Market News

Corn export inspections above estimates

It was a mixed week for grain and oilseed export inspections. According to the USDA, corn inspections for the week ending June 18 were larger than expected, soybeans were towards the high end of estimates and wheat was below all projections.

Wheat came out at 13.336 million bushels, down 672,000 from the week ending June 11 and 4.956 million lower than the week ending June 19, 2008. Less than a month into the 2009/10 marketing year, wheat inspections are 38.693 million bushels, compared to 50.775 million early in 2008/09.

Corn was reported at 38.073 million bushels, 5.95 million above the previous week but 1.665 million below a year ago. Nearing the end of the 2008/09 marketing year, corn inspections are 1.349 billion bushels, compared to 1.956 billion in 2007/08.

Soybeans were placed at 13.443 million bushels, up 616,000 from the prior week and 1.705 million higher than last year at this time. Also towards the end of the current marketing year, soybean inspections are 1.115 billion bushels, compared to 1.006 billion a year ago.

Sorghum totaled 793,000 bushels. That’s 3.413 million under the week before and 758,000 less than a year ago. 2008/09 sorghum inspections are 115.925 million bushels, compared to 248.674 million in 2007/08.