Bearish week for U.S. export inspections

The USDA says that as of the week ending May 5th, corn export inspections continue to trail the pace needed to meet projections for the current marketing year. The 2022/23 marketing year started June 1st, 2022 for wheat and September 1st, 2022 for corn, sorghum, and soybeans. The USDA’s next set of supply and demand estimates is out Friday, May 12th at Noon Eastern/11 Central.

Wheat came out at 209,138 tons, down 149,135 from the week ending April 27th and 53,781 from the week ending May 5th, 2022. The leading destinations were Mexico and Ethiopia. With less than a month left in the 2022/23 marketing year, wheat inspections are 18,458,158 tons, compared to 19,029,658 in 2021/22.

Corn was reported at 963,351 tons, a decline of 555,218 from the previous week and 513,895 from a year ago. The top destinations were Mexico and Japan. Approaching the final quarter of the marketing year, corn inspections are 24,866,729 tons, compared to 38,082,798 last year.

Soybeans were pegged at 394,755 tons, 13,218 under the week before and 112,184 below last year. The main destinations were Indonesia and China. So far, this marketing year, soybean inspections are 47,854,601 tons, compared to 47,759,661 a year ago.

Sorghum totaled 49,588 tons, a decrease of 63,236 on the week and 220,904 on the year. The listed destinations were China and Mexico. 2022/23 sorghum inspections are 1,467,095 tons, compared to 5,577,413 in 2021/22.

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