Weekly wheat and soybean inspections drop on the week; corn holds steady

USDA’s Weekly Grain Export Inspections

                                            Week Ended March 14, 2024           

Corn

Actual (MT)

1,238,897

Expectations (MT)

900,000-1,250,000

Comments

Export inspections are up 72,668 MT from last week’s tally. Inspections are running 31.3% ahead of a year ago, compared to 33.3% ahead last week. USDA projects exports in 2023-24 at 2.100 billion bu., 26.4% above the previous marketing year.

Wheat

Actual (MT)

302,302

Expectations (MT)

300,000-500,000

Comments

Export inspections are down 164,665 MT from the previous week’s figure. Shipments are running 15.6% behind a year-ago, compared to 15.9% behind last week. USDA projects exports in 2023-24 at 710 million bu., down 6.5% from the previous marketing year.

Soybeans

Actual (MT)

686,181

Expectations (MT)

300,000-1,150,000

Comments

Export inspections are down 98,672 MT from last week’s tally. Inspections are running 18.8% behind a year ago, compared to 19.9% behind last week. USDA’s 2023-24 export forecast of 1.720 billion bu., which is 13.7% below 2022-23.