Weekly export inspections decline from previous week

USDA’s Weekly Grain Export Inspections

                                              Week Ended Feb. 29, 2024              

Corn

Actual (MT)

1,083,503

Expectations (MT)

850,000-1,350,000

Comments

Export inspections are down 205,590 MT from last week’s tally. Inspections are running 34.5% ahead of a year ago, compared to 35.5% ahead last week. USDA projects exports in 2023-24 at 2.100 billion bu., 26.4% above the previous marketing year.

Wheat

Actual (MT)

353,137

Expectations (MT)

300,000-550,000

Comments

Export inspections are down 128,862 MT from the previous week’s figure. Shipments are running 17.2% behind a year-ago, compared to 17.5% behind last week. USDA projects exports in 2023-24 at 725 million bu., down 4.5% from the previous marketing year.

Soybeans

Actual (MT)

1,021,385

Expectations (MT)

450,000-1,425,000

Comments

Export inspections are down 37,668 MT from last week’s tally. Inspections are running 20.0% behind a year ago, compared to 21.6% behind last week. USDA’s 2023-24 export forecast of 1.720 billion bu., which is 13.7% below 2022-23.