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Soybean export inspections slower, but stay on pace
The USDA says that corn, sorghum, and soybean export inspections as of the week ending February 18th continue to run ahead of what’s 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. The USDA’s next set of supply and demand estimates is out March 9th.
Wheat came out at 324,597 tons, down 94,219 from the week ending February 11th and 112,739 from the week ending February 20th, 2020. The top destinations for the week were China and Peru. Nearing the final quarter of the 2020/21 marketing year, wheat inspections are 17,758,763 tons, compared to 18,157,632 in 2019/20.
Corn was reported at 1,231,810 tons, 83,150 lower than the previous week, but 307,811 higher than this time last year. The leading destinations were Mexico and Japan. Just about halfway through the marketing year, corn inspections are 23,997,794 tons, compared to 13,310,308 a year ago.
Soybeans were pegged at 721,845 tons, 200,336 less than the week before, but 148,395 more than a year ago. The main destinations were China and the Netherlands. So far, this marketing year, soybean inspections are 50,916,438 tons, compared to 28,832,628 last year.
Sorghum totaled 124,101 tons, an increase of 53,017 on the week and 107,440 on the year. China was the biggest single destination, followed by Mexico. 2020/21 sorghum inspections are 3,461,982 tons, compared to 1,328,470 in 2019/20.
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