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China top destination for U.S. soybeans, wheat

The USDA reports soybean export inspections for the week ending November 14th were more than what’s needed to meet projections for the current marketing year. The 2019/20 marketing year started June 1st for wheat and September 1st for beans, corn, and sorghum. The USDA’s next set of supply, demand, and production estimates is out December 10th.

Wheat came out at 449,304 tons, down 90,420 from the week ending November 7th and 60,596 lower than the week ending November 15th, 2018. The leading weekly destinations were China and Mexico. At this point in the 2019/20 marketing year, wheat inspections are 11,919,986 tons, compared to 9,819,275 in 2018/19.

Corn was reported at 637,397 tons, 55,541 more than the previous week, but 208,560 less than a year ago. Mexico and Colombia were the primary destinations. For the marketing year to date, corn inspections are 4,980,464 tons, compared to 11,984,297 this time last year.

Soybeans were pegged at 1,532,991 tons, up 185,876 from the week before and 422,085 higher than last year. China was the single largest destination, followed by Spain. So far, this marketing year, soybean inspections are 12,435,954 tons, compared to 11,089,344 a year ago.

Sorghum inspections totaled 44,647 tons, an increase of 41,161 on the week, but a decrease of 12,241 on the year. The listed destinations were Japan and Mexico. 2019/20 sorghum inspections are 445,663 tons, compared to 228,573 in 2018/19.

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