Wheat, Soybean Inspections Continue Behind Last Year
Total corn export inspections are up 31% from last year. Total soybean inspections are 19% lower than last year. Wheat inspections are 16% lower than last year.
OMAHA (DTN) — USDA released its weekly Export Inspections report Monday for the week ended March 14. Corn inspections are up 31% from last year. Soybean inspections are 19% lower than last year. Wheat inspections are 16% lower than last year.
Corn inspections totaled 48.8 million bushels (mb) for the week ended Thursday, March 14, 2024. Total inspections in 2023-24 are now at 909 mb, up 31% 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 25.2 mb for the week ended March 14. Total inspections in 2023-24 are now at 1.314 bb, down 19% 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 11.1 mb for the week ended March 14. Total wheat inspections in 2023-24 are now at 505 mb, down 16% 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 well below USDA’s estimated pace at a time when USDA’s wheat supply estimate is neutral for wheat prices.