Soybean, corn export inspections above a week ago

The USDA says that corn, soybean, and wheat export inspections as of the week ending September 14th are behind the respective paces needed to meet projections for the current marketing year. Th 2023/24 marketing year started June 1st for wheat and September 1st for beans, corn, and sorghum. The USDA’s next set of supply and demand estimates is out October 12th.

Wheat came out at 367,371 tons, down 38,810 from the week ending September 7th and 470,253 from the week ending September 15th, 2022. The leading destinations were Mexico and Indonesia. Early in the second quarter of the 2023/24 marketing year, wheat inspections are 5,121,900 tons, compared to 7,259,489 in 2022/23.

Corn was reported at 642,095 tons, up 16,851 from the previous week and 92,619 from a year ago. The main destinations were Mexico and Japan. Just after the start of the marketing year, corn inspections are 1,267,339 tons, compared to 1,147,219 last year.

Soybeans were pegged at 393,004 tons, 19,385 more than the prior week, but 128,064 less than last year. The top destinations were China and Mexico. So far, this marketing year, soybean inspections are 766,623 tons, compared to 915,000 a year ago.

Sorghum totaled 47,078 tons, a decrease of 87,576 on the week, but an increase of 38,513 on the year. The largest destination was China, followed distantly by Mexico. 2023/24 sorghum inspections are 181,732 tons, compared to 56,372 in 2022/23.

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