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Sorghum, soybean export inspections up on week

The USDA says that as of the week ending February 1st, corn export inspections remain ahead of the pace needed to meet projections for the current marketing year. The 2023/24 marketing year began June 1st for wheat and September 1st for corn, sorghum, and soybeans. The USDA’s next set of supply and demand estimates is out Thursday, February 8th at Noon Eastern/11 Central.

Wheat came out at 266,269 tons, down 17,520 from the week ending January 25th and 324,290 from the week ending February 2nd, 2023. The main destinations were Indonesia and Nigeria. Approaching the fourth quarter of the 2023/24 marketing year, wheat inspections are 11,273,765 tons, compared to 13,813,759 in 2022/23.

Corn was reported at 624,295 tons, 302,054 lower than the previous week, but 130,295 higher than a year ago. The primary destinations were Mexico and South Korea. Nearing the second half of the marketing year, corn inspections are 16,286,804 tons, compared to 12,549,435 this time last year.

Soybeans were pegged at 1,426,472 tons, 513,024 more than the prior week, but 488,161 less than last year. The top destinations were China and Germany. So far, this marketing year, soybean inspections are 29,116,276 tons, compared to 38,116,001 a year ago.

Sorghum totaled 115,643 tons, an increase of 52,324 on the week and 113,763 on the year. The biggest destination was China, followed distantly by Mexico. 2023/24 sorghum inspections are 2,797,425 tons, compared to 496,730 in 2022/23.

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