Generally slow pace continues for export inspections
The USDA says that as of the week ending November 4th, corn, sorghum, soybean, and wheat export inspections remain behind the pace needed to meet projections for the current marketing year. That’s due to increased export competition and a slowdown in movement this summer following damage to U.S. port infrastructure in the Gulf caused by Hurricane Ida. The 2021/22 marketing year started June 1st, 2021 for wheat and September 1st for beans, corn, and sorghum. The USDA’s next set of supply and demand estimates is out Tuesday, November 9th at Noon Eastern/11 Central.
Wheat came out at 231,854 tons, up 101,133 from the week ending October 28th, but down 72,385 from the week ending November 5th, 2020. The leading destinations were Mexico and Thailand. Just over five months into the 2021/22 marketing year, wheat inspections are 9,899,442 tons, compared to 11,707,368 in 2020/21.
Corn was reported at 563,163 tons, 107,922 lower than the previous week and 129,402 below this time last year. The top destinations were Mexico and Japan. At this point in the marketing year, corn inspections are 6,037,008 tons, compared to 7,602,804 a year ago.
Soybeans were pegged at 2,646,892 tons, 39,358 more than the prior week, but 205,528 less than a year ago. The main destinations were China and Egypt. So far, this marketing year, soybean inspections are 13,851,236 tons, compared to 20,025,864 last year.
Sorghum totaled 7,698 tons, a decrease of 69,410 on the week and 133,952 on the year. The primary destinations were Mexico and Vietnam. 2021/22 sorghum inspections are 504,072 tons, compared to 790,064 in 2020/21.