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Big week for soybean export inspections
The USDA says that as of the week ending January 12th, 2023, U.S. soybean export inspections are running ahead of the pace needed to meet projections for the current marketing year. The 2022/23 marketing year started June 1st, 2022 for wheat and September 1st, 2022 for beans, corn, and sorghum. The USDA’s next set of supply and demand estimates is out February 8th.
Wheat came out at 320,473 tons, up 110,929 from the week ending January 5th but down 66,313 from the week ending January 13th, 2022. The main destinations were the Philippines and China. At this stage of the 2022/23 marketing year, wheat inspections are 12,422,495 tons, compared to 12,821,562 in 2021/22.
Corn was reported at 774,461 tons, 373,353 higher than the previous week but 463,350 lower than a year ago. The top destinations were China and Mexico. For the marketing year to date, corn inspections are 10,775,858 tons, compared to 15,327,954 last year.
Soybeans were pegged at 2,075,197 tons, 618,671 above the week before and 206,832 more than last year. The leading destinations were China and Mexico. So far, this marketing year, soybean inspections are 32,171,029 tons, compared to 33,648,746 a year ago.
Sorghum totaled 2,708 tons, a decrease of 8,624 on the week and 139,142 on the year. The lone listed destination was Mexico. 2022/23 sorghum inspections are 421,054 tons, compared to 2,072,671 in 2021/22.
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