USDA Reports Significant Increase in Corn and Soybean Exports
The US Department of Agriculture (USDA) has released its latest export inspection data for corn, soybeans, and wheat. According to the report, corn inspections pulled ahead of last year's marketing pace with a solid increase in both weekly and yearly exports.
The main destinations for corn were Japan and Mexico, which largely buy for livestock feeding purposes. The current marketing year pace is now ahead of a year ago, with 1,938,523 tons inspected during the week ending September 17th, up from 552,557 tons at this time last year.
Soybean inspections were also larger than the previous week and last year, primarily to China and Mexico. The main destinations for soybeans were China and Mexico, with 759,193 tons inspected during the week ending September 17th, an increase of 78,941 from the previous week and 193,563 above a year ago.
The USDA's updated supply and demand projections are set to be released on October 9th. In contrast, wheat inspections were down significantly from last year, with 335,253 tons inspected during the week ending September 17th, compared to 604,550 tons at this time last year.