The latest grain export inspection report by the USDA, covering the week through July 20, showed a mixed bag of data for traders to analyze. Wheat volume exceeded analyst estimates, while soybean totals were on the higher side, and corn totals were mostly disappointing.
Corn export inspections reached 12.2 million bushels, slightly below last week's tally and at the low end of trade estimates. Cumulative totals for the 2022/23 marketing year are still below last year's pace, with 1.348 billion bushels. Mexico was the top destination for U.S. corn export inspections last week.
Sorghum export inspections were slightly above the previous week's total at 6.7 million bushels, with China being the primary destination.
Soybean export inspections improved by 77% week-over-week, reaching 10.4 million bushels and falling within the higher end of analyst estimates. Cumulative totals for the 2022/23 marketing year are slightly below last year's pace. Germany was the leading destination for U.S. soybean export inspections.
Wheat export inspections exceeded expectations, reaching 13.2 million bushels. Cumulative totals for the 2023/24 marketing year are slightly slower than last year's pace. The Philippines topped the list of destinations for U.S. wheat export inspections.
Overall, wheat stood out as the leader in grain movement for the week, showing stronger volume and exceeding expectations.
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Categories: Ohio, Crops, Wheat