News

Slow pace continues for corn export inspections

The USDA’s weekly export inspections report shows the impact of increased competition on corn. U.S. corn prices have rallied on concerns about planting and yield, pushing prices above competition origins, including South America and Ukraine. The numbers for the week ending June 20th do show some improvements in the respective paces for sorghum, soybeans, and wheat, but overall, export demand for U.S. grains and oilseeds can be called no better than moderate. The 2019/20 marketing year for wheat started June 1st, while the 2018/19 marketing year for beans, corn, and sorghum runs through the end of August.

Wheat came out at 406,386 tons, up 24,015 from the week ending June 13th and 42,074 higher than the week ending June 21st, 2018. The top destinations were Algeria and Japan. Early in the 2019/20 marketing year, wheat inspections are 1,225,725 tons, compared to 1,158,241 towards the outset of 2018/19.

Corn was reported at 617,740 tons, down 60,284 from the previous week and 922,694 lower than a year ago. Japan and Mexico were the leading destinations for the week. With less than a quarter left in the 2018/19 marketing year, corn inspections are 41,474,867 tons, compared to 44,221,990 in 2017/18.

Soybeans were pegged at 682,155 tons, 1,785 more than the week before and 165,444 above this time last year. China was the leading destination, followed by Mexico. So far, this marketing year, soybean inspections are 36,331,583 tons, compared to 48,824,725 a year ago.

Sorghum totaled 112,816 tons, an increase of 109,147 on the week and 112,480 on the year. China was the recipient of most of the week total, with Mexico the only other reported destination. 2018/19 sorghum inspections are 1,582,174 tons, compared to 4,761,677 in 2017/18.