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Corn, soybean export inspections stay on pace
The USDA says that as of the week ending April 22nd, corn and soybean export inspections remain well ahead of the pace needed to meet expectations for the 2020/21 marketing year. The 2020/21 marketing year kicked off June 1st, 2020 for wheat and September 1st, 2020 for beans, corn, and sorghum. The USDA’s next set of supply and demand estimates is out May 12th.
Wheat came out at 564,047 tons, down 62,623 from the week ending April 15th, but up 57,347 from the week ending April 23rd, 2020. The top destinations were China and South Korea. Closing in on the final month of the 2020/21 marketing year, wheat inspections are 22,599,479 tons, compared to 22,508,623 in 2019/20.
Corn was reported at 1,951,012 tons, 391,745 higher than the previous week and 872,224 above this time last year. The main destinations were China and Japan. Well into the back half of the marketing year, corn inspections are 41,232,631 tons, compared to 22,426,554 a year ago.
Soybeans were pegged at 233,911 tons, 11,846 more than the prior week, but 327,152 less than a year ago. The leading destinations were Mexico and Japan. So far, this marketing year, soybean inspections are 55,265,233 tons, compared to 33,397,666 last year.
Sorghum totaled 182,614 tons, a decrease of 132,085 on the week and 103,199 on the year. The sole listed destination was China. 2020/21 sorghum inspections are 5,382,520 tons, compared to 2,449,179 in 2019/20.
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