Posted on March, 21, 2023 at 06:51 am
The latest set of grain export inspection data from USDA, out Monday morning and covering the week through March 16, showed mostly positive numbers for traders to crunch. Corn, soybean and wheat volume all improved from the prior week’s tallies and stayed within the range of analyst estimates made prior to today’s report.
Corn export inspections shifted moderately higher week-over-week, moving to 46.8 million bushels. That was also toward the higher end of trade guesses, which ranged between 23.6 million and 58.1 million bushels. Cumulative totals for the 2022/23 marketing year remain well below last year’s pace, however, with 689.9 million bushels since last September.
Mexico was the No. 1 destination for U.S. corn export inspections last week, with 12.4 million bushels. Japan was close behind, with 12.0 million bushels. China, South Korea and Taiwan rounded out the top five.
Sorghum export inspections made moderate week-over-week improvements after reaching 3.7 million bushels. A little over half of that volume is headed for China, with the remainder bound for Djibouti. Cumulative totals for the 2022/23 marketing year remain significantly below last year’s pace, with 36.0 million bushels.
Soybean export inspections made it to 26.3 million bushels last week after firming modestly above the prior week’s tally of 23.3 million bushels. That was also on the high end of analyst estimates, which ranged between 12.9 million and 29.4 million bushels. Cumulative totals for the 2022/23 marketing year are now trending slightly above last year’s pace, with 1.619 billion bushels.
China topped all destinations for U.S. soybean export inspections last week, with 14.9 million bushels. Germany, Mexico, Egypt and Algeria filled out the top five.
Wheat export inspections found moderate week-over-week improvements after moving to 13.8 million bushels. That was near the middle of trade estimates, which ranged between 7.3 million and 18.4 million bushels. Cumulative totals for the 2022/23 marketing year are slightly below last year’s pace so far, with 598.4 million bushels.
China was the No. 1 destination for U.S. wheat export inspections last week, with 2.5 million bushels. The Philippines, Taiwan, Ethiopia and Ecuador rounded out the top five.
Click here for more highlights from the latest USDA grain export inspection report, covering the week through March 16.
Source: Farm Progress