Washington, October 24 news: The U.S. Department of Agriculture’s weekly export inspection report showed that last week’s U.S. soybean export inspections increased 50.1% from a week earlier and 12.5% higher than the same period last year.

U.S. soybean export inspections were 2,888,829 tonnes for the week ended October 20, 2022, compared to 1,924,790 tonnes last week and 2,568,133 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 7,600,918 tons, a year-on-year decrease of 11.7%. It fell 22.6% year-on-year last week and 23.0% year-on-year two weeks ago.

U.S. soybean export inspections reached 13.7% of the USDA’s forecast target, compared with 8.4% 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.