Solid week for U.S. soybean export inspections
The USDA says that as of the week ending September 21st, the pace of soybean export inspections are ahead what’s needed to meet projections for the current marketing year. The 2023/24 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 October 12th.
Wheat came out at 451,004 tons, up 28,365 from the week ending September 14th, but down 138,227 from the week ending September 22nd, 2022. The main destinations were China and the Philippines. Early in the second quarter of the 2023/24 marketing year, wheat inspections are 5,628,980 tons, compared to 7,848,720 in 2022/23.
Corn was reported at 660,811 tons, 15,512 lower than the previous week, but 111,203 higher than a year ago. The leading destinations were Mexico and China. Just after the start of the marketing year, corn inspections are 1,962,378 tons, compared to 1,696,827 this time last year.
Soybeans were pegged at 481,638 tons, an increase of 51,866 from the week before and 190,128 from last year. The top destinations were China and Japan. So far, this marketing year, soybean inspections are 1,285,078 tons, compared to 1,206,590 a year ago.
Sorghum totaled 3,729 tons, a decrease of 43,349 on the week and 18,246 on the year. The listed buyers were China and Mexico. 2023/24 sorghum inspections are 185,461 tons, compared to 78,347 in 2022/23.