Export inspections of U.S. soybeans are experiencing steady growth, fueled by robust shipments to China, as per the latest data from the Department of Agriculture.
Increasing Soybean Export Inspections
For the week ending on Oct. 19, soybean export inspections reached a total of 2.46 million tons, up from 2.04 million tons in the previous week. Notably, China emerged as the primary destination for U.S. soybean shipments, accounting for over 2 million tons during this period.
Declining Corn and Wheat Inspections
On the other hand, corn and wheat inspections witnessed a decline compared to the previous week, according to the USDA. Corn experienced a slight dip, dropping to 437,549 tons from 466,604 tons. Similarly, wheat saw a more significant decrease, falling to 168,868 tons, down from 356,402 tons.
Taiwan emerged as the prominent recipient of U.S. wheat, while Mexico took the lead as the major destination for corn shipments.
In today's market movement, CBOT corn futures are down by 0.7%, soybeans are down by 0.5%, and wheat is up by 1.3%.
For additional related information and data, please search for "USDA Grain Inspections for Export in Metric Tons" in Dow Jones NewsPlus.