Notable drop in weekly corn inspections

Weekly corn inspections during week ended Dec. 28 were down over 650,000 MT from the previous week to 570,000 MT. Wheat and soybean inspections were also down 187,000 MT and 156,000 MT, respectively.

grain ship.jpg
grain ship.jpg
(Chip Flory)

USDA’s Weekly Grain Export Inspections

Week Ended Dec. 28, 2023

Corn

Actual (MT)

569,735

Expectations (MT)

400,000-1,050,000

Comments

Export inspections are down 657,504 MT from last week’s tally. Inspections are running 24.5% ahead of a year ago, compared to 26.0% ahead last week. USDA projects exports in 2023-24 at 2.100 billion bu., 26.4% above the previous marketing year.

Wheat

Actual (MT)

273,671

Expectations (MT)

150,000-475,000

Comments

Export inspections are down 187,760 MT from the previous week’s figure. Shipments are running 19.0% behind a year-ago, compared to 21.0% behind last week. USDA projects exports in 2023-24 at 725 million bu., down 4.5% from the previous marketing year.

Soybeans

Actual (MT)

961,694

Expectations (MT)

600,000-1,100,000

Comments

Export inspections are down 156,053 MT from last week’s tally. Inspections are running 19.0% behind a year ago, compared to 18.5% behind last week. USDA’s 2023-24 export forecast of 1.755 billion bu., which is 10.9% below 2022-23.