US Corn Inspected for Export Falls 9.4% on Week, up 31.3% on Year

The amount of US corn inspected for export in the week that ended June 7 dropped 9.4% week on week to 1.409 million mt, Department of Agriculture data showed.

Still, the figure is 31.3% higher than the 1.073 million mt inspected for export in the year-ago week, according to the USDA’s weekly Federal Grain Inspection Service report.

The largest share of US grain exports last week was corn, at 58% of the total grains inspected for export. Soybeans were second at 26.5%, followed by wheat at 15.2%, according to the data.

In the 40 weeks since the current marketing year began September 1, 2017, the amount of US corn inspected for export totaled 40.970 million mt, 9.8% lower than in the same period the previous marketing year and 72.5% of the USDA’s 56.518 million mt projection for the current marketing year ending August 31.

US export shipments were above the weekly pace needed to reach the USDA’s latest estimate for exports this marketing year, according to the data.

The data showed the total amount of US corn that was inspected leaving the US Gulf Coast was 729,008 mt — 719,439 mt of yellow corn and 9,569 mt of white corn. The top destinations were Saudi Arabia with 138,541 mt of yellow corn, Mexico with 129,854 mt, and Peru with 105,264 mt.

The amount of US corn inspected leaving the US Pacific Coast was 457,518 mt of yellow corn. The top destinations were South Korea with 145,716 mt, Vietnam with 133,066 mt, and Japan with 110,685 mt.

US corn that was inspected leaving the Interior region was 199,145 mt, consisting of 191,637 mt of yellow corn and 7,508 mt of white corn. The top destination was Mexico with 164,537 mt of yellow corn and 7,484 mt of white corn.

US corn inspected for export is corn that has been sold and is 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 is the main competitor for dried distillers grains.