Market News

Corn export inspections below pre-report estimates

It was a neutral to mostly negative week for grain and oilseed export inspections. According to the USDA, soybean and wheat inspections for the week ending August 6 were within expectations while corn was below estimates.

Wheat came out at 14.414 million bushels, up 771,000 from the week ending July 30 but down 19.079 million from the week ending August 7, 2008. 2009/10 wheat inspections are 130.714 million bushels, compared to 229.926 million at this point in 2008/09.

Corn was reported at 35.014 million bushels, 14.267 million lower than the previous week and 4.389 million less than a year ago. Nearing the end of the 2008/09 marketing year, corn inspections are 1.638 billion bushels, compared to 2.217 billion towards the completion of the 2007/08 marketing year.

Soybeans were placed at 9.603 million bushels, 4.572 million above the prior week but 1.993 billion below last year. Also towards the end of the current marketing year, soybean inspections are 1.196 billion bushels, compared to 1.091 billion a year ago at this time.

Sorghum inspections totaled 3.549 million bushels. That’s 2.751 million higher than the week before and 1.785 million more than a year ago. 2008/09 sorghum inspections are 130.518 million bushels, compared to 263.094 million in 2007/08.