Market News

Soybean, wheat export inspections top estimates

It was another mixed week for grain andoilseed export inspections. Corn inspections for the week ending May 21 were below pre-report estimates, while soybeans and wheat were just above analysts' expectations.

Wheat was reported at 18.976 million bushels, up 3.896 million from the week ending May 14 and 3.467million higher than the week ending May 22, 2008. With the end of the 2008/09 marketing year fast approaching, wheat inspections are 966.346 million bushels, compared to 1.199 billion late in 2007/08. The 2009/10 marketing year for wheat starts June 1.

Corn came out at27.511 million bushels, down 3.789 million from the previous week and 11.795 million lower than a year ago. For the current marketing year to date, corn inspections are 1.216 billion bushels, compared to 1.794 billion this time last year.

Soybeans were pegged at 16.993million bushels, 743,000 more than the prior week and 2.994 million above last year. So far this marketing year, soybean inspections are 1.069 billion bushels, compared to 963.515 million a year ago.

Sorghum totaled 1.399 million bushels. That's 737,000 less than theweek before and 1.004 million below a year ago. 2008/09 sorghum inspections are 106.778 million bushels, compared to 239.106 million in 2007/08.