Only Wheat Inspections Continue Ahead of Last Year

OMAHA (DTN) — USDA released its weekly Export Inspections report Monday for the week ended Sept. 5. The total inspections figures include the last day of the 2023-24 season for corn and beans and the rest are for 2024-25. That equates to 14.5 mb of corn inspections on the last day of 2023-24 and 3.4 mb of beans.

Corn inspections are down 26% from last year. Soybean inspections are 30% lower than last year. Wheat inspections are 34% higher than last year.

Corn inspections totaled 32.9 million bushels (mb) for the week ended Thursday, Sept. 5, 2024. Total inspections in 2024-25 are now at 18.4 mb, down 26% from the previous year. USDA is estimating corn exports at 2.300 billion bushels (bb) in 2024-25, up 2% from the previous year. Corn inspections in 2024-25 are running behind USDA’s estimated pace at a time when USDA’s corn supply estimate is bearish for corn prices.  

Soybean inspections totaled 13 mb for the week ended Sept. 5. Total inspections in 2023-24 are now at 9.6 mb, down 30% from the previous year. USDA is estimating soybean exports at 1.850 bb in 2024-25, up 9% from the previous year. Soybean inspections in 2024-25 are running behind USDA’s estimated pace at a time when USDA’s soybean supply estimate is neutral for soybean prices.  

Wheat inspections totaled 21.6 mb for the week ended Sept. 5. Total wheat inspections in 2024-25 are now at 233 mb, up 34% 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 well above USDA’s estimated pace at a time when USDA’s wheat supply estimate is neutral for wheat prices.