US DATA: Corn inspections for export up 41% on week, double on year
US corn inspected for export in the week ended June 18 totaled 1.296 million mt, up 41% from the prior week, and double from same week in the previous year, Department of Agriculture data showed June 22.
Since the 2019-20 marketing year started on September 1, the volume of US corn inspected for exports has totaled 31.995 million mt, 23% below the same period in the previous marketing year, the agency’s weekly Federal Grain Inspection Service report showed.
The total volume of US corn inspected for exports in the current marketing year has reached 71% of the USDA’s latest projection of 45.087 million mt.
US export shipments were above the average weekly pace needed to reach the USDA estimate of exports in the 2019-20 marketing year.
The volume of US corn inspected for departure from the US Gulf Coast totaled 702,829 mt. Of that total, 697,693 mt was yellow corn and 5,136 mt was white corn.
The top destinations were Mexico with 177,614 mt of yellow corn; Peru with 87,015 mt of yellow corn; Colombia with 72,736 mt of yellow corn, Saudi Arabia with 67,148 mt and China with 66,152 mt of yellow corn.
The amount of corn inspected for departure from the US Pacific Coast totaled 393,986 mt of yellow corn. The top destinations were South Korea with 197,493 mt; Japan with 132,994 mt; and Taiwan with 63,499 mt.
Inspections of corn leaving the Interior region totaled 198,908 mt. Of that total, 195,515 mt was yellow corn and 3,393 mt was white corn. The main destinations were Mexico with 182,345 mt of yellow corn and 3,393 mt of white corn; and Taiwan with 10,895 mt of yellow corn.
The outright price for Platts corn CIF New Orleans in barges, for current-month shipment, rose 2 cents week on week to $3.81/bushel on June 18, with CBOT front-month corn futures increasing 1 cent to $3.16/bu.
The Platts corn CIF New Orleans basis in barges value for current-month shipment was 1 cent higher at 50 cents/bu in the reporting period.
The largest share of US grain exports inspected last week was corn at 57%. Wheat was second at 27%, followed by soybeans at 11% and sorghum at 5%.
US corn inspected for exports is corn that has been sold and inspected during loading at export locations for shipment overseas. Traders consider the pace needed to meet the USDA projection an indicator of demand.
Corn is the primary feedstock for ethanol production in the US and the main competitor for dried distiller grains in the feed ration.