Weekly corn inspections fall short of expectations

USDA’s Weekly Grain Export Inspections

                                               Week Ended May 4, 2023               

Corn

Actual (MT)

963,351

Expectations (MT)

1,000,000-1,550,000

Comments

Export inspections are down 555,218 MT from last week’s tally. Inspections are running 34.7% behind a year-ago, compared to 34.7% behind last week. USDA projects exports in 2022-23 at 1.850 billion bu., 25.1% below the previous marketing year.

Wheat

Actual (MT)

209,138

Expectations (MT)

200,000-500,000

Comments

Export inspections are down 149,135 MT from the previous week’s figure. Shipments are running 3.0% behind a year-ago, compared with 2.8% behind a year-ago last week. USDA projects exports in 2022-23 at 775 million bu., down 3.1% from the previous marketing year.

Soybeans

Actual (MT)

394,755

Expectations (MT)

300,000-600,000

Comments

Export inspections are down 13,218 MT from last week’s tally. Inspections are running 0.2% ahead of a year ago, compared to 0.4% ahead last week. USDA’s 2022-23 export forecast of 2.015 billion bu. is 6.6% below 2021-22.