The latest set of grain export inspection data from USDA, out Monday morning and covering the week through Dec. 30, showed volume slowing over the holidays. Corn, soybeans and wheat all saw moderate week-over-week slides. Corn fell to the lower end of trade guesses, while soybeans and wheat tumbled below the entire range of analyst estimates.
Corn export inspections saw a moderate decline last week, spilling to 23.5 million bushels. Analysts were generally expecting to see a more robust volume, with trade guesses ranging between 19.7 million and 39.4 million bushels. Cumulative totals for the 2021/22 marketing year are now at 507.8 million bushels, which is still moderately behind last year’s pace so far.
Mexico was the No. 1 destination for U.S. corn export inspections last week, with 6.9 million bushels. Colombia, Japan, China and El Salvador rounded out the top five.
Sorghum export inspections were slim, at just under 74,000 bushels. That grain is bound for Mexico and China. Cumulative totals for the 2021/22 marketing year slid further behind last year’s pace after reaching 68.1 million bushels.
Soybean export inspections were relatively disappointing after dropping to 43.8 million bushels. That was below the entire range of trade guesses, which came in between 51.4 million and 69.8 million bushels. Cumulative totals for the 2021/22 marketing year are fading further behind last year’s pace, with 1.113 billion bushels.
China was the No. 1 destination for U.S. soybean export inspections last week after accounting for more than half of the total (27.5 million bushels). Italy, Pakistan, Egypt and Japan filled out the top five.
Wheat export inspections were also lackluster last week after falling to 5.2 million bushels. That was below all trade guesses, which ranged between 7.3 million and 16.5 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately behind last year’s pace, with 444.1 million bushels.
Nigeria was the top destination for U.S. wheat export inspections last week, with 1.9 million bushels. The Philippines, Mexico, Honduras and China rounded out the top five.
Click here to read more from the latest USDA grain export inspection report.