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Weekly grain movement: Soybean totals turn south

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Corn and wheat volumes move moderately higher week-over-week.

The latest batch of grain export inspection data from USDA, out Monday morning and covering the week through March 17, held mixed but mostly solid numbers for traders to consider. Corn, wheat and sorghum volumes all moved moderately higher, though cumulative totals for 2021/22 remain below last year’s pace. Soybeans were relatively disappointing, in contrast, spilling moderately lower week-over-week and staying near the lower end of trade estimates.

Corn export inspections reached 57.7 million bushels, which was a 28% improvement from a week ago. It was also toward the higher end of trade guesses, which came in between 44.9 million and 63.0 million bushels. Cumulative totals for the 2021/22 marketing year are still running moderately behind last year’s pace, with 1.078 billion bushels.

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

Sorghum export inspections firmed moderately from a week ago, reaching 13.2 million bushels. Most of that grain is bound for China, with Mexico and Cameroon accounting for the modest remainder. Cumulative totals for the 2021/22 marketing year are still slightly behind last year’s pace, with 140.5 million bushels.

Soybean export inspections eroded 32% lower from the prior week, falling to 20.0 million bushels. That was also toward the lower end of analyst estimates, which ranged between 18.4 million and 31.2 million bushels. Cumulative totals for the 2021/22 marketing year gained a sliver of ground against last year’s pace but remain significantly behind with 1.570 billion bushels.

China was again the No. 1 destination for U.S. soybean export inspections, with another 6.1 million bushels last week. Mexico, Egypt, Indonesia and Taiwan filled out the top five.

Wheat export inspections saw modest week-over-week improvements to reach 12.1 million bushels. That was on the lower end of trade guesses, which ranged between 10.1 million and 18.4 million bushels. Cumulative totals for the 2021/22 marketing year are still trending moderately below last year’s pace, with 608.1 million bushels.

South Korea was the top destination for U.S. wheat export inspections last week, with 2.3 million bushels. The Philippines, Honduras, Mexico and Venezuela rounded out the top five.

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

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