News

Corn, wheat export inspections up on week

The USDA says that as of the week ending August 17^th, soybean export inspections are in line with what’s needed to meet projections for the current marketing year. The 2023/24 marketing year started June 1^st, 2023 for wheat and 2022/23 kicked off September 1^st, 2022 for beans, corn, and sorghum. The USDA’s next set of supply and demand estimates is out September 12^th.

Wheat came out at 311,314 tons, up 42,046 from the week ending August 10^th, but down 282,959 from the week ending August 18^th, 2022. The main destinations were Mexico and Taiwan. Late in the first quarter of the 2023/24 marketing year, wheat inspections are 3,639,908 tons, compared to 4,494,206 in 2022/23.

Corn was reported at 482,526 tons, 23,496 higher than the previous week, but 339,007 lower than a year ago. The top destinations were Mexico and China. Nearing the end of the 2022/23 marketing year, corn inspections are 36,153,608 tons, compared to 53,902,329 in 2021/22.

Soybeans were pegged at 316,074 tons, a decline of 101,831 from the week before and 370,973 from last year. The leading destinations were Italy and Mexico. So far, this marketing year, soybean inspections are 51,541,821 tons, compared to 56,008,041 a year ago.

Sorghum totaled 56,685 tons, 59,613 less than the prior week, but 13,304 more than a year ago. The listed destinations were China and Mexico. 2022/23 sorghum inspections are 2,511,988 tons, compared to 7,401,755 in 2021/22.