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USDA: mixed week for export inspections

The USDA says export inspections for the week ending April 18th did show improvements for wheat, but with less than a month and a half left in the 2018/19 marketing year, the pace remains bearish. The current marketing year runs through the end of May for wheat and the end of August for corn, sorghum, and soybeans.

Wheat came out at 811,130 tons, up 282,416 from the week ending April 11th and 164,399 higher than the week ending April 19th, 2018. The top destinations were Egypt and Nigeria. At this point in the 2018/19 marketing year, wheat inspections are 20,746,928 tons, compared to 21,508,842 late in 2017/18.

Corn was reported at 1,353,114 tons, 169,579 more than the previous week, but 384,872 less than this time last year. Japan and Mexico were the leading weekly destinations. More than halfway through the current marketing year, corn inspections are 33,279,035 tons, compared to 29,823,222 a year ago.

Soybeans were pegged at 382,298 tons, down 93,926 from the week before and 90,037 below a year ago. Mexico was the primary destination, followed by China. So far, this marketing year, soybean inspections are 31,046,807 tons, compared to 42,824,326 last year.

Sorghum totaled 94,208 tons, an increase of 82,720 on the week, but a decrease of 29,154 on the year. Spain will receive more than half of the weekly total, with South Africa getting just under a third. 2018/19 sorghum inspections are 1,165,632 tons, compared to 4,409,737 in 2017/18.