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Solid pace continues for corn, soybean inspections
The USDA says corn and soybean export inspections as of the week ending February 25th remain on pace to meet or exceed projections for the current marketing year. The 2020/21 marketing year started June 1st for wheat and September 1st for beans, corn, and sorghum. The USDA’s next set of supply and demand estimates is out March 9th.
Wheat came out at 272,820 tons, down 51,777 from the week ending February 18th and 383,340 from the week ending February 27th, 2020. The week’s leading destinations were Mexico and Indonesia. Entering the final quarter of the 2020/21 marketing year, wheat inspections are 18,037,816 tons, compared to 18,813,864 in 2019/20.
Corn was reported at 1,636,876 tons, up 370,321 from the previous week and 740,755 from this time last year. The top destinations were China and Japan. About halfway through the marketing year, corn inspections are 25,669,415 tons, compared to 14,206,529 a year ago.
Soybeans were pegged at 879,582 tons, 76,034 higher than the week before and 290,352 above a year ago. The primary destinations were China and Japan. So far, this marketing year, soybean inspections are 51,879,094 tons, compared to 29,421,858 last year.
Sorghum totaled 120,784 tons, a decrease of 3,317 on the week, but an increase of 47,577 on the year. The biggest single destination was China, followed by Afghanistan. 2020/21 sorghum inspections are 3,583,378 tons, compared to 1,401,677 in 2019/20.
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