Market News

Corn and wheat export inspections below expectations

It was a fairly poor week for grain and oilseed export inspections. Corn inspections for the weekending May 28 were towards the low end of estimates while soybeans and wheat were smaller than expected.

Wheat came out at 10.215 million bushels, down 9.411 million from the week ending May 21 and 11.786 million lower than the week ending May 29, 2008. With just a fewadjustments to be made in the final calculations for the 2008/09 marketing year, wheat inspections are 977.217 million bushels, compared to 1.221 billion late in 2007/08. The 2009/10 marketing year for wheat began June 1.

Corn was reported at 32.517 million bushels, 1.518million more than the previous week but 9.616 million less than a year ago. There's three months left in the current marketing year for corn, with inspections at 1.252 billion bushels, compared to 1.836 billion this time last year.

Soybeans were placed at 8.810 millionbushels, 9.873 million under the week before and 2.767 million below last year. So far this marketing year, soybean inspections are 1.079 billion bushels, compared to 975.092 million a year ago.

Sorghum totaled 2.079 million bushels. That's up 240,000 from the priorweek but down 1.081 million from a year ago. 2008/09 sorghum inspections are 109.927 million bushels, compared to 242.266 million in 2007/08.