Wheat Inspections Now 12% Below Last Year
Total corn export inspections are up 34% from last year. Total soybean inspections are 19% lower than last year. Wheat inspections are 12% lower than last year.
OMAHA (DTN) — USDA released its weekly Export Inspections report Monday for the week ended March 28. Corn inspections are up 34% from last year. Soybean inspections are 19% lower than last year. Wheat inspections are 12% lower than last year.
Corn inspections totaled 56.4 million bushels (mb) for the week ended Thursday, March 28, 2024. Total inspections in 2023-24 are now at 1,018 mb, up 34% 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 15.2 mb for the week ended March 28. Total inspections in 2023-24 are now at 1359 mb, 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 18.3 mb for the week ended March 28. Total wheat inspections in 2023-24 are now at 543 mb, down 12% 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 below USDA’s estimated pace at a time when USDA’s wheat supply estimate is neutral for wheat prices.