Slow week for export inspections
The USDA says corn, soybean, and wheat export inspections during the week ending February 20th all fell below what’s needed meet projections for the marketing year. The 2019/20 marketing year started June 1st for wheat and September 1st for corn, sorghum, and soybeans. The USDA’s next set of supply and demand estimates is out March 10th.
Wheat came out at 411,523 tons, down 91,559 from the week ending February 13th and 356,047 lower than the week ending February 21st, 2019. The top destinations were Japan and Sri Lanka. Nearing the final quarter of the 2019/20 marketing year, wheat inspections are 18,144,118 tons, compared to 16,521,400 in 2018/19.
Corn was reported at 912,922 tons, up 117,523 from the previous week and 151,266 higher than this time last year. The primary weekly destinations were Mexico and Colombia. Closing in on the halfway point of the marketing year, corn inspections are 13,221,709 tons, compared to 24,952,493 a year ago.
Soybeans were pegged at 594,536 tons, a decline of 410,514 from the week before and a drop of 713,974 from a year ago. China and Mexico were the leading destinations. So far, this marketing year, soybean inspections are 28,884,345 tons, compared to 25,120,685 last year.
Sorghum totaled 16,540 tons. That is a decrease of 68,601 tons on the week and 10,731 on the year. Mexico was the recipient of most of the week’s inspections, followed by New Zealand. 2019/20 sorghum inspections are 1,328,349 tons, compared to 826,288 in 2018/19.