Wheat Export Inspections Continue Lower Pace Than Last Year

OMAHA (DTN) — USDA released its weekly Export Inspections report Monday for the week ended Feb. 1. Corn inspections are up 30% from last year. Soybean inspections are 24% lower than last year. Wheat inspections are 18% lower than last year.

Corn inspections totaled 24.6 million bushels (mb) for the week ended Thursday, Feb. 1, 2024. Total inspections in 2023-24 are now at 641 mb, up 30% 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 52.4 mb for the week ended Feb. 1. Total inspections in 2023-24 are now at 1.070 bb, down 24% from the previous year. USDA is estimating soybean exports at 1.755 bb in 2023-24, down 12% 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 9.8 mb for the week ended Feb. 1. Total wheat inspections in 2023-24 are now at 414 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 below USDA’s estimated pace at a time when USDA’s wheat supply estimate is neutral for wheat prices.