Market News

Corn inspections larger than expected

USDA reports corn export inspections for the week ending July 3 were larger than expected, while soybeans and wheat were within pre-report estimates. Corn, soybeans, and wheat were all below what’s needed weekly to meet USDA projections for their respective marketing years.

Wheat came out at 417,063 tons, up 69,652 from the week ending June 26, but down 367,780 from the week ending July 4, 2013. A little more than a month into the 2014/15 marketing year, wheat inspections are 2,267,143 tons, compared to 3,082,730 in 2013/14.

Corn was reported at 1,080,525 tons, 193,576 higher than the previous week and 871,632 above this time last year. For the 2013/14 marketing year to date, corn inspections are 38,937,286 tons, compared to 14,983,362 in 2012/13.

Soybeans were pegged at 59,959 tons, 14,365 lower than the prior week and 7,483 below a year ago. So far this marketing year, soybean inspections are 42,659,339 tons, compared to 35,090,098 last year.

Sorghum inspections totaled 4,888 tons. That’s an increase of 1,052 tons on the week, but a decrease of 84 on the year. 2013/14 sorghum inspections are 3,574,412 tons, compared to 1,494,979 in 2012/13.