News

Generally slow pace continues for export inspections

The USDA says that as of the week ending November 10^th, corn, soybean, and wheat export inspections are behind the respective paces needed to meet projections for the current marketing year. That’s due to a couple of different factors, depending on the commodity. Both corn and soybeans have seen a slowdown in interior movement to port caused by low river levels, while wheat is stymied by slow export demand. The 2022/23 marketing year started June 1^st for wheat and September 1^st for beans, corn, and sorghum. The USDA’s next set of supply and demand estimates is out December 9^th.

Wheat came out at 76,408 tons, down 105,581 from the week ending November 3^rd and 323,811 from the week ending November 11^th, 2021. The primary destinations were the Philippines and Mexico. Nearing the halfway point of the 2022/23 marketing year, wheat inspections are 9,905,517 tons, compared to 10,320,335 in 2021/22.

Corn was reported at 484,001 tons, 251,491 more than the previous week, but 382,890 less than a year ago. The top destinations were China and Mexico. Late in the first quarter of this marketing year, corn inspections are 4,932,666 tons, compared to 7,001,078 this time last year.

Soybeans were pegged at 1,857,872 tons, a decrease of 748,285 from the week before and 576,400 from last year. The leading destinations were China and Mexico. So far, this marketing year, soybean inspections are 14,691,125 tons, compared to 16,624,859 a year ago.

Sorghum totaled 2,559 tons, a drop of 2,112 on the week and 7,950 on the year. The largest single destination was Mexico, followed distantly by Japan. 2022/23 sorghum inspections are 220,499 tons, compared to 514,703 in 2021/22.