January 10, 2024

US corn export inspections ahead in week ending January 4

US corn export inspections as of the week ending January 4 are ahead of what's needed and meet projections for the current marketing year, according to the US Department of Agriculture (USDA).

The 2023/24 marketing year kicked off on June 1, 2023, for wheat and September 1, 2023, for corn, sorghum and soybeans. The USDA's next set of supply and demand estimates is out on January 12.

Wheat came out at 491,074 tonnes, up 214,641 tonnes from the week ending December 28, 2023, and 281,530 tonnes from the week ending January 5, 2023. The main destinations were China and the Philippines. At this point in the 2023/24 marketing year, wheat inspections are 10,132,124 tonnes, compared to 12,102,022 tonnes in 2022/23.

Corn was reported at 856,597 tonnes, 286,740 tonnes higher than the previous week and 454,536 tonnes above a year ago. The top destinations were Japan and Mexico. For the marketing year to date, corn inspections are 12,807,045 tonnes, compared to 10,002,350 tonnes this time last year.

Soybeans were pegged at 674,749 tonnes, down 294,705 tonnes from the prior week and 786,012 tonnes from last year. The primary destinations were China and Mexico. So far, this marketing year, soybean inspections are 23,945,566 tonnes, compared to 30,239,371 tonnes a year ago.

Sorghum totaled 120,238 tonnes, an increase of 8,316 tonnes on the week and 108,906 tonnes on the year. The largest single destination was China, followed distantly by Mexico. 2023/24 sorghum inspections are 2,188,647 tonnes, compared to 418,346 tonnes in 2022/23.

- Brownfield