Market News

Solid week for soybean, wheat inspections

USDA reports soybean and wheat export inspections for the week ending May 8 were larger than expected, while corn was within pre-report estimates.

Wheat came out at 623,157 tons, up 57,643 from the week ending May 8, but down 30,214 from the week ending May 9, 2013. With less than a month left in the 2013/14 marketing year for wheat, inspections are 29,625,468 tons, compared to 25,718,971 late in 2012/13.

Corn was reported at 1,199,447 tons, 44,190 lower than the previous week, but 877,106 higher than this time last year. For the marketing year to date, corn inspections are 30,435,798 tons, compared to 12,743,271 a year ago.

Soybeans were pegged at 239,955 tons, 140,086 more than the week prior and 148,413 above last year. So far this marketing year, soybean inspections are 41,693,494 tons, compared to 34,185,536 a year ago.

Sorghum inspections totaled 77,883 tons. That’s a decrease of 9,477 tons on the week, but an increase of 55,566 on the year. 2013/14 sorghum inspections are 3,098,910 tons, compared to 1,399,984 in 2012/13.