Corn Export Inspections Higher Than Last Year

OMAHA (DTN) — USDA released its weekly Export Inspections report Tuesday due to Monday’s federal holiday. For the week ended Jan. 11, corn inspections are up 29% from last year. Soybean inspections are 21% lower than last year. Wheat inspections are 16% lower than last year.

Corn inspections totaled 34.5 million bushels (mb) for the week ended Thursday, Jan. 11, 2024. Total inspections in 2023-24 are now at 548 mb, up 29% 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 ahead of USDA’s estimated pace at a time when USDA’s corn supply estimate is bearish for corn prices.  

Soybean inspections totaled 46.5 mb for the week ended Jan. 11. Total inspections in 2023-24 are now at 940 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 8.6 mb for the week ended Jan. 11. Total wheat inspections in 2023-24 are now at 381 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.