Market News

Generally quiet week for inspections

USDA reports soybean and wheat export inspections for the week ending December 6 were within pre-report expectations, while corn fell below analysts’ estimates.

Wheat came out at 13.938 million bushels, down 710,000 from the week ending November 29 and 2.843 million lower than the week ending December 8, 2011. For the 2012/13 marketing year to date, wheat inspections are 475.397 million bushels, compared to 550.401 million in 2011/12.

Corn was reported at 7.861 million bushels, 2.590 million less than the week before and 29.158 million below this time last year. So far this marketing year, corn inspections are 217.119 million bushels, compared to 438.052 million a year ago.

Soybeans were pegged at 46.638 million bushels, a decrease of 5.305 million from the previous week but an increase of 16.688 million from last year. At this point in the marketing year, soybean inspections are 647.943 million bushels, compared to 459.074 million a year ago.

Sorghum inspections totaled 1.469 million bushels. That’s down 1.359 million bushels from the prior week but up 544,000 from last year. 2012/13 sorghum inspections are 29.082 million bushels, compared to 23.709 million in 2011/12.