Farm Progress is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Weekly Grain Movement – Corn and soybeans trend higher

Getty/iStockphoto Corn in a grain truck
Wheat volume tilts moderately lower from a week ago.

The latest batch of grain export inspection data from USDA, out Monday morning and covering the week through Aug. 12, held mixed but mostly positive numbers for traders to digest. Corn and soybeans each trended higher week-over-week. Corn totals were on the lower end of analyst estimates, however, while soybeans were on the upper end of trade guesses. Wheat volume stumbled lower from last week but stayed near the middle of analyst estimates.

Corn export inspections inched 1.3% higher week-over-week to 29.7 million bushels. That was on the lower end of trade guesses, which ranged between 23.6 million and 39.4 million bushels. With around three weeks remaining in the 2020/21 marketing year, cumulative totals still have a commanding lead over last year’s pace, moving to 2.533 billion bushels.

China was the No. 1 destination for U.S. corn export inspections last week, with 10.8 million bushels. Japan, Mexico, El Salvador and Honduras rounded out the top five.

Sorghum export inspections took a moderate week-over-week dip, moving to 2.2 million bushels. More than 90% of that total is bound for China, with the remainder headed for Mexico. Cumulative totals for the 2020/21 marketing year still have a healthy lead over last year’s pace, with 271.6 million bushels.

Soybean export inspections more than doubled its volume from a week ago, moving to 10.2 million bushels. That was also on the upper end of trade guesses, which ranged between 2.8 million and 11.0 million bushels. Cumulative totals for the 2020/21 marketing year, which concludes at the end of August, remain far ahead of last year’s pace, with 2.155 billion bushels.

China accounted for just over half of all U.S. soybean export inspections last week, with 5.4 million bushels. Japan, Bangladesh, Colombia and Mexico filled out the top five.

Wheat export inspections moderately trailed the prior week’s tally but still came in at a respectable 16.2 million bushels. That was also near the middle of trade guesses, which ranged between 11.0 million and 23.0 million bushels. Cumulative totals for the 2021/22 marketing year are still moderately trailing last year’s pace, with 179.5 million bushels since the beginning of July.

Japan was the No. 1 destination for U.S. wheat export inspections last week, with 3.9 million bushels. Nigeria, Malaysia, the Philippines and Mexico rounded out the top five.

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

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish