Washington, August 22 News: The U.S. Department of Agriculture’s weekly export inspection report showed that last week’s U.S. soybean export inspections decreased by 10.6% compared with a week ago, but increased by 185.5% compared with the same period last year.
For the week ended Aug. 18, 2022, U.S. soybean export inspections were 686,583 tons, compared to 768,328 tons last week and 240,520 tons a year earlier.
So far, the total amount of U.S. soybean export inspections in 2021/22 (starting on September 1) has reached 55,994,212 tons, a year-on-year decrease of 5.1%, a year-on-year decrease of 5.9% one week ago, and a year-on-year decrease of 6.8% two weeks ago.
In week 53 of the 2021/22 season, U.S. soybean export inspections reached 95.2 percent of the USDA’s revised forecast target, up from 94.0 percent last week.
Achieving the USDA export target would mean exporting 1.4 million tons of soybeans per week for the remaining two weeks of the year, which is unlikely based on exports over the past few weeks and the same period in previous years.
USDA’s August 2022 Supply and Demand Report forecast U.S. soybean exports in 2021/22 at 2.160 billion bushels (58.79 million tonnes), down from the July forecast of 2.170 billion bushels and revised from 2020/21 exports 2.266 billion bushels decreased by 4.68%. Soybean exports in 2022/23 are forecast at 2.155 billion bushels, up from a July forecast of 2.135 billion bushels.