Wheat inspections hit a new low, impacting exports

  • U.S. wheat inspections down nearly 27% for 2023/24 marketing year
  • Inspections fell to below 100,000 metric tons for the week
  • Wheat inspections totaled 71,608 tons, down from 198,298 tons the previous week
  • Mexico and Egypt were the leading destinations for U.S. wheat shipments
  • Corn shipments slightly down, soybean shipments slightly up
  • Grain futures trading on the CBOT higher this morning

Inspections of U.S. wheat shipments have plummeted, reaching a new low for the 2023/24 marketing year. According to the Department of Agriculture, inspections fell to below 100,000 metric tons for the week, totaling only 71,608 tons. This is a significant decrease from the previous week’s 198,298 tons and a 27% decline compared to the same time last year. The leading destinations for U.S. wheat shipments were Mexico and Egypt, receiving a combined total of 64,640 tons. In contrast, corn shipments slightly decreased, while soybean shipments saw a slight increase. As a result, grain futures trading on the CBOT is experiencing a rise, with most-active corn up 0.2%, soybeans up 1.1%, and wheat up 0.3%.

Factuality Level: 8
Factuality Justification: The article provides specific data from the Department of Agriculture regarding wheat inspections and shipments. It includes information on the previous week’s numbers and a comparison to the same time last year. The article also mentions the leading destinations for U.S. wheat shipments. The information provided is factual and based on official data.
Noise Level: 6
Noise Justification: The article provides information on the inspections of U.S. wheat shipments, including the total amount inspected, the decrease compared to previous weeks and the same time last year, and the leading destinations. It also mentions the slight changes in corn and soybean shipments. However, the article lacks analysis, context, and actionable insights. It mainly focuses on reporting the numbers without providing a deeper understanding of the implications or potential reasons behind the trends.
Financial Relevance: Yes
Financial Markets Impacted: Grain futures trading on the CBOT
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article provides information on the inspections of U.S. wheat shipments and the current status of grain futures trading on the CBOT. There is no mention of any extreme events or their impact.
Key People: Kirk Maltais (Author)

Reported publicly: www.marketwatch.com