Market News

Wheat inspections top estimates

USDA reports wheat export inspections for the week ending July 17 were larger than expected, while soybeans were within pre-report projections and corn was below all estimates.

Wheat came out at 515,283 tons, up 127,883 from the week ending July 10, but down 144,225 from the week ending July 18, 2013. For the 2014/15 marketing year to date, wheat inspections are 3,234,684 tons, compared to 4,409,864 in 2013/14.

Corn was reported at 939,791 tons, 6,522 less than the previous week, but 676,820 more than this time last year. At this point in the 2013/14 marketing year, corn inspections are 41,010,793 tons, compared to 15,661,245 in 2012/13.

Soybeans were pegged at 96,915 tons, a decline of 21,278 on the week and 9,561 on the year. So far this marketing year, soybean inspections are 42,909,855 tons, compared to 35,296,744 a year ago.

Sorghum inspections totaled 114,122 tons. That’s a decrease of 149,981 from the week before, but an increase of 86,444 from last year. 2013/14 sorghum inspections are 4,012,896 tons, compared to 1,527,781 in 2012/13.