Export inspections mostly above a week ago

The USDA says that as of the week ending February 8th, corn export inspections continue to run ahead of the pace needed to meet estimates for the current marketing year. The 2023/24 marketing year began June 1st for wheat and September 1st for corn, sorghum, and soybeans. The USDA’s next round of supply and demand projections is scheduled for March 8th.

Wheat came out at 407,476 tons, up 111,936 from the week ending February 1st but down 64,851 from the week ending February 9th, 2023. The main destinations were Mexico and South Korea. Closing in on the final quarter of the 2023/24 marketing year, wheat inspections are 11,710,512 tons, compared to 14,286,086 in 2022/23.

Corn was reported at 880,074 tons, 234,580 higher than the previous week and 316,626 above a year ago. The primary destinations were Mexico and Japan. Nearing the back half of the marketing year, corn inspections are 17,188,077 tons, compared to 13,112,883 this time last year.

Soybeans were pegged at 1,326,243 tons, a decrease of 424,378 on the week and 367,045 on the year. The top destinations were China and Italy. So far, this marketing year, soybean inspections are 30,766,668 tons, compared to 39,809,289 a year ago.

Sorghum totaled 194,224 tons, an increase of 78,581 from the prior week and 193,315 from a year ago. Nearly all of that was to China, followed distantly by Mexico. 2023/24 sorghum inspections are 2,991,649 tons, compared to 497,639 in 2022/23.

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