USDA Grain Export Inspections
USDA’s latest grain export inspections, released Monday morning for the week through January 19, Despite moderate week-over-week declines, soybeans turned in the strongest performance, staying near the upper end of trade estimates. Corn volume trended slightly lower, while wheat volume slightly increased.
Corn
Last week, corn export inspections decreased 7% to 28.6 million bushels. This was also towards the lower end of analyst estimates, which ranged between 21.7 million and 40.4 million bushels. Cumulative totals for the 2022/23 marketing year are still below last year’s pace, with 453.1 million bushels. Mexico was the top destination for U.S. corn export inspections last week, with 12.2 million bushels. Japan, Saudi Arabia, China and Honduras were also among the top destinations.
Soybeans
Soybean export inspections saw a moderate decline but remained relatively strong overall, with 66.3 million bushels. This was towards the higher end of trade estimates, which ranged between 33.1 million and 71.8 million bushels. Cumulative totals for the 2022/23 marketing year are still slightly below last year’s pace, with 1.253 billion bushels. China accounted for over half of all U.S. soybean export inspections last week, with 44.0 million bushels. Germany, Mexico, Italy, and Bangladesh also received large amounts of soybean export inspections.
Wheat
Wheat export inspections slightly increased week-over-week to 12.3 million bushels. This was still on the lower end of trade estimates, which ranged between 9.2 million and 20.2 million bushels. Cumulative totals for the 2022/23 marketing year are slightly below last year’s pace, with 468.9 million bushels. South Korea was the top destination for U.S. wheat export inspections last week, with 3.3 million bushels. Mexico, Japan, Chile and Algeria were also among the top destinations.
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