Huge weekly soybean inspections at 1.04 MMT

USDA reported weekly soybean inspections of 1.04 MMT, notably above the pre-report range.

USDA Weekly Export Sales Report
USDA Weekly Export Sales Report
(Pro Farmer)

USDA’s Weekly Grain Export Inspections

Week Ended Oct. 5, 2023

Corn

Actual (MT)

550,585

Expectations (MT)

550,000-925,000

Comments

Export inspections are down 119,539 MT from last week’s tally. Inspections are running 14.3% ahead of a year ago, compared to 10.8% ahead last week. USDA projects exports in 2023-24 at 2.050 billion bu., 23.0% above the previous marketing year.

Wheat

Actual (MT)

265,242

Expectations (MT)

300,000-500,000

Comments

Export inspections are down 163,532 MT from the previous week’s figure. Shipments are running 30.4% behind a year-ago, compared to 28.8% last week. USDA projects exports in 2023-24 at 700 million bu., down 7.8% from the previous marketing year.

Soybeans

Actual (MT)

1,036,223

Expectations (MT)

500,000-825,000

Comments

Export inspections are up 359,564 MT from last week’s tally. Inspections are running 13.0% behind a year ago, compared to 8.7% ahead last week. USDA’s 2023-24 export forecast of 1.790 billion bu., which is 10.1% below 2023-22.