Market News

Another mixed week for export inspections

It was another mixed week for grain and oilseed export inspections. According to the USDA, corn inspections for the week ending May 7 were above the previous week and toppedestimates, wheat was within expectations and up from the prior week and soybeans were below both last week and analysts' projections.

Wheat came out at 11.370 million bushels, up 807,000 from the week ending April 30 but down 11.038 million from the week ending May 8,2008. At this point in the 2008/09 marketing year, wheat inspections are 931.894 million bushels, compared to 1.171 billion in 2007/08.

Corn was reported at 46.109 million bushels, 14.493 million higher than the week before and 5.714 million more than a year ago. So far thismarketing year, corn inspections are 1.157 billion bushels, compared to 1.726 billion last year at this time.

Soybeans were placed at 8.915 million bushels, 12.996 million lower than the prior week and 5.727 million less than last year. For the marketing year to date,soybean inspections are 1.033 billion bushels, compared to 939.220 million a year ago.

Sorghum totaled 891,000 bushels. That's down 2.452 million from the previous week and 3.805 million below a year ago. 2008/09 sorghum inspections are 102.450 million bushels, comparedto 230.637 million in 2007/08.