Soybean, Wheat Inspections Remain Lower Than Last Year

OMAHA (DTN) — USDA released its weekly Export Inspections report Tuesday for the week ended Feb. 15 due to Monday’s holiday. Corn inspections are up 32% from last year. Soybean inspections are 23% lower than last year. Wheat inspections are 18% lower than last year.

Corn inspections totaled 36.2 million bushels (mb) for the week ended Thursday, Feb. 15, 2024. Total inspections in 2023-24 are now at 713 mb, up 32% 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 43.6 mb for the week ended Feb. 15. Total inspections in 2023-24 are now at 1.175 bb, down 23% 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 14 mb for the week ended Feb. 15. Total wheat inspections in 2023-24 are now at 444 mb, down 18% from the previous year. USDA is estimating wheat exports at 725 mb in 2023-24, down 4% 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.