Good week for corn, soybean export inspections
The USDA says that as of the week ending December 24th, soybean and corn export inspections continue to run ahead of the pace needed to meet projections for the current marketing year. The 2020/21 marketing year started June 1st for wheat and September 1st for beans, corn, and sorghum.
Wheat came out at 303,809 tons, down 88,369 from the week ending December 17th and 8,507 lower than the week ending December 26th, 2019. The main destinations were the Philippines and Mexico. More than halfway through the 2020/21 marketing year, wheat inspections are 14,431,786 tons, compared to 14,486,637 in 2019/20.
Corn was reported at 993,710 tons, up 223,588 from the previous week and 584,764 higher than this time last year. The top destinations were China and Japan. Just over a quarter into the marketing year, corn inspections are 13,734,004 tons, compared to 8,052,178 a year ago.
Soybeans were pegged at 1,447,261 tons, 1,357,816 less than the prior week, but 455,460 more than a year ago. The primary destinations were China and Mexico. So far, this marketing year, soybean inspections are 36,482,110 tons, compared to 20,780,841 last year.
Sorghum totaled 205,768 tons, a decrease of 155 on the week, but an increase of 201,719 on the year. China was the biggest single destination, followed by South Africa. 2020/21 sorghum inspections are 2,137,310 tons, compared to 869,974 in 2019/20.