Soybean, Wheat Inspections Continue to Lag Last Year
Total corn export inspections are up 33% from last year. Total soybean inspections are 18% lower than last year. Wheat inspections are 7% lower than last year.
OMAHA (DTN) — USDA released its weekly Export Inspections report Monday for the week ended May 2. Corn inspections are up 33% from last year. Soybean inspections are 18% lower than last year. Wheat inspections are 7% lower than last year.
Corn inspections totaled 50.6 million bushels (mb) for the week ended Thursday, May 2, 2024. Total inspections in 2023-24 are now at 1.299 billion bushels (bb), up 33% 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 12.8 mb for the week ended May 2. Total inspections in 2023-24 are now at 1.438 bb, down 18% 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 11.8 mb for the week ended May 2. Total wheat inspections in 2023-24 are now at 634 mb, down 7% 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 slightly below USDA’s estimated pace at a time when USDA’s wheat supply estimate is neutral for wheat prices.