U.S. corn exports continue to show impressive momentum heading into summer, with the latest government figures indicating shipments remain well ahead of last year’s pace.
According to weekly export inspection data, nearly 1.9 million metric tons of corn were inspected for export during the week ending June 4. That was an increase from the previous week’s total and also topped the volume inspected during the same week a year ago.
Soybean and wheat inspections moved in the opposite direction during the reporting period. Wheat export inspections totaled just under 320,000 metric tons, down from the previous week, while soybean inspections slipped below 400,000 metric tons after exceeding 500,000 metric tons the week before.
Despite the weekly decline, wheat exports remain slightly ahead of last year’s pace for the current marketing year.
Corn continues to be the standout performer. Since the start of the marketing year, more than 63.9 million metric tons of corn have been inspected for export, a substantial increase from the 50.4 million metric tons recorded during the same period last year.
Soybeans continue to lag behind year-ago levels. Marketing year inspections have reached approximately 36 million metric tons, compared to more than 45 million metric tons at this point a year ago.
The strong corn demand has provided support to the export market throughout the spring, while soybean exports continue to face stiff competition on the global stage.