By Farms.com
The agricultural sector received a mixed update from the USDA regarding grain export inspections through February 15. The highlight of the report was the slight improvement in corn export inspections, which ascended to 36.2 million bushels, aligning with the higher spectrum of market anticipations. This progress propels the cumulative figure for the 2023/24 marketing year above last year's, solidifying at 713.3 million bushels.
Corn's export success was particularly pronounced in Mexico, which topped the list of destinations, along with significant shipments to Japan, Colombia, Saudi Arabia, and Honduras. Additionally, sorghum exports witnessed a robust week, largely thanks to demand from China, contributing to a significant year-over-year increase in cumulative exports.
Soybean exports, while leading in volume, experienced a minor dip to 43.6 million bushels, yet remained within analysts' higher estimations. China continued to be the dominant importer of U.S. soybeans, contributing to the year's cumulative total, which, despite being impressive, trails slightly behind the previous year's pace.