Market News

Soybean export inspections beat estimates

It was another mixed week for grain and oilseed export inspections. Soybean inspections for the week ending July 2 were just above expectations, while corn and wheat fell towards the low end of pre-report estimates.

Wheat came out at 12.128 million bushels, up 822,000 from the week ending June 25 but down 8.578 million from the week ending July 3, 2008. At this point in the 2009/10 marketing year, wheat export inspections are 62.681 million bushels, compared to 89.422 million early in 2008/09.

Corn was reported at 31.088 million bushels, 1.735 million higher than the previous week but 9.668 million lower than a year ago. With just less than two months left in the 2008/09 marketing year, corn inspections are 1.414 billion bushels, compared to 2.039 billion in 2007/08.

Soybeans were placed at 14.118 million bushels, 217,000 less than the prior week but 2.859 million more than last year. Also nearing the end of the 2008/09 marketing year, soybean inspections are 1.146 billion bushels, compared to 1.038 billion this time a year ago.

Sorghum inspections totaled 338,000 bushels. That’s 1.551 million below the week before and 2.614 million below a year ago. 2008/09 sorghum inspections are 118.227 million bushels, compared to 252.128 million in 2007/08.