Market News

A poor week for grain and oilseed inspections

It was a fairly bearish week for grain and oilseed export inspections. According to the USDA, soybean export inspections for the week ending June 25 were within expectations but less than what’s needed weekly to meet the USDA estimates for the current marketing year, while corn and wheat were below pre-report projections.

Wheat came out at 10.126 million bushels, down 3.402 million from the week ending June 18 and 7.815 million lower than the week ending June 26, 2008. At this point in the 2009/10 marketing year, wheat inspections are 49.025 million bushels, compared to 68.716 million early in 2008/09.

Corn was reported at 27.667 million bushels, 14.935 million below the previous week and 15.381 million less than a year ago. For the 2008/09 marketing year to date, corn inspections are 1.382 billion bushels, compared to 1.999 billion at this point in 2007/08.

Soybeans totaled 12.934 million bushels, 2.386 million under the prior week and down 7.332 million from last year. So far this marketing year, soybean inspections are 1.130 billion bushels, compared to 1.026 billion a year ago.

Sorghum was pegged at 1.256 million bushels, up 388,000 from the week before and 754,000 higher than a year ago. 2008/09 sorghum inspections are 117.256 million bushels, compared to 249.176 million in 2007/08.