September 20, 2023

USDA reports soybean, corn export inspections above prior week

As of the week ending September 14, the US Department of Agriculture (USDA) said that export inspections for corn, soybeans, and wheat are falling behind the required paces to meet projections for the current marketing year.

The 2023/24 marketing year began on June 1 for wheat and September 1 for soybeans, and corn. The USDA's upcoming supply and demand estimates are scheduled for release on October 12.

Corn export inspections reached 642,095 tonnes, marking an increase of 16,851 tonnes from the previous week and a notable rise of 92,619 tonnes compared to the same period last year.

Major destinations for corn exports included Mexico and Japan. Shortly after the commencement of the marketing year, corn inspections reached 1,267,339 tonnes, surpassing the 1,147,219 tonnes inspected during the equivalent period the previous year.

Soybeans were reported at 393,004 tonnes, reflecting a week-on-week increase of 19,385 tonnes but a substantial decrease of 128,064 tonnes compared to the previous year.

Primary destinations for soybean exports were China and Mexico. For the current marketing year, soybean inspections have reached 766,623 tonnes, in contrast to the 915,000 tonnes inspected at the same point last year.

Wheat inspections were tallied at 367,371 tonnes, showing a decrease of 38,810 tonnes from the week ending September 7th and a substantial drop of 470,253 tonnes compared to the same week in 2022.

The primary destinations for wheat exports were Mexico and Indonesia. As the second quarter of the 2023/24 marketing year begins, total wheat inspections stand at 5,121,900 tonnes, in contrast to the 7,259,489 tonnes recorded during the same period in the previous year.

-      Brownfield Ag News