U.S. export inspections mixed on week, year

The USDA says corn export inspections as of the week ending February 22nd continue to move ahead of the pace needed to meet projections for the current marketing year. The 2023/24 marketing year started June 1st for wheat and September 1st for corn, sorghum, and soybeans. The USDA’s next set of supply and demand estimates is out March 8th.

Wheat came out at 481,999 tons, up 62,221 from the week ending February 15th but down 171,284 from the week ending February 23rd, 2023. The main destinations were Japan and Mexico. Closing in on the final quarter of the 2023/24 marketing year, wheat inspections are 12,612,337 tons, compared to 15,313,796 in 2022/23.

Corn was reported at 1,241,692 tons, 189,447 higher than the previous week and 592,389 above a year ago. The primary destinations were Mexico and Japan. Late in the first half of the marketing year, corn inspections are 19,494,397 tons, compared to 14,385,981 this time last year.

Soybeans were pegged at 974,977 tons, 316,435 less than the prior week, but 209,395 more than last year. The top destinations were China and Germany. So far, this marketing year, soybean inspections are 33,049,879 tons, compared to 42,158,764 a year ago.

Sorghum totaled 126,567 tons, a decrease of 189,301 on the week, but an increase of 20,857 on the year. The lone destination was China. 2023/24 sorghum inspections are 3,434,133 tons, compared to 675,154 in 2022/23.

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