Corn export inspections bright spot as soybeans, wheat miss low-end estimates
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USDA’s Weekly Grain Export Inspections
Week Ended Nov. 10, 2022
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Corn
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Actual (MT)
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484,001
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Expectations (MT)
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200,000-500,000
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Comments
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Export inspections are up 251,491 MT from last week’s tally. Inspections are running 29.5% behind a year-ago, compared to 27.5% behind last week. USDA projects exports in 2022-23 at 2.150 billion bu., 13% below the previous marketing year.
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Wheat
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Actual (MT)
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76,408
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Expectations (MT)
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100,000-500,000
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Comments
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Export inspections are 105,581 MT lower than the previous week’s figure. Shipments are running 4.0% behind a year-ago, compared with 0.9% behind a year-ago last week. USDA projects exports in 2022-23 at 775 million bu., down 3.1% from the previous marketing year.
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Soybeans
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Actual (MT)
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1,857,872
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Expectations (MT)
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2,000,000-2,650,000
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Comments
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Export inspections are down 748,285 MT from last week’s tally. Inspections are running 11.6% behind a year ago, compared to 9.7% behind last week. USDA’s 2022-23 export forecast of 2.045 billion bu. is 5.2% below 2021-22.
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