Market News

Slow week for export inspections

USDA reports soybean export inspections for the week ending July 24 were larger than expected, while wheat was within the anticipated range and corn was below pre-report estimates. All three were less than what’s needed weekly to meet USDA projections for their respective marketing years.

Wheat came out at 395,963 tons, down 131,670 tons from the week ending July 17 and 311,014 lower than the week ending July 25, 2013. At this point in the 2014/15 marketing year, wheat inspections are 3,643,897 tons, compared to 5,116,841 in 2013/14.

Corn was reported at 805,365 tons, 136,612 less than the prior week, but 512,032 more than this time last year. For the 2013/14 marketing year to date, corn inspections are 41,818,344 tons, compared to 15,954,578 in 2012/13.

Soybeans were pegged at 112,345 tons, up 15,185 from the previous week and 75,760 higher than a year ago. So far this marketing year, soybean inspections are 43,022,445 tons, compared to 35,333,329 last year.

Sorghum inspections totaled 178,192 tons. That’s an increase of 63,830 tons on the week and 127,548 on the year. 2013/14 sorghum inspections are 4,191,328 tons, compared to 1,578,425 in 2012/13.