Weekly wheat inspections gain on the week; corn, soybeans fade

USDA’s Weekly Grain Export Inspections

                                                Week Ended July 6, 2023               

Corn

Actual (MT)

341,024

Expectations (MT)

500,000-900,000

Comments

Export inspections are down 334,865 MT from last week’s tally. Inspections are running 32.0% behind a year-ago, compared to 31.4% behind last week. USDA projects exports in 2022-23 at 1.725 billion bu., 30.2% below the previous marketing year.

Wheat

Actual (MT)

419,134

Expectations (MT)

200,000-400,000

Comments

Export inspections are up 76,959 MT from the previous week’s figure. Shipments are running 21.0% behind a year-ago, compared to 32.1% behind last week. USDA projects exports in 2023-24 at 725 million bu., down 6.5% from the previous marketing year.

Soybeans

Actual (MT)

238,234

Expectations (MT)

125,000-400,000

Comments

Export inspections are down 24,298 MT from last week’s tally. Inspections are running 4.9% behind a year ago, compared to 4.8% behind last week. USDA’s 2022-23 export forecast of 2.000 billion bu. is 7.3% below 2021-22.