By Kirk Maltais
Export inspections of U.S. soybeans have shown a significant increase, reaching over 2 million metric tons for the week ended Oct. 12. This surge is largely attributed to shipments to China.
Soybean export inspections for the week amounted to 2.01 million tons, marking an increase from the 1.4 million tons reported in the previous week. Since the start of the current marketing year in September, inspections have reached 5.4 million tons, showing a growth of nearly 15% compared to the same period last year. However, this is a decrease from the 30% higher reported last week.
China proved to be the leading destination for U.S. soybean shipments, with a total of 1.36 million tons sent there during the week. Following China, Mexico stood as the next-highest destination for soybean shipments.
On the other hand, corn inspections have declined compared to the previous week, while wheat inspections have seen a slight increase. Corn inspections totaled 434,471 tons, whereas wheat inspections were reported at 354,771 tons.
As for specific destinations, Japan emerged as the leading recipient of wheat for the week, while Mexico took the lead as the destination for corn.
Following the release of this report, CBOT corn futures saw a decrease of 0.7%, while soybeans experienced a smaller decrease of 0.1%, and wheat went down by 0.7%.
To access related data, search for “USDA Grain Inspections for Export in Metric Tons” in Dow Jones NewsPlus.