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US corn inspected for export falls 17.5% on week, 12.1% on year: USDA

Houston — The amount of US corn inspected for export in the week that ended Thursday totaled 743,536 mt, down 17.5% from the previous week, US Department of Agriculture data showed Monday.

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The total in the most recent reporting period was also 12.1% below the year-ago week, according to the USDA's weekly Federal Grain Inspection Service report.

The largest share of US grain exports last week were soybeans, at 43.3% of the total grains inspected for export. Corn, at 30.2%, was second, followed by wheat at 22.9%.

In the 159 days of the 2018-2019 marketing year, the amount of US corn inspected for export totaled 23.210 million mt, 47.4% above the same period in the previous marketing year and 37.9% of the USDA's projection of 62.233 million mt for the current marketing year.

US export shipments were below the average weekly pace needed to reach the USDA's estimate for exports in the ongoing marketing year.

Data showed the amount of US corn inspected leaving the US Gulf Coast at 518,780 mt: 488,225 mt of yellow corn and 30,555 mt of white corn. The top destinations were Japan, with 217,879 mt of yellow corn; Peru, with 134,026 mt of yellow corn; and Mexico, with 47,109 mt of yellow corn and 30,555 mt of white corn.

The amount of US corn inspected leaving the US Pacific Coast was 121,803 mt of yellow corn, with South Korea, with 68,899 mt, and Japan, with 52,904 mt, being the main destinations.

US corn inspected leaving the Interior region totaled 102,880 mt: 86,892 mt of yellow corn and 15,988 mt of white corn. The top destinations were Mexico, with 74,901 mt of yellow corn and 15,988 mt of white corn, and Taiwan, with 10,133 mt of yellow corn.

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 as an indicator of demand.

Corn is the primary feedstock for ethanol production in the US and is the main competitor for dried distiller grains.

-- Sergio Alvarado, sergio.alvarado@spglobal.com

-- Edited by Pankti Mehta, newsdesk@spglobal.com

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