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Export inspections down on year
The USDA says that as of the week ending March 2nd, soybean and wheat export inspections continue to run ahead of the pace needed to meet projections for the current marketing year. The 2022/23 marketing year started June 1st, 2022 for wheat and September 1st, 2022 for beans, corn, and sorghum. The USDA’s next round of supply and demand estimates is out March 8th.
Wheat came out at 268,136 tons, down 385,147 from the week ending February 23rd and 135,051 from the week ending March 3rd, 2022. The main destinations were China and Mexico. Early in the final quarter of 2022/23, wheat inspections are 15,581,932 tons, compared to 15,913,403 in 2021/22.
Corn was reported at 899,810 tons, 250,507 higher than the previous week but 682,357 lower than a year ago. The leading destinations were Mexico and Colombia. Entering the back half of the marketing year, corn inspections are 15,284,666 tons, compared to 24,787,162 this time last year.
Soybeans were pegged at 542,238 tons, a decrease of 222,977 on the week and 229,718 on the year. The top destinations were China and Japan. So far, this marketing year, soybean inspections are 42,700,611 tons, compared to 41,480,680 a year ago.
Sorghum totaled 72,114 tons, a decline of 33,596 from the prior week and 132,902 from a year ago. The listed destinations were China and South Sudan. 2022/23 sorghum inspections are 747,268 tons, compared to 3,226,096 in 2021/22.
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