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A year-end review of USDA grain transportation data shows 2023 export inspections fell to about 105.5 mmt from 129.9 mmt, with corn down 24 percent, largely from a 64 percent drop in shipments to China. Barge obstacles from spring high water and volatile ocean freight rates also marked the year.
Lower export inspections signal weaker US export demand, which is bearish for US corn and soybeans, while volatile freight adds cost to export competitiveness.
feedandgrain.comDec 29, 2023Not enough comparable past events yet for a historical read.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
