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Wheat export inspections up on week, others down

The USDA says corn, soybean, and wheat export inspections during the week ending May 23rd were less than what’s needed to meet projections for the current marketing year. The 2023/24 marketing year got underway June 1st for wheat and September 1st for beans, corn, and sorghum. The USDA’s next set of supply and demand estimates is out June 12th.

Wheat came out at 398,904 tons, up 170,704 from the week ending May 16th and 7,612 from the week ending May 25th, 2023. The top destinations were Mexico and the Philippines. Closing in on the end of the 2023/24 marketing year, wheat inspections are 18,292,287 tons, compared to 19,567,150 late in 2022/23.

Corn was reported at 1,077,336 tons, down 148,864 from the previous week and 269,056 from a year ago. The main destinations were Mexico and Japan. Approaching the fourth quarter of the marketing year, corn inspections are 36,304,039 tons, compared to 28,726,832 this time last year.

Soybeans were pegged at 212,015 tons, 19,783 more than the prior week, but 44,621 less than last year. The primary destinations were China and Egypt. So far, this marketing year, soybean inspections are 39,969,015 tons, compared to 48,472,407 a year ago.

Sorghum totaled 48,599 tons, a decrease of 75,690 on the week, but an increase of 15,357 on the year. The lone listed destination was China. 2023/24 sorghum inspections are 4,893,284 tons, compared to 1,669,899 in 2022/23.

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