GRAIN INSPECTIONS DOWN AT ALL MAJOR US PORTS
The amount of grain inspected at all major US ports was down 9% in the fourth quarter and 13% from the five-year average, according to the Federal Grain Inspection Service of USDA. Totals were down in all regions except for the interior, according to the USDA Grain Transportation Report from Feb. 15. In the Gulf of Mexico, inspections totaled 16.5 million tonnes in the fourth quarter, a drop of 17% year-to-year, reflecting a decline in soybean and wheat inspections. Inspections in the Pacific Northwest totaled 10.1 million tonnes, an 8% drop compared to last year, reflected a drop in soybean inspections.
Inspections in the Atlantic-Great Lakes totaled 1.4 million tonnes, down 26% compared to last year. The yearly decline was mostly due to a drop in soybeans. By commodity, fourth-quarter corn inspections were 9.3 million tonnes, an increase of 28% from a year ago but down 8% from the five-year average. Soybean inspections were 21.3 million tonnes, down 21% year-to-year and down 12% from the five-year average. Wheat inspections totaled 3.6 million tonnes in the fourth quarter, an increase of 7% from a year ago but down 28% from the five-year average.
(Link: WorldGrain)
WHEAT FUTURES LOWER AFTER USDA REPORT
Wheat futures were lower in overnight trading after the USDA said it expects increased production and ending stocks despite lower planted area in the 2024-2025 marketing year. Inventories at the end of the 2024-2025 marketing year are seen at 435 million bushels, up from 315 million in the current year, the government said. Wheat for March delivery lost 41/4¢ to $5.63 a bushel overnight on the Chicago Board of Trade, and Kansas City futures fell 7¢ to $5.63 a bushel. Corn futures were up a tick to $4.30 a bushel. Soybean futures for March delivery rose 41/4¢ to $11.70 ¼ a bushel. Soymeal was up $1.80 to $335.20 a short ton and soy oil fell 0.03¢ to 46.51¢ a pound.
(Link: Successful Farming)
