Corn, Wheat Inspections Continue Ahead of Last Year

OMAHA (DTN) — USDA released its weekly Export Inspections report Monday for the week ended July 25. Corn inspections are up 34% from last year. Soybean inspections are 15% lower than last year. Wheat inspections are 11% higher than last year.

Corn inspections totaled 41.7 million bushels (mb) for the week ended Thursday, July 25, 2024. Total inspections in 2023-24 are now at 1.837 billion bushels (bb), up 34% from the previous year. USDA is estimating corn exports at 2.225 bb in 2023-24, up 34% from the previous year. Corn inspections in 2023-24 are running even with USDA’s estimated pace at a time when USDA’s corn supply estimate is bearish for corn prices.  

Soybean inspections totaled 14.8 mb for the week ended July 25. Total inspections in 2023-24 are now at 1.571 bb, down 15% 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 even with USDA’s estimated pace at a time when USDA’s soybean supply estimate is neutral for soybean prices.  

Wheat inspections totaled 15.8 mb for the week ended July 25. Total wheat inspections in 2024-25 are now at 112 mb, up 11% from the previous year. USDA is estimating wheat exports at 825 mb in 2024-25, up 17% from the previous year. Wheat inspections in 2024-25 are running behind USDA’s estimated pace at a time when USDA’s wheat supply estimate is neutral for wheat prices.