Corn Inspections Continue Ahead of Last Year
Total corn export inspections are up 34% from last year. Total soybean inspections are 18% lower than last year. Wheat inspections are 9% lower than last year.
OMAHA (DTN) — USDA released its weekly Export Inspections report Monday for the week ended April 11. Corn inspections are up 34% from last year. Soybean inspections are 19% lower than last year. Wheat inspections are 11% lower than last year.
Corn inspections totaled 52.4 million bushels (mb) for the week ended Thursday, April 11. Total inspections in 2023-24 are now at 1.129 billion bushels (bb), up 34% from the previous year. USDA is estimating corn exports at 2.100 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 15.9 mb for the week ended April 11. Total inspections in 2023-24 are now at 1.398 bb, down 18% from the previous year. USDA is estimating soybean exports at 1.700 bb in 2023-24, down 17% 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 20.3 mb for the week ended April 11. Total wheat inspections in 2023-24 are now at 585 mb, down 9% from the previous year. USDA is estimating wheat exports at 710 mb in 2023-24, down 6% 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.