News

Wheat export inspections up on week, year

The USDA says corn export inspections as of the week ending March 7^th remain ahead of the pace needed to meet expectations for the current marketing year. The 2023/24 marketing year kicked off June 1^st for wheat and September 1^st for corn, sorghum, and soybeans. The USDA’s next set of supply and demand estimates is out April 11^th.

Wheat came out at 402,874 tons, up 44,576 from the week ending February 29^th and 145,973 from the week ending March 9^th, 2023. The top destinations were the Philippines and Mexico. Early in the final quarter of the 2023/24 marketing year, wheat inspections are 13,374,008 tons, compared to 15,911,784 in 2022/23.

Corn was reported at 1,121,912 tons, 24,172 lower than the previous week, but 94,917 higher than a year ago. The leading destinations were Mexico and Japan. In the back half of the marketing year, corn inspections are 21,809,792 tons, compared to 16,357,779 this time last year.

Soybeans were pegged at 706,334 tons, 454,058 less than the week before, but 72,428 more than last year. The primary destinations were China and Mexico. So far, this marketing year, soybean inspections are 35,002,126 tons, compared to 43,343,836 a year ago.

Sorghum totaled 65,252 tons, down 66,623 on the week and 7,647 on the year. The lone listed destination was China. 2023/24 sorghum inspections are 3,631,260 tons, compared to 820,167 in 2022/23.