Wheat, Soybean Inspections Continue to Trail Last Year
Total corn export inspections are up 35% from last year. Total soybean inspections are 20% lower than last year. Wheat inspections are 17% lower than last year.
OMAHA (DTN) — USDA released its weekly Export Inspections report Monday for the week ended Feb. 29. Corn inspections are up 35% from last year. Soybean inspections are 20% lower than last year. Wheat inspections are 17% lower than last year.
Corn inspections totaled 42.7 million bushels (mb) for the week ended Thursday, Feb. 29, 2024. Total inspections in 2023-24 are now at 812 mb, up 35% 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 well above USDA’s estimated pace at a time when USDA’s corn supply estimate is bearish for corn prices.
Soybean inspections totaled 37.5 mb for the week ended Feb. 29. Total inspections in 2023-24 are now at 1.255 bb, down 20% 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 13 mb for the week ended Feb. 29. Total wheat inspections in 2023-24 are now at 476 mb, down 17% 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.