USDA’s new set of grain export inspection data, out Monday morning and covering the week through January 5, showed soybeans leading the charge once more, though volume slipped slightly lower week-over-week. Corn volume also faded moderately lower from week-ago totals and landed on the lower end of trade estimates. Wheat jumped well above week-ago totals but results were still lackluster. Corn export inspections were largely disappointing last week after only reaching 15.7 million bushels.
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That was on the lower end of analyst estimates, which ranged between 12.8 million and 35.4 million bushels. Cumulative totals for the 2022/23 marketing year remain well below last year’s pace, with 554.7 million bushels. Mexico was the No. 1 destination for U.S. corn export inspections last week, with 9.5 million bushels. China, Taiwan, El Salvador and Jamaica rounded out the top five. Sorghum export inspections continue to post lackluster results, with just under 450,000 bushels last week. That grain is bound for Ethiopia, Mexico and China. Cumulative totals for the 2022/23 marketing year are roughly at one-fourth of last year’s pace so far, with 16.5 million bushels Soybean export inspections eased slightly lower week-over-week but were still strong at 52.8 million bushels. That was also toward the higher end of trade estimates, which ranged between 36.7 million and 68.0 million bushels. Cumulative totals for the 2022/23 marketing year are still slightly below last year’s pace, ...
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