Wheat, Soybean Inspections Continue Lower Than Last Year
Total corn export inspections are up 28% from last year. Total soybean inspections are 22% 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 Jan. 18. Corn inspections are up 28% from last year. Soybean inspections are 22% lower than last year. Wheat inspections are 16% lower than last year.
Corn inspections totaled 28.1 million bushels (mb) for the week ended Thursday, Jan. 18, 2024. Total inspections in 2023-24 are now at 579 mb, up 28% 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 42.7 mb for the week ended Jan. 18. Total inspections in 2023-24 are now at 983 mb, down 22% 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 11.6 mb for the week ended Jan. 18. Total wheat inspections in 2023-24 are now at 394 mb, down 16% 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.