U.S. Department of Agriculture (USDA) announced a significant increase in export inspections for corn, sorghum, and wheat for the week ending July 11th. These inspections are currently exceeding the pace required to meet the USDA's projections for the current marketing year. The marketing year for wheat began on June 1st, 2024, while the marketing year for corn, sorghum, and soybeans started on September 1st, 2023. The USDA's next supply and demand update is scheduled for release on August 12th.
For wheat, inspections reached 533,828 tons, an increase of 190,469 tons from the previous week and 260,385 tons from the same period last year. Mexico and Taiwan were the primary destinations for U.S. wheat exports. With just over a month into the 2024/25 marketing year, total wheat inspections stand at 2,266,366 tons, up from 1,794,274 tons during the same period in the 2022/23 marketing year.
Corn export inspections were reported at 1,078,911 tons, which is 55,006 tons higher than the previous week and 659,697 tons above the figures from a year ago. Mexico and Taiwan were also the top destinations for corn exports. As the 2023/24 marketing year nears its end, corn inspections have reached 44,592,041 tons, compared to 33,956,086 tons in the previous year.
Soybean inspections were recorded at 168,593 tons, a decrease of 125,616 tons from the prior week, but still 7,749 tons more than the same week last year. The leading destinations for soybean exports were Mexico and South Korea. To date, soybean inspections for this marketing year total 42,016,293 tons, down from 49,894,059 tons in the previous year.
Sorghum inspections totaled 70,614 tons, reflecting an increase of 11,773 tons from the previous week, but a decrease of 68,719 tons from the same period last year. China and Mexico were the primary destinations for sorghum exports. So far, sorghum inspections for the 2023/24 marketing year stand at 5,329,198 tons, up from 2,062,282 tons in the 2022/23 marketing year.
The USDA's upcoming report will provide further insights into the supply and demand dynamics impacting these crucial agricultural commodities.
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