Weekly corn, wheat inspections rise on the week

USDA’s Weekly Grain Export Inspections

                                               Week Ended Feb. 8, 2024               

Corn

Actual (MT)

880,074

Expectations (MT)

425,000-950,000

Comments

Export inspections are up 234,580 MT from last week’s tally. Inspections are running 31.1% 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.

Wheat

Actual (MT)

407,476

Expectations (MT)

200,000-500,000

Comments

Export inspections are up 111,936 MT from the previous week’s figure. Shipments are running 18.0% behind a year-ago, compared to 18.4% behind last week. USDA projects exports in 2023-24 at 725 million bu., down 4.5% from the previous marketing year.

Soybeans

Actual (MT)

1,326,243

Expectations (MT)

600,000-1,450,000

Comments

Export inspections are down 424,378 MT from last week’s tally. Inspections are running 22.7% behind a year ago, compared to 26.3% behind last week. USDA’s 2023-24 export forecast of 1.720 billion bu., which is 13.7% below 2022-23.