Strong weekly soybean inspections; corn shy of expectations
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USDA’s Weekly Grain Export Inspections Week Ended Feb. 1, 2024 |
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Corn |
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Actual (MT) |
624,295 |
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Expectations (MT) |
750,000-1,200,000 |
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Comments |
Export inspections are down 302,054 MT from last week’s tally. Inspections are running 29.8% ahead of a year ago, compared to 29.8% ahead last week. USDA projects exports in 2023-24 at 2.100 billion bu., 26.4% above the previous marketing year. |
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Wheat |
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Actual (MT) |
266,269 |
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Expectations (MT) |
250,000-500,000 |
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Comments |
Export inspections are down 17,520 MT from the previous week’s figure. Shipments are running 18.4% behind a year-ago, compared to 16.9% behind last week. USDA projects exports in 2023-24 at 725 million bu., down 4.5% from the previous marketing year. |
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Soybeans |
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Actual (MT) |
1,426,472 |
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Expectations (MT) |
450,000-900,000 |
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Comments |
Export inspections are up 513,024 MT from last week’s tally. Inspections are running 26.3% behind a year ago, compared to 23.6% behind last week. USDA’s 2023-24 export forecast of 1.755 billion bu., which is 10.9% below 2022-23. |
