USDA’s new set of grain export inspection data, out Monday morning and covering the week through March 31, showed mostly bullish numbers for traders to digest. Corn volume continues to lead the way, although it took a slightly week-over-week turn lower. Wheat also drifted slightly below the prior week’s pace, while soybeans shifted moderately higher. Corn export inspections slid 5.3% lower from a week ago, to 60.2 million bushels.
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Still that was toward the higher end of trade estimates, which ranged between 31.5 million and 65.0 million bushels. Cumulative totals for the 2021/22 marketing year are still running nearly 20% behind last year’s pace, with 1.203 billion bushels. China was the No. 1 destination for U.S. corn export inspections last week, with 18.1 million bushels. Japan, Saudi Arabia, Mexico and South Korea rounded out the top five. Sorghum export inspections trended moderately below the prior week’s pace, with 11.2 million bushels. That grain is bound for China, Sudan and Mexico. Cumulative totals for the 2021/22 marketing year are slightly behind last year’s pace, with 175.2 million bushels. Soybean export inspections firmed moderately higher week-over-week, reaching 27.1 million bushels. That was near the middle of analyst estimates, which ranged between 16.5 million and 36.7 million bushels. Cumulative totals for the 2021/22 marketing year are still well below last year’s pace, with 1.623 ...
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