Corn Inspections Continue Ahead of Last Year
Total corn export inspections are up 26% from last year. Total soybean inspections are 17% lower than last year. Wheat inspections are 7% lower than last year.
OMAHA (DTN) — USDA released its weekly Export Inspections report Monday for the week ended June 6. Corn inspections are up 26% from last year. Soybean inspections are 17% lower than last year. Wheat inspections are 7% lower than last year.
Corn inspections totaled 52.7 million bushels (mb) for the week ended Thursday, June 6, 2024. Total inspections in 2023-24 are now at 1.540 billion bushels (bb), up 26% from the previous year. USDA is estimating corn exports at 2.150 bb in 2023-24, up 29% from the previous year. Corn inspections in 2023-24 are running below USDA’s estimated pace at a time when USDA’s corn supply estimate is bearish for corn prices.
Soybean inspections totaled 8.5 mb for the week ended June 6. Total inspections in 2023-24 are now at 1.490 bb, down 17% from the previous year. USDA is estimating soybean exports at 1.700 bb in 2023-24, down 15% 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 12.9 mb for the week ended June 6. Total wheat inspections in 2024-25 are now at 11 mb, down 7% from the previous year. USDA is estimating wheat exports at 775 mb in 2024-25, up 8% from the previous year. Wheat inspections in 2024-25 are running below USDA’s estimated pace at a time when USDA’s wheat supply estimate is neutral for wheat prices.