238.4 million bushels.

As with corn and soybeans, Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 3.8 million bushels. The Philippines, Taiwan, El Salvador and South Korea rounded out the top five.

Click here to read more from the latest USDA grain export inspection report, which covers the week through Sept. 2.

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