In the latest report from the USDA, it has been revealed that export inspections of U.S. corn have increased compared to the previous week, leading to a significant growth in inspections for the marketing year as a whole.
Continued Growth in Corn Inspections
According to the Grain Export Inspections Report, corn inspections for the week ending on Feb. 8 reached a total of 880,074 metric tons, which is a notable increase from the 645,494 tons inspected the week before. Overall, corn inspections for the year have reached an impressive 17.19 million tons, marking a substantial 31% increase compared to the previous year.
Wheat Inspections also Show Improvement
Not only have corn inspections shown positive growth, but wheat inspections have also seen an increase for the week. The report states that wheat inspections totaled 407,476 tons, up from 295,540 tons inspected in the previous week. On the other hand, soybean inspections were slightly lower, with a total of 1.33 million tons inspected, down from 1.75 million tons.
Leading Destinations
In terms of destinations, Mexico emerged as the top choice for both wheat and corn exports, while China took the lead as the primary destination for soybeans.
Market Performance
On Monday, CBOT grains experienced an upward trend. The most-active corn saw a 0.2% increase, soybeans rose by 0.7%, and wheat recorded a modest gain of 0.1%.
For more detailed data, you can search “USDA Grain Inspections for Export in Metric Tons” in Dow Jones NewsPlus.