Solid week for wheat export inspections
The USDA says wheat export inspections during the week ending July 23rd were more than what’s needed to meet projections for the current marketing year. The 2020/21 marketing year for wheat started June 1st, while 2019/20 runs through the end of August for corn, sorghum, and soybeans. The USDA’s next set of supply and demand estimates is out August 12th.
Wheat came out at 544,010 tons, up 31,705 from the week ending July 16th and 122,542 higher than the week ending July 25th, 2019. The top destinations were the Philippines and Mexico. Nearly two months into the 2020/21 marketing year, wheat inspections are 4,130,890 tons, compared to 3,829,816 in 2019/20.
Corn was reported at 797,487 tons, 378,423 below the previous week, but 126,525 above a year ago. The primary destinations were Mexico and Japan. Nearing the end of the 2019/20 marketing year, corn inspections are 37,172,067 tons, compared to 44,281,166 in 2018/19.
Soybeans were pegged at 472,680 tons, 17,961 more than the week before, but 593,443 less than this time last year. China and Mexico were the leading destinations. So far, this marketing year, soybean inspections are 38,789,707 tons, compared to 40,348,754 a year ago.
Sorghum totaled 83,988 tons, a decrease of 40,666 on the week, but an increase of 74,862 on the year. China was the main destination, followed by Mexico. 2019/20 sorghum inspections are 4,348,077 tons, compared to 1,840,728 in 2018/19.