As of October 27, the year-on-year decline in total U.S. soybean export inspections has narrowed to 11.7%
Washington, October 31st news: The U.S. Department of Agriculture’s weekly export inspection report showed that last week’s U.S. soybean export inspections decreased by 11.8% from a week ago and 3.8% from the same period last year.
For the week ended October 27, 2022, U.S. soybean export inspections were 2,574,060 tonnes, compared to 2,918,705 tonnes last week and 2,675,334 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 10,204,854 tons, a decrease of 9.5% year-on-year. It was down 11.7% year-on-year last week and 22.6% year-on-year two weeks ago.
U.S. soybean export inspections reached 18.3 percent of the USDA’s forecast target, compared with 13.7 percent 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.