Export inspections down on week, year
The USDA says that as of the week ending August 3rd, 2023, soybean export inspections are ahead of what’s needed to meet projections for the current marketing year. The 2023/24 marketing year got underway June 1st, 2023 for wheat, while 2022/23 kicked off September 1st, 2022 for beans, corn, and sorghum. The USDA’s next set of supply and demand estimates is out Friday, August 11th at Noon Eastern/11 Central.
Wheat came out at 275,067 tons, down 310,251 from the week ending July 27th and 360,653 from the week ending August 4th, 2022. The main destinations were Mexico and Colombia. Late in the first quarter of the 2023/24 marketing year, wheat inspections are 3,015,794 tons, compared to 3,509,642 in 2022/23.
Corn was reported at 376,623 tons, a decline of 161,597 from the previous week and 178,997 from a year ago. The top destinations were Mexico and Japan. Nearing the end of the 2022/23 marketing year, corn inspections are 35,200,702 tons, compared to 52,541,460 in 2021/22.
Soybeans were pegged at 281,857 tons, 52,264 lower than the week before and a drop of 589,488 from last year. The leading destinations were Indonesia and Germany. So far, this marketing year, soybean inspections are 50,798,692 tons, compared to 54,552,666 a year ago.
Sorghum totaled 33,529 tons, a decrease of 37,963 on the week and 26,942 on the year. The listed destinations were South Africa and Mexico. 2022/23 sorghum inspections are 2,336,409 tons, compared to 7,297,642 in 2021/22.