FGIS Inspections vs. FAS Export Sales
Two USDA reports track U.S. grain export activity each week — and they measure different things:
| Report | What It Measures | Release | Source |
|---|---|---|---|
| FAS Export Sales (ESR) | Sales commitments — grain contracted but not yet shipped | Thursday 8:30am ET | Exporter reporting to USDA FAS |
| FGIS Export Inspections | Physical grain loaded onto vessels at U.S. export terminals | Thursday morning | USDA FGIS grain inspectors at terminal elevators |
Both reports are released the same morning. Together, they provide a complete picture of export demand: FAS tells you what buyers have committed to purchase; FGIS tells you whether those commitments are actually being executed.
Key Export Terminals
FGIS inspectors certify grain at all major U.S. export terminals. Volume by region:
| Terminal Region | Primary Commodities | Annual Volume Share |
|---|---|---|
| Gulf of Mexico (NOLA) | Corn, Soybeans, Wheat, Sorghum | ~60% of total U.S. grain exports |
| Pacific Northwest (Portland, Seattle) | Wheat (HRS, SWW), Corn, Soybeans | ~25% of total |
| Atlantic (Hampton Roads, Baltimore) | Soybeans (Europe), Wheat | ~10% of total |
| Great Lakes (Chicago, Toledo, Duluth) | Corn, Soybeans, Wheat | ~5% of total |
Reading the Inspection Signal
When FGIS weekly inspections are running above the pace needed to hit USDA's annual export target, it confirms that buyers are actively lifting their contracted purchases. This validates the FAS sales numbers and supports prices.
When FGIS inspections are significantly below the accumulated FAS export sales figure, it signals that buyers have committed to purchases but are deferring physical shipment. This builds "overhang" in the market and can be bearish when buyers eventually roll or cancel outstanding sales.
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