US corn inspected for export up 40.6% on week, down 12% on year: USDA
http://www.chemnet.com Mar 13,2018 PlattsThe amount of US corn inspected for export rose 40.6% week on week to 1.377 million mt in the week that ended March 8, Department of Agriculture data showed Monday.
The amount of corn inspected was 12% lower than the 1.565 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, with 48% of the total inspected for export, compared with 31.7% for soybeans, according to USDA data.
In the 27 weeks since the current marketing year began on September 1, the amount of US corn inspected for export totaled 20.323 million mt, 29.7% lower than in the same period in the previous marketing year and 36% of the USDA's 56.518 million mt projection for the year, a projection raised in the March 8 report.
US export shipments were just below the weekly pace needed to reach the USDA's last estimates for exports this marketing year, according to the data.
The data showed the total amount of US corn that was inspected leaving from the US Gulf Coast was 673,017 mt -- 666,417 mt of yellow corn and 6,600 mt of white corn. The top destinations were Mexico with 196,514 mt; Saudi Arabia with 130,550 mt; and Colombia with 125,479 mt.
The amount of US corn inspected leaving from the US Pacific Coast was 564,871 mt. The top destinations were Japan with 325,247 mt, China with 173,075 mt and South Korea with 66,549 mt.
The total amount of US corn that was inspected leaving from the Interior region was 139,111 mt -- 110,270 of yellow corn and 3,992 mt of white corn. The top destination were Mexico with 110,270 mt of yellow corn and 3,992 mt of white corn.
US corn inspected for export is corn that has been sold and is inspected as it is being loaded 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.