By Kirk Maltais

 

U.S. grain export inspections fell back hard from the previous week's level, according to the latest data from the USDA.

In its latest weekly grain export inspections report, the USDA said that corn inspections totaled 676,824 metric tons for the week ended June 30. That's well down from 1.25 million tons reported last week. Meanwhile, U.S. soybean inspections totaled 354,987 tons for the week, down from 475,556 tons the previous week, and wheat inspections totaled 111,830 tons, down from 352,894 tons last week.

Mexico was the top destination for all three grains, with Japan, Egypt, China and Colombia also being leading destinations for the week. However, the depressed results has some traders wondering if the results were not fully counted this week.

"Don't discount a revision next week," said Terry Reilly of Futures International in a note following the report's release. "Looking at destinations we are unsure everything was accounted for."

Grain futures on the Chicago Board of Trade are lower Tuesday--with corn down 4.4%, soybeans down 3.9%, and wheat down 3.3%.

 

To see related data, search "USDA Grain Inspections for Export in Metric Tons" in Dow Jones NewsPlus.

 

Write to Kirk Maltais at kirk.maltais@wsj.com

 

(END) Dow Jones Newswires

July 05, 2022 11:45 ET (15:45 GMT)

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