USDA’s latest batch of grain export inspection data was mixed but somewhat disappointing for the week ending Oct. 28. Soybeans eased slightly week-over-week but still came in strong, staying on the upper end of analyst estimates. Corn was down a bit, hovering near the middle of trade guesses. Wheat was the biggest disappointment, trending moderately lower from a week ago and falling below the entire range of analyst estimates.
Corn export inspections reached 24.4 million bushels, trailing the prior week’s volume by 2.4% and spilling toward the lower end of trade guesses, which ranged between 18.7 million and 35.4 million bushels. Cumulative totals for the 2021/22 marketing year are failing to gain any ground on last year’s pace, still moderately lower year-over-year with 213.5 million bushels.
Mexico was the No. 1 destination for U.S. corn export inspections last week, with 12.3 million bushels. Japan, Colombia, Nicaragua and Venezuela rounded out the top five.
Sorghum export inspections eased slightly from a week ago, sliding to 3.0 million bushels. The bulk of that grain is bound for China, although Mexico, Vietnam and Madagascar also accounted for modest amounts. Cumulative totals for the 2021/22 marketing year remain moderately behind last year’s pace, with 19.5 million bushels.
Soybean export inspections fell 11.5% week-over-week to 83.5 million bushels. Still, that was on the upper end of trade estimates, which ranged between 68.0 million and 84.5 million bushels. Cumulative totals for the 2021/22 marketing year failed to gain any ground on last year’s lead, however, remaining considerably behind with 399.2 million bushels.
China was once again by far the No. 1 destination for U.S. soybean export inspections, with 52.6 million bushels. Mexico, Germany, Italy and Japan rounded out the top five.
Wheat export inspections were lackluster, falling to just 4.2 million bushels. That was lower than the entire range of trade guesses, which came in between 5.5 million and 18.4 million bushels. Cumulative totals for the 2021/22 marketing year are still moderately behind last year’s pace, with 354.6 million bushels.
Mexico was the No. 1 destination for U.S. wheat export inspections, with 1.1 million bushels. Honduras, Jamaica, Panama and Haiti rounded out the top five.
Click here to read more from the latest USDA grain export inspection report, which covers the week through Oct. 28.