Corn, Wheat Inspections Continue Ahead of Last Year

OMAHA (DTN) — USDA released its weekly Export Inspections report Monday for the week ended July 18. Corn inspections are up 33% from last year. Soybean inspections are 16% lower than last year. Wheat inspections are 20% higher than last year.

Corn inspections totaled 38.2 million bushels (mb) for the week ended Thursday, July 18, 2024. Total inspections in 2023-24 are now at 1.794 billion bushels (bb), up 33% from the previous year. USDA is estimating corn exports at 2.225 bb in 2023-24, up 34% from the previous year. Corn inspections in 2023-24 are running slightly below USDA’s estimated pace at a time when USDA’s corn supply estimate is bearish for corn prices.  

Soybean inspections totaled 12.0 mb for the week ended July 18. Total inspections in 2023-24 are now at 1.556 bb, down 16% 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 slightly below USDA’s estimated pace at a time when USDA’s soybean supply estimate is neutral for soybean prices.

Wheat inspections totaled 8.7 mb for the week ended July 18, 2024. Total wheat inspections in 2024-25 are now at 95 mb, up 20% from the previous year. USDA is estimating wheat exports at 825 mb in 2024-25, up 17% from the previous year. Wheat inspections in 2024-25 are running above USDA’s estimated pace at a time when USDA’s wheat supply estimate is neutral for wheat prices.