Slowdown continues for soybean, wheat inspections
The USDA says soybean and wheat export inspections for the week ending April 23rd were less than what is needed to meet projections for the current marketing year. The 2019/20 marketing year started June 1st for wheat and September 1st for beans, corn, and sorghum.
Wheat came out at 501,333 tons, down 4,884 from the week ending April 16th and 144,329 lower than the week ending April 25, 2019. The main destinations for the week were Mexico and Thailand. With less than a month and a half left in the 2019/20 marketing year, wheat inspections are 22,502,445 tons, compared to 21,411,163 in 2018/19.
Corn was reported at 1,078,175 tons, 380,125 more than the previous week, but 288,302 less than this time last year. The top weekly destinations were Japan and Mexico. At this point in the marketing year, corn inspections are 22,294,824 tons, compared to 34,655,621 a year ago.
Soybeans were pegged at 555,748 tons, up 4,483 from the week before and 47,998 higher than a year ago. Egypt and Mexico were the primary destinations. So far, this marketing year, soybean inspections are 33,478,423 tons, compared to 31,538,846 last year.
Sorghum inspections totaled 227,067 tons, an increase of 46,209 on the week and 209,292 on the year. China was the largest single destination, followed by Japan. 2019/20 sorghum inspections are 2,390,433 tons, compared to 1,183,407 in 2018/19.