Fast pace continues for corn, soybean export inspections
The USDA says that as of the week ending January 21st, the pace of corn and soybean export inspections remain ahead of what’s needed to meet projections for the marketing year. The 2020/21 marketing year started June 1st for wheat and September 1st for beans, corn, and sorghum. The USDA’s next set of supply and demand estimates is out February 9th.
Wheat came out at 523,901 tons, up 241,274 from the week ending January 14th and 298,076 higher than the week ending January 23rd, 2019. The leading weekly destinations were Japan and Mexico. At this point in the 2020/21 marketing year, wheat inspections are 16,098,759 tons, compared to 16,211,697 in 2019/20.
Corn was reported at 1,391,455 tons, 476,575 larger than the previous week and 710,996 above this time last year. The top destinations were Japan and Mexico. For the marketing year to date, corn inspections are 18,736,777 tons, compared to 10,164,040 a year ago.
Soybeans were pegged at 1,978,971 tons, 294,034 less than the week before, but 918,974 more than a year ago. The main destinations were China and Mexico. So far, this marketing year, soybean inspections are 45,280,876 tons, compared to 25,240,343 last year.
Sorghum inspections totaled 179,182 tons, an increase of 19,687 on the week and 36,965 on the year. The lone listed destination was China. 2020/21 sorghum inspections are 2,817,949 tons, compared to 1,130,975 in 2019/20.