Chicago — The amount of US corn inspected for export in the week ended August 3 was at 1.288 million mt, 22.5% lower week on week compared with 1.662 million mt inspected in the previous week, Department of Agriculture data showed Monday.
The amount of corn inspected was 31.54% higher than the 979,006 mt in the year-ago week, according to the USDA's weekly Federal Grain Inspection Service report.
The largest share of US grain exports last week was corn, at 50.4% of the total grains inspected for export. Soybeans were second at 35%, followed by wheat at 12.7%, according to the data.
In the 48 weeks since the current marketing year began September 1, 2017, the amount of US corn inspected for export totaled 52.774 million mt, 1.9% lower than in the same period the previous marketing year and 86.61% of the USDA's 60.963 million mt projection for the current marketing year ending August 31.
US export shipments were slightly 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 678,577 mt: 632,844 mt of yellow corn and 45,733 mt of white corn. The top destinations were Mexico with 126,790 mt of yellow corn, Japan with 94,025 mt of yellow corn and South Korea with 68,249 mt of yellow corn.
The amount of US corn inspected leaving the US Pacific Coast was 411,282 mt of yellow corn. Top destinations were Japan with 271,803 mt, South Korea with 139,455 mt.
US corn that was inspected leaving the Interior region was 178,412 mt: 171,427 of yellow corn and 6,985 of white corn. The top destinations were Mexico with 146,396 mt: 142,411 mt of yellow corn and 3,985 mt white corn. And China with 25,197 mt of yellow 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.
