Corn Export Inspections Continue Ahead of Last Year

OMAHA (DTN) — USDA released its weekly Export Inspections report Tuesday for the week ended Dec. 28, due to Monday’s holiday. Corn inspections are up 24% from last year. Soybean inspections are 19% lower than last year. Wheat inspections are 19% lower than last year.

Corn inspections totaled 22.4 million bushels (mb) for the week ended Thursday, Dec. 28, 2023. Total inspections in 2023-24 are now at 470 mb, up 24% 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 a little below USDA’s estimated pace at a time when USDA’s corn supply estimate is bearish for corn prices.  

Soybean inspections totaled 35.3 mb for the week ended Dec. 28. Total inspections in 2023-24 are now at 855 mb, down 19% 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 bullish for soybean prices.  

Wheat inspections totaled 10.1 mb for the week ended Dec. 28. Total wheat inspections in 2023-24 are now at 354 mb, down 19% 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.