Corn Export Inspections Stay at Higher Pace

By Kirk Maltais

The pace of export inspections for U.S. corn remains well ahead of this time last year -- being nearly double, according to data from the Agriculture Department.

For the week ended Feb. 22, corn inspections totaled 1.24 million metric tons, which is nearly double the 649,303 tons reported by the USDA for this time last year. The total is also up from this time last week, when inspections totaled 1.05 million tons.

For the current marketing year, corn inspections have totaled 19.49 million tons. That is up nearly 36% from the previous marketing year.

Soybean inspections also beat their totals from this time last year at 974,977 tons, also beating last week. Even so, they remain nearly 22% below last year's pace.

Wheat also beat the totals from last week at 481,999 tons, falling below this time last year and nearly 18% down from last marketing year.

Grain futures have been trading around multiyear lows as large short positions held by managed money funds are expected to possibly come under pressure from covering as the calendar turns to March.

Most-active corn is down 0.4%, while soybeans are down 0.4% and wheat is down 0.4%.

To see related data, search "USDA Grain Inspections for Export in Metric Tons" in Dow Jones NewsPlus.

Write to Kirk Maltais at [e-mail]

(END) Dow Jones Newswires

02-26-24 1152ET