Soybean export inspections miss expectations

USDA’s Weekly Grain Export Inspections

                                              Week Ended Feb. 23, 2023              

Corn

Actual (MT)

572,622

Expectations (MT)

375,000-750,000

Comments

Export inspections are down 51,173 MT from last week’s tally. Inspections are running 38.3% behind a year-ago, compared to 36.3% behind last week. USDA projects exports in 2022-23 at 1.925 billion bu., 22.0% below the previous marketing year.

Wheat

Actual (MT)

591,725

Expectations (MT)

250,000-500,000

Comments

Export inspections are up 217,298 MT from the previous week’s figure. Shipments are running 1.7% behind a year-ago, compared with 2.8% behind a year-ago last week. USDA projects exports in 2022-23 at 775 million bu., down 3.1% from the previous marketing year.

Soybeans

Actual (MT)

690,984

Expectations (MT)

850,000-1,700,000

Comments

Export inspections are down 892,909 MT from last week’s tally. Inspections are running 3.4% ahead of a year ago, compared to 3.5% ahead last week. USDA’s 2022-23 export forecast of 1.990 billion bu. is 8.0% below 2021-22.