US corn inspected for export up 10.2% on week, 42.7% on year: USDA

30.05.2018

The amount of US corn inspected for export in the week ended May 24 rose 10.2% week on week to 1.705 million mt, Department of Agriculture data showed Tuesday.

The amount of corn inspected was 42.7% higher than the 1.195 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 62.3% of the total grains inspected for export. Soybeans held the second-largest share, consisting of 21% of US grains inspected for export. Wheat was the third-largest grain inspected for export, consisting of 15.7% of the total, according to the USDA data.

In the 38 weeks since the current marketing year began September 1, the amount of US corn inspected for export totaled 38.023 million mt, 11.9% lower than in the same period the previous marketing year and 67.3% 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 estimates 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 994,568 mt of yellow corn. The top destinations were, Japan with 208,398 mt, Spain with 173,472 mt and Colombia with 130,907 mt.

The amount of US corn inspected leaving the US Pacific Coast was 452,099 mt of yellow corn. The top destinations were South Korea with 198,486 mt, Vietnam with 179,495 mt and Japan with 58,667 mt.

US corn that was inspected leaving the Interior region was 226,820 mt of yellow corn with the top destination Mexico with 193,597 mt and Taiwan with 28,866 mt.

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.


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