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China, Mexico prominent in export inspections report
The USDA says wheat export inspections as of the week ending October 20th are running ahead of what’s needed to meet projections for the current marketing year. The 2022/23 marketing year started June 1st for wheat and September 1st for corn, sorghum, and soybeans. The USDA’s next set of supply and demand estimates is out November 9th.
Wheat came out at 125,582 tons, down 108,355 from the week ending October 13th and 71,897 from the week ending October 21st, 2021. The main destinations were Mexico and China. At this point in the 2022/23 marketing year, wheat inspections are 9,941,684 tons, compared to 9,537,355 in 2021/22.
Corn was reported at 470,623 tons, up 10,927 from the previous week, but down 164,241 from a year ago. The leading destinations were Mexico and China. For the marketing year to date, corn inspections are 3,768,124 tons, compared to 4,803,201 last year.
Soybeans were pegged at 2,888,829 tons, an increase of 964,039 from the week before and 320,696 from last year. The top destinations were China and Mexico. So far, this marketing year, soybean inspections are 7,600,918 tons, compared to 8,603,350 a year ago.
Sorghum totaled 28,424 tons, 23,276 more than the prior week, but 51,666 less than a year ago. The largest single destination was Djibouti, followed distantly by Mexico. 2022/23 sorghum inspections are 138,115 tons, compared to 419,388 in 2021/22.
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