Corn export inspections stay ahead of needed pace

The USDA says corn export inspections as of the week ending January 4th are ahead of what’s needed meet projections for the current marketing year. The 2023/24 marketing year kicked off June 1st, 2023 for wheat and September 1st, 2023 for corn, sorghum, and soybeans. The USDA’s next set of supply and demand estimates is out Friday, January 12th at Noon Eastern/11 Central.

Wheat came out at 491,074 tons, up 214,641 from the week ending December 28th, 2023 and 281,530 from the week ending January 5th, 2023. The main destinations were China and the Philippines. At this point in the 2023/24 marketing year, wheat inspections are 10,132,124 tons, compared to 12,102,022 in 2022/23.

Corn was reported at 856,597 tons, 286,740 higher than the previous week and 454,536 above a year ago. The top destinations were Japan and Mexico. For the marketing year to date, corn inspections are 12,807,045 tons, compared to 10,002,350 this time last year.

Soybeans were pegged at 674,749 tons, down 294,705 from the prior week and 786,012 from last year. The primary destinations were China and Mexico. So far, this marketing year, soybean inspections are 23,945,566 tons, compared to 30,239,371 a year ago.

Sorghum totaled 120,238 tons, an increase of 8,316 on the week and 108,906 on the year. The largest single destination was China, followed distantly by Mexico. 2023/24 sorghum inspections are 2,188,647 tons, compared to 418,346 in 2022/23.

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