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Corn export inspections stay on pace

The USDA says that as of the week ending May 16th, corn export inspections remain on pace 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 June 12th.

Wheat came out at 205,612 tons, down 177,446 from the week ending May 9th and 234,482 from the week ending May 18th, 2023. The top destinations were the Philippines and Thailand. Approaching the end of the 2023/24 marketing year, wheat inspections are 17,870,795 tons, compared to 19,175,858 in 2022/23.

Corn was reported at 1,210,541 tons, 205,970 higher than the previous week, but 118,288 lower than this time last year. The leading destinations were Mexico and China. Closing in on the final quarter of the marketing year, corn inspections are 35,211,044 tons, compared to 27,380,440 a year ago.

Soybeans were pegged at 184,128 tons, 248,940 less than the prior week, but 354,220 more than a year ago. The main destinations were Japan and Mexico. So far, this marketing year, soybean inspections are 39,748,806 tons, compared to 48,215,771 last year.

Sorghum totaled 124,289 tons, a decrease of 15,816 on the week, but an increase of 8,241 on the year. The lone listed destination was China. 2023/24 sorghum inspections are 4,844,685 tons, compared to 1,636,657 in 2022/23.

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