USDA’s Jan. 28 Federal Grain Inspection Service report revealed soybean exports are down 39 percent compared to this point in the previous marketing year. The reduction in soybean exports remains primarily due to the 94 percent decrease in soybean export inspections to China. Corn export inspections through the week ending Jan. 24 are up 55 percent compared to this time last year.
Pace of Soybean Exports
Through the week ending Jan. 24, soybean export inspections are at 753 million bushels, down 484 million bushels, or 39 percent, from last year. The most recent inspection data show that soybean export inspections are down 7.4 million bushels from last week and are up 194 million bushels from before the government shutdown starting Dec. 22, 2018. Figure 1 illustrates the weekly soybean export inspections through the week ending Jan. 24.
While trade talks with China are ongoing, U.S. soybean export inspections to China total 48 million bushels, a 781-million-bushel, or 94-percent, decrease, from the previous year. The highest levels of U.S. soybean export inspections to China have occurred over the past two weeks, with 15.3 million for the week ending Jan. 17 and 12.6 million for the week ending Jan. 24. Now in the 21st week of the marketing year for soybeans, the week ending Jan. 24 marks the fourth consecutive week of soybean export inspections to China. Figure 2 represents the weekly inspection of soybean exports to China.
Pace of Corn Exports
USDA’s Jan. 28 FGIS report revealed U.S. corn export inspections are up nearly 300 million bushels, or 55 percent, from last year. Down 9.2 million bushels from last week, current weekly corn exports, at 35 million bushels, are slightly lower than the average weekly corn export inspection of 40 million bushels for the first 21 weeks of the marketing year. The current average of weekly corn exports remains significantly higher than last year’s 26 million bushels. Figure 3 outlines the cumulative weekly corn export inspections through the week ending Jan. 24.