USDA Reports Strong Demand for Soybeans and Corn

The US Department of Agriculture's (USDA) latest data shows that soybean and corn export inspections are running ahead of last year's pace, driven by strong demand from key customers.

Corn inspections during the week ending September 24th were just above a year ago, with 1,565,924 tons reported to Mexico and South Korea. This is a significant increase from last year's numbers, despite being down 394,223 tons from the prior week.

Soybean inspections, on the other hand, were almost double this time last year, with 1,152,913 tons reported to China and Egypt. The total soybean inspections so far this marketing year are 2,844,930 tons, compared to 2,262,781 a year ago.

The USDA notes that while sorghum and wheat inspections trail the previous marketing year, due to lower global interest caused by heavy competition from other exporters. The next round of supply and demand estimates is out on October 9th.