Export inspections mostly up on week
The USDA says that corn and soybean export inspections for the week ending November 9th were above what’s needed to meet projections for the current marketing year. The 2023/24 marketing year kicked off June 1st for wheat and September 1st for beans, corn, and sorghum. The USDA’s next set of supply and demand estimates is out December 8th but could be delayed if Congress is unable to pass a budget.
Wheat came out at 207,205 tons, up 92,887 from the week ending November 2nd and 36,757 from the week ending November 10th. The main destinations were the Philippines and South Korea. Nearing the halfway point of 2023/24 marketing year, wheat inspections are 7,443,868 tons, compared to 9,999,557 in 2022/23.
Corn was reported at 608,810 tons, 34,252 higher than the previous week and 72,856 above a year ago. The leading destinations were Mexico and Colombia. Close to the end of the first quarter of the marketing year, corn inspections are 6,160,861 tons, compared to 5,006,397 this time last year.
Soybeans were pegged at 1,666,467 tons, down 516,368 from the week before and 363,206 from a year ago. The top destinations were China and Mexico. So far, this marketing year, soybean inspections are 14,032,775 tons, compared to 14,864,711 last year.
Sorghum totaled 79,576 tons, an increase of 39,167 on the week and 76,489 on the year. The largest single destination was China, followed distantly by Mexico. 2023/24 sorghum inspections are 570,433 tons, compared to 221,027 in 2022/23.