SOYBEAN, WHEAT INSPECTIONS STAY AHEAD OF NEEDED PACES

The USDA says soybean and wheat export inspections continue to run ahead of what’s needed to meet projections for the current marketing year. The 2022/23 marketing year got underway June 1st, 2022 for wheat and September 1st, 2022 for beans, corn, and sorghum. The USDA’s next set of supply and demand estimates is out April 11th.

Wheat came out at 249,017 tons, down 92,070 from the week ending March 2nd and 58,567 from the week ending March 10th, 2022. The main destinations were Malaysia and El Salvador. In the final quarter of the 2022/23 marketing year, wheat inspections are 15,903,900 tons, compared to 16,220,987 in 2021/22. Corn was reported at 999,388 tons, 66,076 higher than the previous week, but 147,419 lower than a year ago. The leading destinations were Japan and Mexico. Early in the back half of the marketing year, corn inspections are 16,318,510 tons, compared to 25,933,969 last year.

Soybeans were pegged at 618,803 tons, 66,415 more than the prior week, but 179,890 less than last year. The top destinations were Mexico and Germany. So far, this marketing year, soybean inspections are 43,329,564 tons, compared to 42,279,373 a year ago.

Sorghum totaled 72,899 tons, an increase of 785 tons from the week before, but a decrease of 188,490 from a year ago. The largest single destination was China, followed distantly by Mexico. 2022/23 sorghum inspections are 820,167 tons, compared to 3,487,485 in 2021/22.