UDSA’s latest set of grain export inspection data, out Monday morning and covering the week through June 13, held mixed but mostly positive data for traders to digest. Corn volume eased slightly lower but remains relatively strong for this time of year. Soybean volume moved moderately higher week-over-week, while wheat gathered modest weekly gains.
Corn export inspections reached 50.7 million bushels last week, which was slightly below the prior week’s volume of 52.8 million bushels. That was still toward the higher end of analyst estimates, which ranged between 35.4 million and 55.1 million bushels.
Cumulative totals for the 2023/24 marketing year are still noticeably higher than last year’s pace so far, reaching 1.591 billion bushels. Japan was the No. 1 destination for U.S. corn export inspections last week, with 13.1 million bushels. Mexico, Spain, Colombia and Saudi Arabia rounded out the top five.
Sorghum export inspections slumped noticeably lower week-over-week after only reaching 51,000 bushels. That grain is bound for Mozambique, Mexico and Japan. Cumulative totals for the 2023/24 marketing year are still almost tripling last year’s pace, with 202.5 million bushels.
Soybean export inspections moved moderately higher week-over-week, to 12.3 million bushels. That was also slightly on the higher end of trade guesses, which ranged between 7.3 million and 15.7 million bushels. Cumulative totals for the 2023/24 marketing year are still tracking moderately below last year’s pace after reaching 1.502 billion bushels.
Indonesia was the No. 1 destination for U.S. soybean export inspections last week, with 3.1 million bushels. Germany, Egypt, Mexico and Algeria filled out the top five.
Wheat export inspections made modest inroads last week after reaching 13.8 million bushels. That was also toward the higher end of analyst estimates, which ranged between 9.2 million and 16.5 million bushels. Cumulative totals for the 2023/24 marketing year have started with moderate gains over last year’s pace so far, with 24.7 million bushels since June 1.
South Korea was the No. 1 destination for U.S. wheat export inspections last week, with 2.5 million bushels. Malaysia, Thailand, the Philippines and Mexico rounded out the top five.
