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US DATA: Corn inspections for export down 22% on week, up 33% on year

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US DATA: Corn inspections for export down 22% on week, up 33% on year

Highlights

Total US corn inspected for exports in current marketing year down 19% on year

66,153 mt of US corn were inspected for exports to China during the week

Houston — US corn inspected for exports in the week ended July 2 totaled 962,445 mt, down 22% from the prior week, and 33% up from the same week in the previous year, the US Department of Agriculture said July 6 in its weekly Federal Grain Inspection Service report.

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Since the 2019-20 marketing year started on September 1, the volume of US corn inspected for exports has totaled 34.209 million mt, 19% below the same period in the previous marketing year.

The total volume of US corn inspected for exports in the current marketing year has reached 76% of the USDA's latest projection of US corn export sales at 45.087 million mt.

US export shipments were below 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 534,251 mt. Of that total, 496,193 mt was yellow corn and 38,058 mt was white corn.

The top destinations were Japan with 126,529 mt of yellow corn; Mexico with 109,162 mt of yellow corn and 8,455 mt of white corn; Colombia with 80,184 mt of yellow corn and 29,603 mt of white corn and China with 66,153 mt of yellow corn.

The amount of yellow corn inspected for departure from the US Pacific Coast totaled 255,370 mt. The top destinations were Japan with 160,375 mt and South Korea with 64,971 mt.

Inspections of corn leaving the Interior region totaled 202,579 mt, 198,587 mt of yellow corn and 3,992 mt of white corn. The main destinations were Mexico with 188,501 mt of yellow corn and 3,992 mt of white corn; and Taiwan with 8,862 mt of yellow corn.

The outright price for Platts corn CIF New Orleans in barges, for current-month shipment, decreased 11.25 cents week on week to $3.7125/bushel on June 25, with CBOT front-month corn futures decreasing 15.25 cent to $3.1725/bu.

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.

US corn inspected for export (mt):

week ending

week ending

week ending

Current Marketing

Previous Marketing

7/2/2020

6/25/2020

7/4/2019

Year to date

Year to date

Corn

962,445

1,241,038

721,419

34,208,812

42,481,209

Source: USDA