Export inspections mostly mixed on week
The USDA says that as of the week ending April 27th, soybean export inspections are ahead of the pace needed to meet projections for the current marketing year, wheat is on pace, and corn is behind. The 2022/23 marketing year for wheat started June 1st, 2022 and September 1st, 2022 for beans, corn, and sorghum. The USDA’s next set of supply and demand estimates is out May 12th.
Wheat came out at 358,273 tons, down 5,553 from the week ending April 20, 2023 and 34,170 from the week ending April 28th, 2022. The main destinations were Egypt and Kenya. With just over a month remaining in the 2022/23 marketing year, wheat inspections are 18,249,020 tons, compared to 18,765,739 in 2021/22.
Corn was reported at 1,518,202 tons, 579,361 higher than the previous week, but 178,248 lower than a year ago. The leading destinations were Japan and Mexico. Closing in on the final quarter of the marketing year, corn inspections are 23,903,011 tons, compared to 36,605,552 this time last year.
Soybeans were pegged at 401,976 tons, 24,248 more than the prior week, but 204,130 less than last year. The top destinations were China and Germany. So far, this marketing year, soybean inspections are 47,451,915 tons, compared to 47,252,722 a year ago.
Sorghum totaled 110,103 tons, an increase of 56,314 on the week, but a decrease of 107,778 on the year. The largest single destination was China, followed distantly by Mexico. 2022/23 sorghum inspections are 1,414,786 tons, compared to 5,306,921 in 2021/22.