US corn inspected for export down 19.8% on week, 26.5% on year: USDA
The amount of US corn inspected for export dropped 19.8% week on week to 1.154 million mt in the week ended March 22, US Department of Agriculture data showed Monday.
The amount of corn inspected was 26.5% lower than the 1.57 million mt inspected for export in the year-ago week, according to the USDA's weekly Federal Grain Inspection Service report.
The largest share of the US' grain exports last week was corn, at 50.8% of the total grains inspected for export, compared with 25.7% for soybeans, according to USDA data.
In the 29 weeks since the current marketing year began September 1, the amount of US corn inspected for export totaled 22.917 million mt, 28% lower than in the same period the previous marketing year and 40.6% of the USDA's 56.518 million mt projection for the current marketing year ending August 31.
US export shipments were below the weekly pace needed to reach the USDA's latest estimates for exports this marketing year, according to the data.
The data showed the total amount of US corn that was inspected leaving the US Gulf Coast was 436,448 mt -- 423,391 mt of yellow corn and 13,057 mt of white corn. The top destinations were Colombia with 83,053 mt of yellow corn and 5,167 mt of white corn inspected and weighed for export, Spain with 62,032 mt of yellow corn and Peru with 59,810 mt of yellow corn.
The amount of US corn inspected leaving the US Pacific Coast was 550,714 mt of yellow corn. The top destinations were South Korea with 255,045 mt of yellow corn, Japan with 159,122 mt of yellow corn and Vietnam with 136,547 mt of yellow corn.
The total of US corn that was inspected leaving the Interior region was 156,323 mt -- 150,335 of yellow corn and 5,988 mt of white corn, with the top destination being Mexico with 143,286 mt of yellow corn and 5,988 mt of white corn.
US corn inspected for export is corn that has been sold and is 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 is the main competitor for dried distillers grains.