Corn Inspections Continue Ahead of Last Year; Wheat Narrowing Gap
Total corn export inspections are up 35% from last year. Total soybean inspections are 18% lower than last year. Wheat inspections are 8% lower than last year.
OMAHA (DTN) — USDA released its weekly Export Inspections report Monday for the week ended April 18. Corn inspections are up 35% from last year. Soybean inspections are 18% lower than last year. Wheat inspections are 8% lower than last year.
Corn inspections totaled 63.9 million bushels (mb) for the week ended Thursday, April 18, 2024. Total inspections in 2023-24 are now at 1.194 billion bushels (bb), up 35% from the previous year. USDA is estimating corn exports at 2.100 bb in 2023-24, up 26% from the previous year. Corn inspections in 2023-24 are running well above USDA’s estimated pace at a time when USDA’s corn supply estimate is bearish for corn prices.
Soybean inspections totaled 16.0 mb for the week ended April 18. Total inspections in 2023-24 are now at 1.414 bb, down 18% from the previous year. USDA is estimating soybean exports at 1.720 bb in 2023-24, down 14% 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 16.5 mb for the week ended April 18. Total wheat inspections in 2023-24 are now at 604 mb, down 8% from the previous year. USDA is estimating wheat exports at 710 mb in 2023-24, down 6% 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.