Corn Inspections Ahead of Last Year
Total corn export inspections are up 30% from last year. Total soybean inspections are 18% lower than last year. Wheat inspections are 6% lower than last year.
OMAHA (DTN) — USDA released its weekly Export Inspections report Monday for the week ended May 9. Corn inspections are up 33% from last year. Soybean inspections are 18% lower than last year. Wheat inspections are 7% lower than last year.
Corn inspections totaled 36.9 million bushels (mb) for the week ended Thursday, May 9, 2024. Total inspections in 2023-24 are now at 1.336 billion bushels (bb), up 30% 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 slightly above USDA’s estimated pace at a time when USDA’s corn supply estimate is bearish for corn prices.
Soybean inspections totaled 14.9 mb for the week ended May 9. Total inspections in 2023-24 are now at 1.453 bb, down 18% 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 13.5 mb for the week ended May 9. Total wheat inspections in 2023-24 are now at 649 mb, down 6% from the previous year. USDA is estimating wheat exports at 720 mb in 2023-24, down 5% from the previous year. Wheat inspections in 2023-24 are running slightly below USDA’s estimated pace at a time when USDA’s wheat supply estimate is neutral for wheat prices.