China top weekly destination for soybeans, corn

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China top weekly destination for soybeans, corn

The USDA says that as of the week ending January 7^th, corn and soybean export inspections continue to run ahead of the pace needed to meet projections for the current marketing year. The 2020/21 marketing year started June 1^st for wheat and September 1^st for beans, corn, and sorghum.

Wheat came out at 279,390 tons, down 196,134 from the week ending December 31^st, 2020 and 282,384 lower than the week ending January 9^th, 2020. The top destinations were South Korea and Japan. Just over seven months into the 2020/21 marketing year, wheat inspections are 15,290,265 tons, compared to 15,469,064 in 2019/20.

Corn was reported at 1,130,744 tons, up 41,304 from the previous week and 647,185 higher than a year ago. The main destinations were China and Mexico. About four months into the marketing year, corn inspections are 16,215,819 tons, compared to 9,086,667 this time last year.

Soybeans were pegged at 1,778,581 tons, 17,607 more than the prior week and 626,998 above last year. The primary destinations were China and Mexico. So far, this marketing year, soybean inspections are 40,828,732 tons, compared to 22,972,099 a year ago.

Sorghum totaled 133,461 tons, a decrease of 23,341 on the week, but an increase of 113,142 on the year. The sole listed destination was China. 2020/21 sorghum inspections are 2,479,272 tons, compared to 957,753 in 2019/20.