Weekly corn inspections surpass expectations for the second straight week

USDA’s Weekly Grain Export Inspections

                                               Week Ended April 4, 2024              

Corn

Actual (MT)

1,420,023

Expectations (MT)

1,000,000-1,400,000

Comments

Export inspections are down 51,859 MT from last week’s tally. Inspections are running 35.2% ahead of a year ago, compared to 33.5% ahead last week. USDA projects exports in 2023-24 at 2.100 billion bu., 26.4% above the previous marketing year.

Wheat

Actual (MT)

497,534

Expectations (MT)

300,000-500,000

Comments

Export inspections are down 71,613 MT from the previous week’s figure. Shipments are running 11.0% behind a year-ago, compared to 12.3% behind last week. USDA projects exports in 2023-24 at 710 million bu., down 6.5% from the previous marketing year.

Soybeans

Actual (MT)

484,328

Expectations (MT)

350,000-700,000

Comments

Export inspections are down 63,023 MT from last week’s tally. Inspections are running 18.5% behind a year ago, compared to 18.7% behind last week. USDA’s 2023-24 export forecast of 1.720 billion bu., which is 13.7% below 2022-23.