Posted on May, 8, 2023 at 10:11 pm
The latest set of USDA grain export inspection data, out Monday morning and covering the week through May 4, didn’t hold a lot of bullish data for traders to digest. Corn volume led the way, but totals still landed below the entire range of trade estimates. Soybean volume was toward the low end of trade estimates after easing slightly lower week-over-week. Wheat volume was lackluster last week.
Corn export inspections retreated moderately below the prior week’s total for the week ending May 4, sliding to 37.9 million bushels. Analysts were expecting a bigger haul, offering trade guesses that ranged between 39.4 million and 61.0 million bushels. Cumulative totals for the 2022/23 marketing year remain substantially below last year’s pace so far, with 979.0 million bushels.
Mexico was the No. 1 destination for U.S. corn export inspections last week, with 11.7 million bushels. Japan, China, Colombia and South Korea rounded out the top five.
Sorghum export inspections were less than half of the prior week’s tally, with 1.6 million bushels. Nearly all of that grain is bound for China, with Mexico accounting for the modest remainder. Cumulative totals for the 2022/23 marketing year are still noticeably below last year’s pace, with 57.8 million bushels.
Soybean export inspections eased slightly lower week-over-week to 14.5 million bushels. That was on the lower end of trade estimates, which ranged between 11.0 million and 22.0 million bushels. Cumulative totals for the 2022/23 marketing year are slightly above last year’s pace so far, with 1.758 billion bushels.
Indonesia topped all destinations for U.S. soybean export inspections last week, with 3.1 million bushels. China, Mexico, Germany and Japan filled out the top five.
Wheat export inspections were lackluster after fading to 7.7 million bushels last week. That was also on the very low end of trade guesses, which ranged between 7.3 million and 18.4 million bushels. Cumulative totals for the 2022/23 marketing year are slightly behind last year’s pace, with 678.2 million bushels.
Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 3.1 million bushels. Ethiopia, Japan, Ecuador and Honduras rounded out the top five.
Click here for more highlights from the latest USDA grain export inspection report, covering the week through May 4.
Source: Farm Progress