Weekly Grain Movement – Soybeans outpace trade estimates
Soybean
China
United States
Published Dec 22, 2020
Tridge summary
USDA’s latest grain export inspection report, covering the week through December 17, held mostly positive data for traders to digest. Soybeans moved slightly higher and bested all trade guesses. Wheat made a moderate move higher, but stayed on the lower end of trade estimates. Corn totals were relatively disappointing after falling 17% lower week-over-week.
Original content
Soybean export inspections made minor inroads last week, inching ahead of an already robust tally the prior week to reach 93.1 million bushels. That was better than all trade estimates, which ranged between 69.8 million and 88.2 million bushels. Cumulative totals for the 2020/21 marketing year remain significantly above last year’s pace, with 1.275 billion bushels since September 1. China again accounted for more than half of all U.S. soybean export inspections last week, with another 53.9 million bushels. Egypt, the Netherlands, Japan and Mexico rounded out the top five. Corn export inspections were more lackluster, sliding moderately below the prior week’s tally to 30.0 million bushels. That was also on the lower end of analyst estimates, which ranged between 29.5 million and 43.3 million bushels. Cumulative totals for the 2020/21 marketing year are still trending 66% above last year’s pace, with 501.3 million bushels. China (10.7 million) and Japan (10.3 million) were the top ...
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