Another mixed week for export inspections

The USDA says that as of the week ending July 20th, 2023, soybean export inspections are just ahead of the pace needed to meet projections for the current marketing year. The 2023/24 marketing year started June 1st, 2023 for wheat, while 2022/23 got underway September 1st, 2022 for beans, corn, and sorghum. The USDA’s next set of supply and demand estimates is out August 11th.

Wheat came out at 358,796 tons, up 85,621 from the week ending July 13th, but down 116,730 from the week ending July 21st, 2022. The leading destinations were the Philippines and Mexico. Just over a month and a half into the 2023/24 marketing year, wheat inspections are 2,152,702 tons, compared to 2,591,848 in 2022/23.

Corn was reported at 309,981 tons, 101,449 lower than the previous week and 443,902 below a year ago. The top destinations were Mexico and Honduras. With about a month and a half remaining in the 2022/23 marketing year, corn inspections are 34,232,224 tons, compared to 51,080,547 in 2021/22.

Soybeans were pegged at 283,378 tons, 123,073 more than the prior week, but 119,862 less than last year. The primary destinations were Germany and Mexico. So far, this marketing year, soybean inspections are 50,176,800 tons, compared to 53,086,363 a year ago.

Sorghum totaled 169,106 tons, an increase of 29,773 on the week and 91,420 on the year. China was the single largest destination. 2022/23 sorghum inspections are 2,231,388 tons, compared to 7,145,152 in 2021/22.

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