By Paulo Trevisani
The latest government data reveals that U.S. export inspections of wheat experienced a decline for the week ending September 14. According to the U.S. Agriculture Department’s report, wheat export inspections fell 9.6% to a total of 367,371 metric tons for the week, down from the previous week’s reported 406,181 tons. On the other hand, soybeans export inspections rose by 5.2%, while corn increased by 2.7%.
Lower Wheat Export Inspections in the 2023/24 Marketing Year
As for the 2023/24 marketing year, wheat export inspections have seen a significant decrease of 29%. In contrast, corn is performing well, ahead of last year’s pace by 10.5%, and soybeans are currently falling behind by 16%.
Top Destinations for U.S. Exports
Based on the USDA’s data, Indonesia emerged as the leading destination for wheat exports last week. Meanwhile, Mexico secured its position as the top buyer of U.S. corn, and China maintained its status as the primary purchaser of U.S. soybeans.
Market Performance
Grain futures on the CBOT experienced declines in Monday trading. Wheat prices were down by 2.4%, soybeans decreased by 1.5%, and corn witnessed a 1.2% drop.
For related data, please search “USDA Grain Inspections for Export in Metric Tons” in Dow Jones NewsPlus.