U.S. Soybean Shipments Inspections Decline, Corn and Wheat Shipments Increase
Inspections of U.S. soybean shipments have declined, while corn and wheat shipments have seen an increase. The top destinations for grain exports include the Philippines, Mexico, and China. Grain futures trading shows a positive trend.
Troy D. Hanson
November 13, 2023
According to the Department of Agriculture, inspections of U.S. soybean shipments for the week ended Nov. 9 showed a 24% decrease compared to the previous week.
Soybean Export Inspections
The latest weekly grain export inspections report by the USDA reveals that soybean export inspections amounted to 1.67 million metric tons. This figure is a decline from the 2.18 million tons reported last week and the 2.03 million tons recorded at this time last year.
Furthermore, total soybean shipments for the 2023/24 marketing year are currently behind the figures from last year, totaling 14.03 million tons - a 5.6% decrease.
Corn and Wheat Shipments
On the other hand, corn and wheat shipments have seen an increase compared to the previous week.
Corn shipments amounted to 608,810 tons.
Wheat shipments totaled 207,205 tons.
Additionally, total corn shipments for the marketing year are higher than the figures from the same period last year, while wheat shipments are lagging behind.
Among the leading destinations for U.S. grain exports:
The Philippines ranked first for U.S. wheat.
Mexico was the leading destination for corn.
China remains the leader for soybeans.
Grain Futures Trading
In today's morning session, grain futures trading on the CBOT shows a mostly positive trend:
Most-active corn is up by 1.7%.
Soybeans have increased by 2.2%.
Wheat, however, experienced a slight decline of 0.1%.
For more information and related data, please search "USDA Grain Inspections for Export in Metric Tons" in Dow Jones NewsPlus.