As of November 3, total U.S. soybean export inspections fell 9.7% year-on-year

WASHINGTON, Nov. 7 News: The U.S. Department of Agriculture’s weekly export inspection report showed that last week’s U.S. soybean export inspections increased by 0.19% from a week ago, but decreased by 11.01% from the same period last year.

For the week ended November 3, 2022, U.S. soybean export inspections were 2,591,127 tonnes, compared to 2,586,228 tonnes last week and 2,911,863 tonnes a year earlier.

So far, the total amount of U.S. soybean export inspections in the 2022/23 season (starting on September 1) has reached 12,812,726 tons, a year-on-year decrease of 9.7%. It was down 9.5% year-on-year last week and 11.7% year-on-year two weeks ago.

U.S. soybean export inspections reached 23.0% of the USDA’s forecast target, compared with 18.3% the previous week.

USDA’s October 2022 Supply and Demand Report forecasts U.S. soybean exports in 2022/23 at 2.045 billion bushels (55.66 million tonnes), down from the September forecast of 2.085 billion bushels (56.74 million tonnes). The revised annual export volume of 2.158 billion bushels (2.145 billion bushels estimated last month) was down 5.23%. For comparison, U.S. soybean exports in 2021/22 fell 4.77% year-on-year.