Market News

Wheat inspections larger than expected

It was another mixed week for grain and oilseed export inspections. According to the USDA, wheat inspections for the week ending July 16 were larger than expected while corn and soybeans were inside pre-report estimates.

Wheat was reported at 18.998 million bushels, up 9.152 million from the week ending July 9 but down 11.445 million from the week ending July 17, 2008. Still pretty early in the 2009/10 marketing year, wheat inspections are 94.710 million bushels, compared to 145.027 million early in 2008/09.

Corn came out at 36.821 million bushels, 2.536 million lower than the previous week but 5.643 million higher than a year ago. Nearing the end of the current marketing year, corn inspections are 1.495 billion bushels, compared to 2.099 billion late in 2007/08.

Soybeans were pegged at 13.422 million bushels, 2.27 million more than the prior week and 6.045 million above last year. For the marketing year to date, soybean inspections are 1.172 billion bushels, compared to 1.055 billion a year ago.

Sorghum inspections totaled 742,000 bushels. That’s 1.773 million less than the week before and 2.852 million below a year ago. 2008/09 sorghum inspections are 121.843 million bushels, compared to 257.756 million in 2007/08.