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Export inspections up on year
The USDA says corn export inspections as of the week ending February 29th continue to move out 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 round of supply and demand estimates is out Friday, March 8th at Noon Eastern/11 Central.
Wheat came out at 353,137 tons, down 128,862 from the week ending February 22nd, but up 12,050 from the week ending March 2nd, 2023. The primary destinations were Mexico and China. Kicking off the final quarter of the 2023/24 marketing year, wheat export inspections are 12,965,973 tons, compared to 15,654,883 in 2022/23.
Corn was reported at 1,083,503 tons, 205,590 lower than the previous week, but 138,700 higher than a year ago. The leading destinations were Japan and Mexico. Starting the back half of the marketing year, corn inspections are 20,625,301 tons, compared to 15,330,784 last year.
Soybeans were pegged at 1,021,385 tons, 37,668 less than the prior week, but 470,219 more than last year. The top destinations were China and Mexico. So far, this marketing year, soybean inspections are 34,155,609 tons, compared to 42,709,930 a year ago.
Sorghum totaled 131,875 tons, an increase of 5,308 on the week and 59,761 on the year. By far, the largest destination was China, followed distantly by Mexico. 2023/24 sorghum inspections are 3,566,008 tons, compared to 747,268 in 2022/23.
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