Soybean Inspections see increase after USDA “Data Glitch”
In the latest weekly report on agricultural export inspections, we see significant developments in the export trends for soybeans, corn, and wheat. These updates shed light on the current state of the market and the outlook for the 2023-24 season.
Export inspections for soybeans have surged by 359,564 metric tons compared to last week’s count. However, when we look at the bigger picture, they are currently running 13.0% behind the numbers from a year ago, a notable shift from the 8.7% ahead that we saw last week. The USDA’s forecast for soybean exports in the 2023-24 season stands at 1.790 billion bushels, representing a 10.1% decrease compared to the previous year.
Corn exports, on the other hand, have experienced a dip of 119,539 metric tons from the previous week’s numbers. However, inspections remain strong, showing a 20.7% increase. Compared to the same time last year, though this is slightly lower than the 10.8% growth seen in the previous week. The USDA’s projections for corn exports in the 2023-24 season are optimistic. Expectations set at 2.050 billion bushels, marking a substantial 23.0% increase over the previous marketing year.
Wheat export inspections, on the other hand, have dipped by 163,532 metric tons from the previous week. This drop in shipments has resulted in a 30.4% deficit compared to the same period last year, an increase from the 28.8% shortfall recorded last week. The USDA’s projection for wheat exports in the 2023-24 season is set at 700 million bushels, marking a 7.8% decrease from the previous marketing year.
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