Washington, August 8 news: The U.S. Department of Agriculture’s weekly export inspection report showed that last week’s U.S. soybean export inspections increased by 45.81% from a week earlier and 655.24% higher than the same period last year.
U.S. soybean export inspections were 867,504 tons for the week ended Aug. 4, 2022, compared to 594,958 tons last week and 114,865 tons a year earlier.
So far, the 2021/22 (starting September 1) total U.S. soybean export inspection total has reached 54,527,013 tons, a year-on-year decrease of 6.8%, a year-on-year decrease of 8.2% a week ago, and a year-on-year decrease of 8.9% two weeks ago.
In the 51st week of the 2021/22 season, U.S. soybean export inspections reached 92.3 percent of the USDA’s revised forecast target, up from 90.7 percent last week.
Considering that there are less than four weeks left in the current year, meeting USDA’s export target means exporting at least 1.1 million tons of soybeans per week, based on exports over the past few weeks and the same period in previous years. The odds are low.
USDA’s July 2022 Supply and Demand Report forecasts U.S. soybean exports in 2021/22 at 2.170 billion bushels (59.06 million tonnes), unchanged from June and 4.02% lower than the revised 2020/21 export volume of 2.261 billion bushels %. Soybean exports for 2022/23 are forecast at 2.135 billion bushels, down from the June forecast of 2.200 billion bushels.