Wheat Exports Trail as Global Demand Remains Slow

The latest USDA data shows that U.S. wheat export inspections continue to lag behind previous years. The week ending August 20th saw a significant decline in inspections, with only 425,668 tons reported, down 88,695 from the previous week and 621,424 from this time last year.

The main destinations for these shipments were the Philippines and South Korea. Despite the expected improvement in demand due to the lack of movement out of the Black Sea, global demand remains slow, contributing to the decline in inspections.

In contrast, corn, sorghum, and soybean inspections were above levels needed to hit USDA projections. Corn inspections for the week ending August 20th totaled 1,296,271 tons, with Mexico and Japan being the leading destinations.