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Soybean, wheat export inspections up on week, year

The USDA says that as of the week ending May 9th, corn export inspections continue to run ahead of the pace needed to meet projections for the current marketing year. The 2023/24 marketing year kicked off June 1st for wheat and September 1st for corn, sorghum, and soybeans. The USDA’s next set of supply and demand estimates is out June 12th.

Wheat came out at 366,339 tons, up 27,465 from the week ending May 2nd and 102,900 from the week ending May 11th, 2023. The top destinations were China and South Korea. With less than a month remaining in the 2023/24 marketing year, wheat inspections are 17,648,464 tons, compared to 18,75,764 in 2022/23.

Corn was reported at 937,729 tons, down 361,279 from the previous week and 236,054 from a year ago. The leading destinations were Mexico and Japan. Approaching the final quarter of the marketing year, corn inspections are 33,933,661 tons, compared to 26,051,611 last year.

Soybeans were pegged at 406,052 tons, 47,970 higher than the week before and 215,615 above last year. The primary destinations were Egypt and Indonesia. So far, this marketing year, soybean inspections are 39,537,565 tons, compared to 48,045,679 a year ago.

Sorghum totaled 140,105 tons, 3,011 less than the prior week, but 87,252 more than time last year. China topped list, followed distantly by Mexico. 2023/24 sorghum inspections are 4,720,396 tons, compared to 1,520,609 in 2022/23.

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