May 17, 2024

US corn export inspections ahead of pace as of week ending May 9

As of the week ending May 9, US corn export inspections continue to run ahead of the pace needed to 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 for wheat and September 1 for corn, sorghum and soybeans. The USDA's next set of supply and demand estimates is out June 12.

Wheat came out at 366,339 tonnes, up 27,465 tonnes from the week ending May 2 and 102,900 tonnes from the week ending May 11. The top destinations were China and South Korea. With less than a month remaining in the 2023/24 marketing year, wheat inspections are 17,648,464 tonnes, compared to 18,75,764 tonnes in 2022/23.

Corn was reported at 937,729 tonnes, down 361,279 tonnes from the previous week and 236,054 tonnes from a year ago. The leading destinations were Mexico and Japan. Approaching the final quarter of the marketing year, corn inspections are 33,933,661 tonnes, compared to 26,051,611 tonnes last year.

Soybeans were pegged at 406,052 tonnes, 47,970 tonnes higher than the week before and 215,615 tonnes above last year. The primary destinations were Egypt and Indonesia. So far, this marketing year, soybean inspections are 39,537,565 tonnes, compared to 48,045,679 tonnes a year ago.

- Brownfield