Soybean inspections down on week, up on year

The USDA says that as of the week ending January 19th, soybean export inspections are ahead of the pace needed to meet projections for the current marketing year. The 2022/23 marketing year got underway 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 February 8th.

Wheat came out at 334,217 tons, up 8,574 from the week ending January 19th, but down 83,421 from the week ending January 20th, 2021. The leading destinations were South Korea and Mexico. For the 2022/23 marketing year to date, wheat inspections are 12,761,882 tons, compared to 13,238,200 in 2021/22.

Corn was reported at 727,643 tons, 52,145 lower than the previous week and 458,932 below a year ago. The top destinations were Mexico and Japan. At this point in the marketing year, corn inspections are 11,509,781 tons, compared to 16,514,529 last year.

Soybeans were pegged at 1,805,744 tons, 384,627 less than the week before, but 422,493 more than last year. The main destinations were China and Germany. So far, this marketing year, soybean inspections are 34,100,498 tons, compared to 35,031,997 a year ago.

Sorghum totaled 72,574 tons, an increase of 69,866 on the week, but a decrease of 4,665 on the year. The listed destinations were China and Mexico. 2022/23 sorghum inspections are 493,628 tons, compared to 2,149,910 in 2021/22.

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