Market News

Soybean inspections up on week, year

USDA reports soybean export inspections for the week ending January 2 were larger than expected, while wheat was within pre-report projections, and corn fell below all estimates.

Wheat came out at 13.601 million bushels, up 205,000 from the week ending December 26, 2013, but down 164,000 from the week ending January 3, 2013. For the 2013/14 marketing year to date, wheat inspections are 743.045 million bushels, compared to 529.147 million in 2012/13.

Corn was reported at 19.318 million bushels, 9.426 million lower than the previous week, but 12.002 million higher than this time last year. At this point in the marketing year, corn inspections are 471.974 million bushels, compared to 263.118 million a year ago.

Soybeans were pegged at 56.446 million bushels, 12.708 million more than the prior week and 16.424 million above last year. So far this marketing year, soybean inspections are 922.578 million bushels, compared to 819.963 million a year ago.

Sorghum inspections totaled 705,000 bushels. That’s a decrease of 2.532 million bushels on the week, but an increase of 538,000 on the year. 2013/14 sorghum inspections are 40.713 million bushels, compared to 32.552 million in 2012/13.