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Export inspections mostly down on year
The USDA says that as of the week ending October 6th, wheat export inspections are running 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 corn, sorghum, and soybeans. The USDA’s next set of supply and demand estimates is out Wednesday, October 12th at Noon Eastern/11 Central.
Wheat came out at 614,371 tons, down 53,206 from the week ending September 29th, but up 167,475 from the week ending October 7th, 2021. The main destinations were China and South Korea. At this point in the 2022/23 marketing year, wheat inspections are 9,130,644 tons, compared to 9,198,027 in 2021/22.
Corn was reported at 457,366 tons, 215,469 lower than the previous week and 393,465 below a year ago. The top destinations were Mexico and Japan. For the marketing year to date, corn inspections are 2,827,028 tons, compared to 3,119,720 this time last year.
Soybeans were pegged at 969,212 tons, 383,941 more than the prior week, but 775,052 less than last year. The leading destinations were China and Mexico. So far, this marketing year, soybean inspections are 2,760,951 tons, compared to 3,583,819 a year ago.
Sorghum totaled 20,665 tons, an increase of 15,134 on the week, but a decrease of 49,639 on the year. The reported destinations were Ethiopia and Mexico. 2022/23 sorghum inspections are 104,543 tons, compared to 299,863 in 2021/22.
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