US corn inspected for export falls 51% on year, 5% on week: USDA

US corn inspected for export in the week ended August 1 totaled 631,289 mt, down 51% from the year-ago week, US Department of Agriculture data showed Monday.
The total dropped 5% week on week in the most recent reporting period, according to the USDA’s weekly Federal Grain Inspection Service report.
The largest share of US grain exports inspected last week was taken by soybeans at 49%. Corn was second at 30%, followed by wheat at 19%.
Since the 2018-19 marketing year began on September1, US corn inspected for export up to August 1, totaled 44.909 million mt, 15% below the same period in the previous marketing year and 84% of the USDA’s recently updated 53.343 million mt projection for the 2018-19 marketing year.
The USDA cut export projections from 55.883 million mt July 11, according to the USDA monthly World Agricultural Supply and Demand Estimates report. The department has cut export projections every month since April 9, when it projected 62.233 million mt.
The USDA has been cutting its projection based on reduced US price competitiveness and current outstanding sales, the department said. US export shipments were below the average weekly pace needed to reach the USDA estimate for exports in the ongoing marketing year.
US corn inspected for departure from the US Gulf Coast totaled 389,539 mt. Of that total, 361,289 was yellow corn and 28,250 mt was white corn.
The top destinations were Japan, with 98,371 mt of yellow corn; Mexico, with 96,576 mt of yellow corn; and El Salvador, with 62,443 mt of yellow corn and 4,950 mt of white corn.
The amount of US corn inspected leaving the US Pacific Coast totaled 115,609 mt of yellow corn. All of them for Japan as destination.
Inspections of corn leaving the Interior region totaled 126,141 mt of yellow corn. The top destinations were Mexico with 117,352 mt and Taiwan with 5,999 mt.
US corn inspected for exports is corn that has been sold and inspected during loading at export locations for shipment overseas.
Traders consider the pace needed to meet the USDA projection an indicator of demand. The outright S&P Global Platts corn CIF New Orleans in barges price for front-month delivery dropped 28.75 cents to $4.3775/bu in the period of July 26 to August 1, while CBOT front-month corn futures fell 25.75 cents to $3.9275/bu.
Corn is the primary feedstock for ethanol production in the US and is the main competitor for dried distiller grains.
Source: spglobal