Corn export inspections down, still ahead of needed pace

The USDA says that as of the week ending January 18th, 2024, U.S. corn export inspections remain ahead of the pace needed to meet projections for the current marketing year. The 2023/24 marketing year got underway June 1st for wheat and September 1st for corn, sorghum, and soybeans. The USDA’s next set of supply and demand estimates is out February 8th.

Wheat came out at 314,521 tons, up 72,112 from the week ending January 11th, but down 34,782 from the week ending January 19th, 2023. The main destinations were Indonesia and Mexico. In the back half of the 2023/34 marketing year, wheat inspections are 10,723,042 tons, compared to 12,777,083 in 2022/23.

Corn was reported at 713,290 tons, 233,127 lower than the previous week and 15,551 below a year ago. The leading destinations were Mexico and Japan. For the marketing year to date, corn inspections are 14,702,517 tons, compared to 11,510,979 this time last year.

Soybeans were pegged at 1,161,100 tons, a decrease of 117,068 from the week before and 678,082 on the year. The primary destinations were China and Italy. So far, this marketing year, soybean inspections are 26,751,644 tons, compared to 34,270,222 a year ago.

Sorghum totaled 78,689 tons, 217,439 less than the prior week, but 6,115 more than a year ago. The largest destination was China, followed distantly by Mexico. 2023/24 sorghum inspections are 2,618,463 tons, compared to 493,628 in 2022/23.

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