Weekly wheat inspections exceed pre-report expectations

USDA’s Weekly Grain Export Inspections

                                             Week Ended April 11, 2024             

Corn

Actual (MT)

1,331,683

Expectations (MT)

1,200,000-1,500,000

Comments

Export inspections are down 111,133 MT from last week’s tally. Inspections are running 33.7% ahead of a year ago, compared to 35.2% ahead last week. USDA projects exports in 2023-24 at 2.100 billion bu., 26.4% above the previous marketing year.

Wheat

Actual (MT)

551,278

Expectations (MT)

350,000-525,000

Comments

Export inspections are up 34,443 MT from the previous week’s figure. Shipments are running 9.0% behind a year-ago, compared to 11.0% behind last week. USDA projects exports in 2023-24 at 710 million bu., down 6.5% from the previous marketing year.

Soybeans

Actual (MT)

432,905

Expectations (MT)

375,000-600,000

Comments

Export inspections are down 58,967 MT from last week’s tally. Inspections are running 18.5% behind a year ago, compared to 18.5% behind last week. USDA’s 2023-24 export forecast of 1.700 billion bu., which is 14.7% below 2022-23.