Market News

Soybean export inspections top estimates

It was another fairly quiet week for grain and oilseed export inspections. Soybean inspections for the week ending June 11 were larger than expected while corn and wheat inspections were within pre-report estimates.

Wheat was reported at 13.545 million bushels, down 5.35 million from the week ending June 4 and 2.187 million lower than the week ending June 12, 2008. Early in the 2009/10 marketing year, wheat inspections are 24.894 million bushels, compared to 32.483 million towards the start of 2008/09.

Corn came out at 30.981 million bushels, 4.502 million more than a week ago but 9.512 million less than a year ago. So far this marketing year, corn inspections are 1.310 billion bushels, compared to 1.916 billion this time last year.

Soybeans were placed at 12.480 million bushels, 3.323 million above the prior week but 2.102 million below last year. At this point in the current marketing year, soybean inspections are 1.101 billion bushels, compared to 994.413 million a year ago.

Sorghum totaled 4.086 million bushels. That’s up 3.094 million from the week before and 2.529 million higher than a year ago. 2008/09 sorghum inspections are 114.920 million bushels, compared to 247.123 million in 2007/08.