Corn Inspections Now 34% Above Last Year
Total corn export inspections are up 34% from last year. Total soybean inspections are 19% lower than last year. Wheat inspections are 15% lower than last year.
OMAHA (DTN) — USDA released its weekly Export Inspections report Monday for the week ended March 21. Corn inspections are up 34% from last year. Soybean inspections are 19% lower than last year. Wheat inspections are 15% lower than last year.
Corn inspections totaled 48.3 million bushels (mb) for the week ended Thursday, March 21, 2024. Total inspections in 2023-24 are now at 961 mb, up 34% 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 above USDA’s estimated pace at a time when USDA’s corn supply estimate is bearish for corn prices.
Soybean inspections totaled 28.2 mb for the week ended March 21. Total inspections in 2023-24 are now at 1343 mb, down 19% 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 11.6 mb for the week ended March 21. Total wheat inspections in 2023-24 are now at 521 mb, down 15% 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 well below USDA’s estimated pace at a time when USDA’s wheat supply estimate is neutral for wheat prices.