Market News

Soybean inspections top 3.1 million tons

USDA reports soybean export inspections for the week ending November 13 were a new record and well above what’s needed weekly to meet USDA projections for the 2014/15 marketing year, but corn and wheat fell short of their respective marks.

Wheat came out at 139,351 tons, down 163,271 from the week ending November 6 and 353,669 lower than the week ending November 14, 2013. For the 2014/15 marketing year to date, wheat inspections are 11,415,979 tons, compared to 17,172,931 in 2013/14.

Corn was reported at 401,116 tons, 126,926 less than the previous week and 382,298 below this time last year. At this point in the marketing year, corn inspections are 7,782,407 tons, compared to 6,470,320 a year ago.

Soybeans were pegged at 3,113,311 tons, up 630,334 from the week before and 723,425 higher than this time last year. So far this marketing year, soybean inspections are 16,609,762 tons, compared to 14,165,565 a year ago.

Sorghum inspections totaled 178,940 tons. That’s an increase of 117,171 tons on the week and 120,058 on the year. 2014/15 sorghum inspections are 1,795,261 tons, compared to 769,509 in 2013/14.