Posted on November, 13, 2024 at 09:29 am
USDA’s latest grain export inspection report, out Tuesday morning and covering the week through November 7, held mixed but mostly positive data for traders to digest. Soybean volume led the way by a significant amount despite sliding slightly lower week-over-week. Corn volume also saw modest weekly declines but stayed near the higher end of analyst estimates. Wheat volume made moderate inroads versus the prior week’s tally.
Corn export inspections eased slightly lower week-over-week, with 31.2 million bushels. That was also on the higher end of analyst estimates, which ranged between 23.5 million and 37.4 million bushels. Cumulative totals for the 2024/25 marketing year remain moderately ahead of last year’s pace, with 324.2 million bushels.
Mexico was by far the No. 1 destination for U.S. corn export inspections last week, with 15.5 million bushels. Colombia, Spain, Costa Rica and Tunisia rounded out the top five.
Sorghum export inspections were nearly triple the prior week’s volume, with 6.6 million bushels. China, Djibouti, Ethiopia and Mexico were the destinations. Cumulative volume for the 2024/25 marketing year are still trending above last year’s pace after reaching 27.8 million bushels.
Soybean export inspections slid slightly lower week-over-week but were still strong after reaching 83.7 million bushels. That was also toward the higher end of analyst estimates, which ranged between 73.5 million and 90.0 million bushels. Cumulative totals for the 2024/25 marketing year are still modestly above last year’s pace so far after reaching 559.5 million bushels.
China was by far the No. 1 destination for U.S. soybean export inspections, with 58.2 million bushels. Egypt, Vietnam, Germany and Italy filled out the top five.
Wheat export inspections shifted moderately above the prior week’s volume, with 12.8 million bushels. That was also on the very high end of analyst estimates, which ranged between 9.2 million and 22.0 million bushels. Cumulative totals for the 2024/25 marketing year remain moderately ahead of last year’s pace, with 371.5 million bushels.
South Korea topped all destinations for U.S. wheat export inspections last week, with 3.1 million bushels. The Philippines, Mexico, Taiwan and Yemen rounded out the top five.
Click here for more highlights from the latest USDA grain export inspection report, which covers the week through November 7.
Source: Farm Progress