Export Inspections of U.S. Corn Continue to Rise, Boosting Yearly Totals
February 15, 2022
The latest report from the United States Department of Agriculture (USDA) reveals that export inspections of U.S. corn have surged in the past week, ensuring that the total inspections for the marketing year remain significantly higher compared to the same period last year.
According to the USDA’s weekly Grain Export Inspections Report on Monday, corn inspections stood at 880,074 metric tons for the week ending February 8, marking a considerable increase from the 645,494 tons recorded the previous week. In fact, corn inspections for the entire year reached an impressive 17.19 million tons, reflecting a substantial 31% rise from the previous year.
Similarly, inspections for wheat have also shown an upward trend, with figures reaching 407,476 tons for the week – a notable jump from the 295,540 tons recorded in the previous week. However, soybean inspections experienced a slight decline, totaling 1.33 million tons, down from the previous week’s 1.75 million tons.
The top destinations for U.S. wheat and corn exports were Mexico, while China emerged as the leading destination for soybeans.
These positive developments have had a direct impact on the commodities market, with the most actively traded corn futures seeing a 0.2% increase, soybeans rising by 0.7%, and wheat climbing by 0.1%.
With the expansion in export inspections of U.S. corn and the rise in yearly totals, it is evident that the demand for these key agricultural commodities remains strong in international markets. This surge in exports not only signifies a significant boost for American farmers but also contributes to strengthening the country’s position as a leading global exporter.
Note: This news article is based on the latest data from the USDA’s Grain Export Inspections Report.
Analyst comment
Positive news: Export inspections of U.S. corn continue to rise, boosting yearly totals.
As an analyst, I predict that the market for U.S. corn will remain strong and prices may see a slight increase due to the surge in export inspections and the continued demand for agricultural commodities in international markets.
