US soybeans inspected for export down 10.97% on week, down 44.58% on year: USDA

The amount of US soybeans inspected for export in the week ended January 3 was 673,172 mt, down 10.97% from the revised numbers previous week and down 44.58% from the year-ago week, the Department of Agriculture showed.

Marketing year-to-date total export inspections volume has reached 17.299 million mt, which is 41.57% lower year on year. Exports are up to 33.45% of the USDA’s total projection of 51.709 million mt for the current marketing year ending August 31, 2019. The weekly volume inspected was 32.9% behind the weekly pace needed to meet the USDA’s projected total.

Top export destinations for the week’s inspection report were China with 149,887 mt, the Netherlands with 138,531 mt and Argentina with 83,194 mt.

US soybeans inspected for export are soybeans that have been sold and are inspected during loading at export locations for shipments overseas. Traders consider the pace needed to meet the USDA projection an indicator of demand.
Source: Platts