News

Export inspections mostly lower than last week

The USDA is reporting another generally bearish week for U.S. export inspections. Export competition is strong right now for most key commodities, which is due to several factors, including seasonal supply and demand trends and the strength of the dollar relative to other major currencies. The 2023/24 marketing year got underway June 1^st, 2023 for wheat, while 2022/23 kicked off September 1^st, 2022 for corn, sorghum, and soybeans. The USDA’s next set of supply and demand estimates is out July 12^th.

Wheat came out at 246,559 tons, down 57,841 from the week ending June 1^st and 165,357 from the week ending June 9^th, 2022. The leading destinations were the Philippines and Yemen. Early in the 2023/24 marketing year, wheat inspections are 317,051 tons, compared to 638,625 in 2022/23.

Corn was reported at 1,169,134 tons, 37,674 lower than the previous week and 52,688 below a year ago. The top destinations were Mexico and Japan. Just after the outset of the final quarter of the 2022/23 marketing year, corn inspections are 31,102,774 tons, compared to 44,988,423 in 2021/22.

Soybeans were pegged at 140,179 tons, a decline of 82,126 from the prior week and 468,794 from last year. The main destinations were Italy and Mexico. So far, this marketing year, soybean inspections are 48,834,286 tons, compared to 50,529,510 a year ago.

Sorghum totaled 59,161 tons, a gain of 9,300 on the week, but a loss of 81,087 on the year. The primary destinations were China and Chad. 2022/23 sorghum inspections are 1,778,921 tons, compared to 6,469,020 in 2021/22.