Weekly soybean inspections prove notable at over 2.0 MMT

Soybean export inspections during week ended Oct. 12 rose over 600,000 MT from the previous week, notably exceeding pre-report estimates. Meanwhile, corn inspections fell short of the expected range.

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

USDA’s Weekly Grain Export Inspections

Week Ended Oct. 12, 2023

Corn

Actual (MT)

434,471

Expectations (MT)

550,000-800,000

Comments

Export inspections are down 369,947 MT from last week’s tally. Inspections are running 19.2% ahead of a year ago, compared to 20.7% ahead last week. USDA projects exports in 2023-24 at 2.025 billion bu., 21.9% above the previous marketing year.

Wheat

Actual (MT)

354,771

Expectations (MT)

250,000-450,000

Comments

Export inspections are up 48,708 MT from the previous week’s figure. Shipments are running 28.0% behind a year-ago, compared to 29.0% last week. USDA projects exports in 2023-24 at 700 million bu., down 7.8% from the previous marketing year.

Soybeans

Actual (MT)

2,011,599

Expectations (MT)

650,000-1,300,000

Comments

Export inspections are up 607,667 MT from last week’s tally. Inspections are running 14.5% ahead of a year ago, compared to 30.0% ahead last week. USDA’s 2023-24 export forecast of 1.755 billion bu., which is 11.9% below 2023-22.