According to the latest grain export inspections report from the U.S. Agriculture Department, there has been a decline in U.S. export inspections of corn and wheat for the week ended August 31.
Decrease in Corn and Wheat Inspections
The report reveals that corn export inspections totaled 481,309 metric tons, while wheat inspections totaled 299,862 tons. These numbers represent a decrease compared to the totals reported by the USDA last week.
Increase in Soybean Export Inspections
In contrast, soybean export inspections saw a slight increase from the previous week, totaling 378,525 tons.
Decline in Inspections for the 2022/23 Marketing Year
Looking at the 2022/23 marketing year, corn inspections have declined by 32% compared to the prior year. Similarly, soybean inspections have decreased by over 8%, and wheat inspections have dropped by nearly 24%. Notably, the gap in wheat inspections has been steadily growing in recent weeks.
Leading Destinations for Grain Exports
According to the USDA, Indonesia was the top destination for wheat exports during this period, while Colombia was the leading destination for corn exports. China maintained its position as the leading destination for soybeans.
Grain Futures Trading on CBOT
Grain futures trading on the Chicago Board of Trade (CBOT) has resulted in mixed outcomes. The most-active corn futures have increased by 1%, wheat prices have risen by 1.2%, while soybeans have experienced a slight decline of 0.1%.
For more detailed information, please search for "USDA Grain Inspections for Export in Metric Tons" in Dow Jones NewsPlus.