Soybean export inspection stay ahead of pace

The USDA says soybean export inspections as of the week ending February 16th are faster than the pace needed to meet projections for the current marketing year. The 2022/23 marketing year started June 1st, 2022 for wheat and September 1st, 2022 for beans, corn, and sorghum. The USDA’s next set of supply and demand estimates is out March 8th.

Wheat came out at 373,429 tons, down 98,898 from the week ending February 9th and 197,430 from the week ending February 17th, 2022. The main destinations were Japan and Thailand. Nearing the final quarter of the 2022/23 marketing year, wheat inspections are 14,659,515 tons, compared to 15,080,232 in 2021/22.

Corn was reported at 622,841 tons, 59,393 higher than the previous week, but 422,426 lower than a year ago. The top destinations were Mexico and Japan. Nearly halfway through the current marketing year, corn inspections are 13,734,599 tons, compared to 21,649,768 this time last year.

Soybeans were pegged at 1,578,066 tons, 115,222 less than the prior week, but 532,799 more than last year. The leading destinations were China and Germany. So far, this marketing year, soybean inspections are 41,387,331 tons, compared to 39,969,259 a year ago.

Sorghum totaled 71,805 tons, an increase of 70,896 on the week, but a decrease of 186,785 on the year. The largest single destination was China, followed distantly by several others, including Mexico. 2022/23 sorghum inspections are 569,444 tons, compared to 2,874,564 in 2021/22.

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