Market News

Corn export inspections top estimates

It was a mixed week for grain and oilseed export inspections. According to the USDA, corn inspections for the week ending July 30, 2009 were larger than expected, wheat was within estimates and soybeans were below projections.

Wheat came out at 13.548 million bushels, up 1.062 million from the week ending July 23 but down 16.215 million from the week ending July 31, 2008. At this point in the 2009/10 marketing year, wheat inspections are 116.168 million bushels, compared to 196.433 million fairly early in 2008/09.

Corn was reported at 47.336 million bushels, 7.397 million lower than the previous week but 12.283 million higher than a year ago. With around a month left in the 2008/09 marketing year for corn, inspections are 1.601 billion bushels, compared to 2.178 billion towards the end of 2007/08.

Soybeans were placed at 4.568 million bushels, 4.497 million less than the prior week and 5.632 million below last year. Also with around a month left in the current marketing year, soybean inspections are 1.186 billion bushels, compared to 1.079 billion this time a year ago.

Sorghum totaled 382,000 bushels. That’s 3.154 million under the week before and down 1.083 million from a year ago. 2008/09 sorghum inspections are 126.553 million bushels, compared to 261.330 million in 2007/08.