Houston — The amount of US corn inspected for export in the week ended April 11 totaled 1.182 million mt, up 11% compared with the previous week, US Department of Agriculture data showed Monday.
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The total in the most recent reporting period fell 25% compared with the 1.576 million mt inspected in the same week a year ago, according to the USDA's weekly Federal Grain Inspection Service report.
The largest share of US grain exports inspected last week was taken by corn, at 54% of the total. Wheat, at 23%, was second, followed by soybeans at 21%.
In the first 222 days of the 2018-19 marketing year, the amount of US corn inspected for export totaled 31.924 million mt, 13% higher than in the same period in the previous marketing year and 54% of the USDA's 58.423 million mt recently updated projection for the 2018-19 marketing year. USDA's export projection was cut from 60.328 million mt on April 9, and it was also cut from 62.233 million mt on March 8.
US export shipments were below the average weekly pace needed to reach the USDA's estimate for exports in the ongoing marketing year.
The data showed the amount of US corn inspected for departure from the US Gulf Coast totaled 648,670 mt -- 601,426 mt of yellow corn and 47,244 mt of white corn. The top destinations were Japan with 227,176 mt of yellow corn; Colombia, with 179,296 mt of yellow corn and 7,749 mt of white corn; Mexico with 119,184 mt of yellow corn and 31,500 mt of white corn; and Guatemala, with 30,360 mt of yellow corn.
The amount of US corn inspected leaving the US Pacific Coast totaled 369,096 mt -- 368,925 mt of yellow corn and 171 mt of white corn. The top destinations were Japan, with 160,066 mt of yellow corn; South Korea with 140,770 mt of yellow corn and 171 mt of white corn; and Taiwan, with 68,089 mt of yellow corn.
Inspections of corn leaving the Interior region totaled 164,374 mt of yellow corn. The top destinations were Mexico with 134,826 mt and Taiwan with 25,461 mt.
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.
The outright Platts corn CIF New Orleans in barges prices, for front month delivery, dropped 4.5 cents to $4.12/bu in the reporting week ended Thursday. CBOT May corn futures dropped 2.5 cents to $3.60/bu in the reporting week.
Corn is the primary feedstock for ethanol production in the US and is the main competitor for dried distiller grains.
-- Sergio Alvarado, email@example.com
-- Edited by Richard Rubin, firstname.lastname@example.org