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Mostly mixed week for export inspections
The USDA says that as of the week ending February 9th, U.S. soybean and wheat inspections are ahead of what’s needed to meet projections for the current marketing year. The 2022/23 marketing year started June 1st, 2022 for wheat and September 1st, 2022 for beans, corn, and sorghum. The USDA’s next set of supply and demand estimates is out March 8th.
Wheat came out at 472,327 tons, down 118,232 from the week ending February 2th, but up 12,966 from the week ending February 10th, 2022. The main destinations were Japan and Vietnam. At this point in the 2022/23 marketing year, wheat inspections are 14,286,086 tons, compared to 14,509,373 in 2021/22.
Corn was reported at 511,506 tons, 17,506 higher than the previous week, but 944,358 lower than a year ago. The top destinations were Mexico and Saudi Arabia. For the marketing year to date, corn inspections are 13,059,816 tons, compared to 20,071,512 last year.
Soybeans were pegged at 1,555,166 tons, 359,367 less than the prior week, but 322,133 more than this time last year. The leading destinations were China and the Netherlands. So far, this marketing year, soybean inspections are 39,540,145 tons, compared to 38,923,992 a year ago.
Sorghum totaled 909 tons, a decrease of 971 from the week before and 181,621 from a year ago. The lone listed destination was Mexico. 2022/23 sorghum inspections are 497,639 tons, compared to 2,615,974 in 2021/22.
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