Corn Export Inspections Continue Higher Than Last Year
Total corn export inspections are up 28% from last year. Total soybean inspections are 21% lower than last year. Wheat inspections are 16% lower than last year.
OMAHA (DTN) — USDA released its weekly Export Inspections report Monday for the week ended Jan. 4. Corn inspections are up 28% from last year. Soybean inspections are 21% lower than last year. Wheat inspections are 16% lower than last year.
Corn inspections totaled 33.7 million bushels (mb) for the week ended Thursday, Jan. 4, 2024. Total inspections in 2023-24 are now at 504 mb, up 28% 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 ahead of USDA’s estimated pace at a time when USDA’s corn supply estimate is bearish for corn prices.
Soybean inspections totaled 24.8 mb for the week ended Jan. 4. Total inspections in 2023-24 are now at 880 mb, down 21% 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 18 mb for the week ended Jan. 4. Total wheat inspections in 2023-24 are now at 372 mb, down 16% 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.