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Solid week for export inspections
The USDA says that as of the week ending August 29th, U.S. corn, sorghum, soybean, and wheat export inspections were ahead of what’s needed to meet projections for the current respective marketing years. The 2024/25 marketing year kicked off June 1st for wheat, while 2023/24 got underway September 1st for beans, corn, and sorghum. The USDA’s next round of supply and demand estimates is out September 12th.
Wheat came out at 577,977 tons, up 28,477 from the week ending August 22nd and 259,901 from the week ending August 31st, 2023. The top destinations were Mexico and the Philippines. Late in the first quarter of the 2024/25 marketing year, wheat inspections are 5,736,345 tons, compared to 4,348,348 in 2023/24.
Corn was reported at 965,292 tons, 47,690 higher than the previous week and 482,503 above a year ago. The leading destinations were Mexico and Japan. With just a couple of reporting days remaining in 2023/24, corn inspections are 52,033,650 tons, compared to 37,264,340 towards the end of 2022/23.
Soybeans were pegged at 496,860 tons, 77,297 larger than the week before and 88,995 more than this time last year. The primary destinations were China and Mexico. So far, this marketing year, soybean inspections are 44,709,005 tons, compared to 52,280,745 a year ago.
Sorghum inspections totaled 121,601 tons, an increase of 4,830 on the week and 13,926 on the year. The main destination was China, followed distantly by Mexico. 2023/24 sorghum inspections are 6,030,037 tons, compared to 2,698,970 in 2022/23.
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