USDA: Weekly Grain Movement in the United States – Corn soars above expectations

USDA’s latest batch of grain export inspection report, out Monday morning and covering the week through March 11, held mixed but mostly positive data for traders to digest. Analysts were expecting a big week for corn export inspections, but actual numbers surpassed the entire range of trade guesses. Wheat also moved moderately higher week-over-week, but soybeans faced a moderate decline from a week ago. Corn export inspections climbed 32% above last week’s tally to reach 86.8 million bushels. That was also above the entire range of trade guesses, which fell between 47.2 million and 74.8 million bushels. Cumulative totals for the 2020/21 marketing year added to its already sizeable lead over last year’s pace, reaching 1.179 billion bushels. Japan emerged as the No. 1 destination for U.S. corn export inspections last week, with 20.3 million bushels. Mexico, China, Colombia and South Korea rounded out the top five. Sorghum export inspections tilted modestly higher week-over-week, ...