Corn Export Inspections Move Even Higher Than Last Year
Total corn export inspections are up 30% from last year. Total soybean inspections are 24% lower than last year. Wheat inspections are 17% lower than last year.
OMAHA (DTN) — USDA released its weekly Export Inspections report Monday for the week ended Jan. 25. Corn inspections are up 30% from last year. Soybean inspections are 24% lower than last year. Wheat inspections are 17% lower than last year.
Corn inspections totaled 35.5 million bushels (mb) for the week ended Thursday, Jan. 25, 2024. Total inspections in 2023-24 are now at 616 mb, up 30% from the previous year. USDA is estimating corn exports at 2.100 billion bushels (bb) in 2023-24, up 26% from the previous year. Corn inspections in 2023-24 are running above USDA’s estimated pace at a time when USDA’s corn supply estimate is bearish for corn prices.
Soybean inspections totaled 32.7 mb for the week ended Jan. 25. Total inspections in 2023-24 are now at 1.017 bb, down 24% from the previous year. USDA is estimating soybean exports at 1.755 bb in 2023-24, down 12% from the previous year. Soybean inspections in 2023-24 are running below USDA’s estimated pace at a time when USDA’s soybean supply estimate is neutral for soybean prices.
Wheat inspections totaled 9.7 mb for the week ended Jan. 25. Total wheat inspections in 2023-24 are now at 404 mb, down 17% from the previous year. USDA is estimating wheat exports at 725 mb in 2023-24, down 4% from the previous year. Wheat inspections in 2023-24 are running below USDA’s estimated pace at a time when USDA’s wheat supply estimate is neutral for wheat prices.