U.S. corn inspected for export drops 19% on week, 0.32% on year
The amount of corn inspected was just 0.32% lower than the 1.147 million mt inspected for export a year earlier, according to the USDA's weekly Federal Grain Inspection Service report.
In the 37 weeks since the current marketing year began September 1, the total amount of U.S. corn inspected for export is 41.913 million mt, 52% above the previous marketing year and already 74% of the USDA's 56.518 million mt projection for the year.
U.S. corn for export is inspected as it is being loaded for shipment overseas. Traders usually consider the pace needed to meet the USDA projection as an indicator of demand.
The top destinations for corn inspected leaving from the US Gulf Coast were Japan (276,517 mt), Mexico (182,682 mt) and Afghanistan (52,907 mt), the data showed.
The top destinations for corn that was inspected leaving from Pacific Coast ports were Japan (176,286 mt), Taiwan (133,249 mt) and South Korea (66,619 mt).
The top destination for corn that was inspected leaving from the Interior region was Mexico (135,545 mt).
Corn is the primary feedstock for ethanol production in the US and is the main competitor for distillers' dried grains. ■