October 17, 2023

US shipments to China drive up export inspections of soybeans

Export inspections of US soybeans have surged to over two million metric tonnes for the week ended October 12, fueled in large part by shipments to China.

Soybean export inspections totaled 2.01 million tonnes for the week, which is up from 1.4 million tonnes reported in the previous week. This brings inspections for the current marketing year that started in September to 5.4 million tonnes. That's up nearly 15% from this time last year.

China was the leading destination for US soybean shipments - with 1.36 million tonnes sent there in total for the week. Mexico was the next-highest destination for the week.

Meanwhile, corn inspections are down from the previous week, while wheat inspections are slightly higher. Corn inspections totaled 434,471 tonnes, while wheat inspections were 354,771 tonnes.

Japan was the leading destination for wheat reported this week, while Mexico was the leading destination for corn.

CBOT corn futures are down 0.7% after the report's release, while soybeans are down 0.1% and wheat is down 0.7%.

- Dow Jones