Corn export inspections near the top of traders’ expectations

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.