Soybean export inspections down on week, year

The USDA says soybean export inspections as of the week ending November 23rd remain ahead of what’s needed to meet projections for the current marketing year. The 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 December 8th.

Wheat came out at 276,585 tons, down 89,887 from the week ending November 16th and 7,891 from the week ending November 24th, 2022. The main destinations were the Philippines and Japan. Late in the first half of the 2023/24 marketing year, wheat inspections are 8,124,467 tons, compared to 10,575,460 in 2022/23.

Corn was reported at 406,680 tons, 194,388 lower than the previous week, but 95,022 higher than a year ago. The leading destinations were Mexico and Colombia. For the marketing year to date, corn inspections are 7,267,785 tons, compared to 5,817,123 this time last year.

Soybeans were pegged at 1,443,385 tons, a decrease of 187,705 from the week before and 786,059 from last year. The top destinations were China and Germany. So far, this marketing year, soybean inspections are 17,452,703 tons, compared to 19,587,834 a year ago.

Sorghum totaled 280,532 tons, an increase of 163,982 on the week and 277,464 on the year. The listed destinations were China and Mexico. 2023/24 sorghum inspections are 967,850 tons, compared to 277,760 in 2022/23.

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