Total U.S. soybean export inspections down 7% year-over-year as of Dec. 22

WASHINGTON, Dec. 27: According to the weekly export inspection report released by the U.S. Department of Agriculture, the U.S. soybean export inspection volume last week decreased by 10.7% from a week ago, but was 0.1% higher than the same period last year.

For the week ending December 22, 2022, 1,753,085 tons of U.S. soybeans were inspected for export, compared with 1,963,322 tons last week and 1,751,353 tons in the same period last year.

Before the release of the report, analysts predicted that the range was between 1.20 and 1.86 million tons.

So far, in the 2022/23 season (beginning on September 1), the total amount of US soybean export inspections has reached 27,132,746 tons, a year-on-year decrease of 7.0%. It was down 8.7% year-over-year last week and down 8.4% year-over-year two weeks ago.

U.S. soybean export inspections reached 48.8% of the USDA’s forecast target, up from 45.0% the previous week.

In the December 2022 supply and demand report, the U.S. Department of Agriculture predicted that U.S. soybean exports in 2022/23 are expected to be 2.045 billion bushels (55.66 million tons), which is unchanged from the November forecast and 523 million bushels lower than the 2.158 billion bushels in 2012/22. %. In contrast, U.S. soybean exports in the 2021/22 season will decrease by 4.77% year-on-year.