While soybeans saw a robust uptick in overseas movement, other major grains struggled to maintain momentum. Corn inspections fell to 672,475 tons, and wheat shipments dropped to 240,308 tons, both failing to match the volume seen in the prior week or the same week a year ago. China emerged as the primary buyer for soybeans, whereas Vietnam led wheat imports and Mexico remained the top destination for U.S. corn.
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U.S. Soybean Export Inspections Surge to 2 Million Metric Tons
A sharp rise in U.S. soybean demand pushed export inspections to 2 million metric tons for the week ending October 16, significantly outpacing both the previous week’s 1.11 million tons and the 1.59 million tons recorded during the same period last year, according to the latest Department of Agriculture data.
Despite the positive export data for soybeans, commodity markets reacted with broad selling pressure. By midday, Chicago Board of Trade grain futures were trading lower across the board, with corn down 1%, soybeans shedding 0.7%, and wheat declining 0.6%.
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