Posted on July, 4, 2023 at 08:32 am
The latest set of grain export inspection data from USDA, out Monday morning and covering the week through June 29, held mostly pedestrian numbers for traders to consider. The good news was that corn, soybeans and wheat all made week-over-week improvements. However, corn and soybean volume stayed near the lower end of analyst estimates, while wheat pushed more toward the higher end of trade guesses.
Corn export inspections reached 25.3 million bushels last week. Analysts were generally expecting to see a higher tally, with trade guesses ranging between 19.7 million and 39.4 million bushels. Cumulative totals for the 2022/23 marketing year continue to trend severely below last year’s pace, meantime, with 1.304 billion bushels.
Japan was the No. 1 destination for U.S. corn export inspections last week, with 10.7 million bushels. Mexico, China, Guatemala and Nicaragua rounded out the top five.
Sorghum export inspections were disappointing after only reaching a little over 350,000 bushels last week. That grain is bound for Mozambique and Mexico. Cumulative totals for the 2022/23 marketing year remain well below last year’s pace, with 72.9 million bushels.
Soybean export inspections increased to 9.2 million bushels last week. Still, that was a bit on the low 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 trending modestly below last year’s pace, with 1.816 billion bushels.
Indonesia was the top destination for U.S. soybean export inspections last week, with 2.7 million bushels. Japan, Germany, Mexico and Costa Rica filled out the top five.
Wheat export inspections were solid after reaching 12.4 million bushels last week. That was also toward the higher end of trade guesses, which ranged between 3.7 million and 14.7 million bushels. Cumulative totals for the 2022/23 marketing year are off to a somewhat sluggish start, however, with 40.2 million bushels since the beginning of June.
Brazil was the No. 1 destination for U.S. wheat export inspections last week, with 2.1 million bushels. Japan, South Korea, Yemen and Mexico rounded out the top five.
Click here for more highlights from the latest USDA grain export inspection report, which covers the week through June 29.
Source: Farm Progress