Market News

Soybean export inspections a little bigger than expected

It was a mixed week for grain and oilseed export inspections.According to the Ag Department, soybean inspections for the week ending May 14 were just above pre-report estimates, wheat was within analysts' projections and corn inspections were below all expectations.

Wheat came out at 14.495 million bushels, up 2.729 million fromthe week ending May 7 and 2.347 million higher than the week ending May 15, 2008. For the 2008/09 marketing year to date, wheat inspections are 946.785 million bushels, compared to 1.184 billion in 2007/08. The 2009/10 marketing year for wheat begins June 1.

Corn wasreported at 31.024 million bushels, 15.488 million less than the prior week but 2.862 million more than a year ago. So far this marketing year, corn inspections are 1.188 billion bushels, compared to 1.754 billion this time last year.

Soybeans were placed at 15.679 millionbushels, 4.872 million above the previous week and up 5.383 million from last year. At this point in the current marketing year, soybean inspections are 1.051 billion bushels, compared to 949.516 million a year ago.

Sorghum totaled 1.762 million bushels. That's 87,000higher than the week before but 4.304 million lower than a year ago. 2008/09 sorghum inspections are 105.005 million bushels, compared to 236.703 million in 2007/08.