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Mostly bullish week for export inspections
The USDA says that as of the week ending April 15th, 2021, corn, sorghum, and soybean export inspections remain on pace to meet or exceed projections for the current marketing year. The 2020/21 marketing year started June 1st, 2020 for wheat and September 1st, 2020 for beans, corn, and sorghum. The USDA’s next set of supply and demand estimates is out May 12th.
Wheat came out at 613,595 tons, up 152,227 from the week ending April 8th and 107,378 from the week ending April 16th, 2020. The biggest destinations were the Philippines and Thailand. With about a month and a half remaining in the 2020/21 marketing year, wheat inspections are 22,022,357 tons, compared to 22,001,923 in 2019/20.
Corn was reported at 1,524,777 tons, 202,812 less than the previous week, but 793,505 more than this time last year. The top destinations were China and Mexico. Well into the back half of the marketing year, corn inspections are 39,246,220 tons, compared to 21,347,766 a year ago.
Soybeans were pegged at 183,986 tons, down 153,173 from the week before and 367,793 from a year ago. The leading destinations were Mexico and Japan. So far, this marketing year, soybean inspections are 54,993,243 tons, compared to 32,386,603 last year.
Sorghum totaled 314,699 tons, an increase of 115,574 on the week and 133,841 on the year. The lone listed destination was China. 2020/21 sorghum inspections are 5,199,906 tons, compared to 2,163,366 in 2019/20.
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