Each Monday mid-morning the USDA releases its "Grains Inspected for Export". USDA increased export projections by 50 million bushels in last week's supply and demand report for wheat, corn and soybeans. Using these revised export projections we can now see if exports are indeed going to be able to achieve these new goals.
For wheat, this week's 13.8 million bushels is mildly bearish as we need to average 32.5 million bushels per week over the final 6 weeks of wheat's 2007/08 marketing year to reach USDA's new 1.275 billion bushel estimate. Cumulative exports for the year for wheat have now reached 85% of USDA's new projected amount. For the year wheat inspections have averaged 23.5 million bushels per week. Major destinations for wheat were Japan at 2.6 million bushels and Iraq with 1.8 million bushels.
Weekly inspections for corn were 45.4 million bushels. This can be viewed as neutral as we need 46.6 million bushels per week to reach the new USDA projection of 2.5 billion bushels. There are 20 weeks left in the marketing year for corn and cumulative sales have reached 63% of where USDA expects exports to reach. Japan was the main destination for corn with 12.7 million bushels inspected, while Mexico came in second with 7.1 million bushels.
Soybean inspections remain modestly bullish and were above what is needed weekly at 10.4 million bushels. For the week ending April 10th, inspection came in at 14.5 million bushels. For the year soybean inspections have reached a cumulative total of 81% of the revised USDA projected 1.075 billion bushels. China continues to be the major destination for soybeans as they were the leader this week at 6.6 million bushels, followed by Japan with 2.6 million bushels.
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