Corn export inspections near the top of traders’ expectations

Soybean inspections fell shy of expectations

Export ship
Export ship
(USDA)

USDA’s Weekly Grain Export Inspections

Week Ended June 2, 2022

Corn

Actual (MT)

1,434,683

Expectations (MT)

1,175,000-1,500,000

Comments

Export inspections increased 22,949 MT from last week’s tally. Inspections are running 16.9% behind year-ago, which compares to 17.4% behind last week. USDA projects exports in 2021-22 at 2.500 billion bu., 9.2% below the previous marketing year.

Wheat

Actual (MT)

352,779

Expectations (MT)

300,000-500,000

Comments

Export inspections inched up 7,872 MT from the previous week’s figure. Shipments started the new marketing year 16.1% above year-ago. USDA projects exports in 2022-23 at 775 million bu., down 3.7% from the previous marketing year.

Soybeans

Actual (MT)

350,416

Expectations (MT)

400,000-600,000

Comments

Export inspections declined 53,201 MT from last week’s tally. Inspections are running 12.4% behind year-ago, compared to 12.7% last week. USDA’s 2021-22 export forecast of 2.140 billion bu. is 5.4% below 2020-21.