The latest export inspection report from USDA, out Monday morning and covering the week through October 1, held mostly bullish data from the second consecutive week. Soybeans once again climbed above all trade guesses to land moderately higher than the prior week’s total. Corn and wheat also made moderate adjustments higher week-over-week, landing on the high end of analyst estimates.
Soybeans climbed another 29% above last week’s tally to reach 61.3 million bushels. That was better than all trade estimates, which ranged between 38.6 million and 57.0 million bushels. Cumulative totals for the 2020/21 marketing year have jumped 57% ahead of last year’s pace so far after reaching 242.5 million bushels.
China accounted for well over half of all U.S. soybean export inspections last week, with 44.8 million bushels. Mexico, South Korea, the Netherlands and Portugal rounded out the top five.
Corn export inspections improved 4.5% week-over-week to reach 34.0 million bushels. That fell in the middle of trade estimates, which ranged between 25.6 million and 43.3 million bushels. A month into the 2020/21 marketing year, cumulative totals are off to a much better start than last year’s pace, climbing 53% higher to reach 89.3 million bushels.
China was the No. 1 destination for U.S. corn export inspections last week, with another 13.7 million bushels. Mexico, Colombia, Japan and Costa Rica filled out the top five.
Sorghum export inspections rebounded to 6.2 million bushels last week, with China accounting for 100% of the total. That was nearly triple last week’s tally of 2.3 million bushels. Cumulative totals for the 2020/21 marketing year are more than double last year’s pace so far, with 18.2 million bushels since the start of September.
Wheat export inspections firmed nearly 10% from a week ago, reaching 23.7 million bushels. That was on the very high end of trade estimates, which ranged between 14.7 million and 12.9 million bushels. Cumulative totals for the 2020/21 marketing year are still moderately ahead of last year’s pace, now at 363.3 million bushels.
The Philippines topped all destinations for U.S. wheat export inspections last week, with 6.4 million bushels. Nigeria, Vietnam, South Korea and Brazil rounded out the top five.
Click here to review more data from USDA’s latest grain export inspection report.
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