Market News

Mixed but still fairly solid week for export inspections

It was a mixed, but overall pretty good week for export inspections.According to the USDA, corn export inspections for the week ending April 16 were larger than expected and while wheat and soybeans were below pre-report estimates, they were above what's needed weekly to meet projections for the current marketing year.

Wheat came out at14.247 million bushels, down 6.432 million from the week ending April 9 and 9.617 million lower than the week ending April 17, 2008. 2008/09 wheat inspections are 895.166 million bushels, compared to 1.107 billion in 2007/08.

Corn was reported at 38.011 million bushels,4.684 million more than the previous week but 2.876 million less than a year ago. For the marketing year to date, corn inspections are 1.042 billion bushels, compared to 1.614 billion last year at this time.

Soybeans totaled 15.671 million bushels, 8.100 million under theweek before and 5.611 million below last year. So far this marketing year, soybean inspections are 987.147 million bushels, compared to 893.576 million a year ago.

Sorghum was pegged at 825,000 bushels, down 3.377 million from the prior week and 6.430 million lower than ayear ago. At this point in the current marketing year, sorghum inspections are 94.554 million bushels, compared to 219.556 million last year.