Corn, Wheat Inspections Continue Ahead of Last Year

OMAHA (DTN) — USDA released its weekly Export Inspections report Monday for the week ended July 4. Corn inspections are up 30% from last year. Soybean inspections are 16% lower than last year. Wheat inspections are 14% higher than last year.

Corn inspections totaled 40.3 million bushels (mb) for the week ended Thursday, July 4, 2024. Total inspections in 2023-24 are now at 1.713 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 just above USDA’s estimated pace at a time when USDA’s corn supply estimate is bearish for corn prices.  

Soybean inspections totaled 10 mb for the week ended July 4. Total inspections in 2023-24 are now at 1.537 bb, down 16% 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 12.5 mb for the week ended July 4. Total wheat inspections in 2024-25 are now at 64 mb, up 14% from the previous year. USDA is estimating wheat exports at 800 mb in 2024-25, up 11% from the previous year. Wheat inspections in 2024-25 are running ahead of USDA’s estimated pace at a time when USDA’s wheat supply estimate is neutral for wheat prices.