News

Soybean export inspections up, pace remains bearish

The USDA says the pace of export inspections as of the week ending April 4th are bearish for corn, sorghum, soybeans, and wheat. The 2018/19 marketing year runs through the end of May for wheat and the end of August for beans, corn, and sorghum.

Wheat came out at 538,808 tons, up 84,521 from the week ending March 28th and 106,932 higher than the week ending April 5th, 2018. The top destinations were the Philippines and Nigeria. With just under two months left in the 2018/19 marketing year, wheat inspections are 19,389,025 tons, compared to 20,357,155 late in 2017/18.

Corn was reported at 1,035,423 tons, down 223,844 from the previous week and 904,671 below a year ago. Mexico and South Korea were the leading weekly destinations. More than halfway through the marketing year, corn inspections are 30,714,750 tons, compared to 26,509,043 this time last year.

Soybeans were pegged at 888,160 tons, an increase of 156,570 from the week before and 506,969 more than last year. The main destinations were China and Egypt. So far, this marketing year, soybean inspections are 30,187,372 tons, compared to 41,905,536 a year ago.

Sorghum totaled 16,636 tons, a drop of 41,718 on the week and 230,733 on the year. The sole listed destinations were Mexico and Japan. 2018/19 sorghum inspections are 1,052,926 tons, compared to 4,169,788 in 2017/18.