Posted on June, 13, 2023 at 06:17 am
The latest set of grain export inspection data from USDA, out Monday morning and covering the week through June 8, held mixed but mostly lackluster data for traders to digest. Corn volume continued to come in relatively strong despite easing slightly lower week-over-week. Soybeans and wheat also trended lower last week after posting lackluster results.
Corn export inspections made it to 46.0 million bushels last week, easing modestly below the prior week’s tally of 47.5 million bushels. That was on the higher end of trade estimates, which ranged between 29.5 million and 51.2 million bushels. Cumulative totals for the 2022/23 marketing year are still substantially below last year’s pace so far, with 1.224 billion bushels.
Mexico was the No. 1 destination for U.S. corn export inspections last week, with 13.7 million bushels. Japan, China, Colombia and South Korea rounded out the top five.
Sorghum export inspections firmed moderately week-over-week after reaching 2.3 million bushels. That grain is bound for China, Chad, Mozambique and Mexico. Cumulative totals for the 2022/23 marketing year are still far below last year’s pace, with 70.0 million bushels.
Soybean export inspections were pedestrian last week, with just 5.2 million bushels. That was below the entire range of trade estimates, which came in between 6.4 million and 14.7 million bushels. Cumulative totals for the 2022/23 marketing year are trending slightly below last year’s pace, with 1.794 billion bushels.
Italy was the No. 1 destination for U.S. soybean export inspections last week, with 2.0 million bushels. Mexico, Indonesia, Venezuela and China rounded out the top five.
Wheat export inspections reached 9.1 million bushels last week. That was toward the lower end of trade estimates, which ranged between 7.3 million and 15.6 million bushels. Cumulative totals for the new 2023/24 marketing year, which began June 1, are down from last year’s pace so far, with an initial volume of 11.6 million bushels.
The Philippines topped all destinations for U.S. wheat export inspections last week, with 3.2 million bushels. Yemen, Taiwan, Mexico and Venezuela rounded out the top five.
Click here for more highlights from the latest USDA grain export inspection report, covering the week through June 8.
Source: Farm Progress