Posted on June, 6, 2023 at 09:03 am
The latest set of grain export inspection data from USDA, out Monday morning and covering the week through June 1, didn’t have a lot of bullish data for traders to digest. Corn volume jumped into the forefront once again, although total volume was down moderately week-over-week. Soybeans and wheat also saw week-over-week declines and stayed near the lower end of analyst estimates.
Corn export inspections were down from the prior week’s tally after coming in at 46.5 million bushels. That was still toward the higher end of trade estimates, which ranged between 31.5 million and 55.1 million bushels. Cumulative totals for the 2022/23 marketing year remain significantly below last year’s pace, with 1.177 billion bushels.
China was the No. 1 destination for U.S. corn export inspections last week, with 15.8 million bushels. Mexico, Japan, South Korea and Honduras rounded out the top five.
Sorghum export inspections firmed moderately week-over-week after reaching 2.0 million bushels. That grain is largely bound for China, with Mexico accounting for the modest remainder. Cumulative totals for the 2022/23 marketing year are still substantially below last year’s pace, with 67.7 million bushels.
Soybean export inspections were lackluster, sliding to 7.9 million bushels last week. That was on the lower end of trade estimates, which ranged between 5.5 million and 14.7 million bushels. Cumulative totals for the 2022/23 marketing year are still running slightly below last year’s pace, with 1.788 billion bushels.
Germany emerged as the top destination for U.S. soybean export inspections last week, with 2.5 million bushels. Mexico, Japan, South Korea and Indonesia filled out the top five.
Wheat export inspections were pedestrian after only reaching 10.7 million bushels last week. That was also toward the lower end of trade estimates, which ranged between 7.3 million and 16.5 million bushels. USDA has now begun tracking data for the 2023/24 marketing year, which began June 1, noting sales of 2.1 million bushels so far.
Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 3.2 million bushels. The Philippines, South Korea, Honduras and Venezuela rounded out the top five.
Source: Farm Progress