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Export inspections mostly up on week
The USDA says that corn export inspections as of the week ending March 28th continue to move out faster than the pace needed to meet projections for the current marketing year. The 2023/24 marketing year kicked off June 1st for wheat and September 1st for corn, sorghum, and soybeans. The USDA’s next set of supply and demand estimates is out April 11th.
Wheat came out at 498,989 tons, up 66,225 from the week ending March 21st and 330,446 for the week ending March 30th, 2023. The leading destinations were China and Thailand. Nearly a third of the way into the final quarter of the 2023/24 marketing year, wheat inspections are 14,783,027 tons, compared to 16,859,475 in 2022/23.
Corn was reported at 1,431,535 tons, 176,370 higher than the previous week and 333,074 above a year ago. The main destinations were Mexico and Japan. Early in the back half of the marketing year, corn inspections are 25,867,120 tons, compared to 19,369,543 last year.
Soybeans were pegged at 414,484 tons, down 370,632 from the week before and 89,416 from this time last year. The primary destinations were China and Mexico. So far, this marketing year, soybean inspections are 36,981,053 tons, compared to 45,460,554 a year ago.
Sorghum inspections totaled 211,204 tons, an increase of 205,179 on the week and 201,284 on the year. The largest destination was China, followed distantly by South Korea. 2023/24 sorghum inspections are 4,041,021 tons, compared to 1,101,938 in 2022/23.
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