Corn Inspections Continue Ahead of Last Year
Total corn export inspections are up 35% from last year. Total soybean inspections are 19% lower than last year. Wheat inspections are 11% lower than last year.
OMAHA (DTN) — USDA released its weekly Export Inspections report Monday for the week ended April 4. Corn inspections are up 35% from last year. Soybean inspections are 19% lower than last year. Wheat inspections are 11% lower than last year.
Corn inspections totaled 55.9 million bushels (mb) for the week ended Thursday, April 4. Total inspections in 2023-24 are now at 1.076 billion bushels (bb), up 35% 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 17.8 mb for the week ended April 4. Total inspections in 2023-24 are now at 1.382 bb, down 19% from the previous year. USDA is estimating soybean exports at 1.720 bb in 2023-24, down 14% 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 18.3 mb for the week ended April 4. Total wheat inspections in 2023-24 are now at 634 mb, down 11% 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.