The latest set of grain export inspection data from USDA, out Monday morning and covering the week through December 1, held mixed but mostly bullish data for traders to digest. Soybean volume continues to lead the charge in recent weeks but has been unable to catch up with last year’s pace so far. Wheat surpassed the entire range of trade guesses last week, while corn landed near the middle of analyst estimates.
Corn export inspections climbed moderately higher week-over-week to 20.6 million bushels. That was near the middle of trade estimates, which ranged between 11.8 million and 29.5 million bushels. Cumulative totals for the 2022/23 marketing year remain moderately below last year’s pace, with 249.7 million bushels.
China was the No. 1 destination for U.S. corn export inspections last week, with 11.0 million bushels. Mexico, Haiti, Taiwan and Hong Kong rounded out the top five.
Sorghum export inspections improved to 3.0 million bushels last week. Most of that grain is bound for China, with the slim remainder heading to Mexico. Cumulative totals for the 2022/23 marketing year are still well below last year’s pace so far, with 13.9 million bushels.
Soybean export inspections were strong again last week, reaching 66.3 million bushels. Analysts were generally expecting to see inspections reach this level, with trade guesses ranging between 40.4 million and 88.2 million bushels. Cumulative totals for the 2022/23 marketing year are still moderately lower than year-ago totals so far, with 778.1 million bushels.
China accounted for more than half of last week’s U.S. soybean export inspections, with 45.1 million bushels. Indonesia, Mexico, Taiwan and Egypt were the other top destinations.
Wheat export inspections were better than expected last week, with 12.3 million bushels. That was above the entire range of trade guesses, which came in between 6.4 million and 11.0 million bushels. Cumulative totals for the 2022/23 marketing year are slightly below last year’s pace, with 400.9 million bushels.
The Philippines topped all destinations for U.S. wheat export inspections, with 4.0 million bushels. Mexico, Japan, El Salvador and Algeria rounded out the top five.
Click here to see more highlights from the latest USDA grain export inspection report, covering the week through December 1.