The United States Department of Agriculture (USDA) has reported that inspections of grain exports were at a low level last week. This has resulted in a decline in yearly totals for corn, soybeans, and wheat compared to the previous year.
According to the USDA’s grain export inspections report for the week ending July 20, corn export inspections totaled 309,981 metric tons, soybean inspections amounted to 283,378 tons, and wheat inspections reached a total of 358,796 tons. While soybeans and wheat showed an increase in inspections compared to the previous week, corn had decreased.
All three grain varieties are currently lagging behind the amount inspected at this time last year. The disparity is most significant for corn, with a 33% decrease from the previous marketing year to date. Soybeans are trailing by 5.5%, and wheat is behind by 17%.
During the week, the Philippines emerged as the top destination for wheat exports, while Mexico claimed the lead for corn exports, and China took the lead for soybean exports.
In terms of futures trading, the most active corn futures on the CBOT experienced a gain of 4.7%. Soybeans saw a modest increase of 1.3%, while wheat witnessed a more substantial climb of 8.6%.
For more detailed data related to USDA grain inspections for export in metric tons, you can search “USDA Grain Inspections for Export in Metric Tons” in Dow Jones NewsPlus.