The amount of US soybeans inspected for export in the week ended March 14 was 841,888 mt, down 5.2% from the revised previous week numbers and up 68.2% from the year-ago week, the Department of Agriculture showed Monday.
Marketing year-to-date total export inspections volume was 27.688 million mt, which is 31.2% lower year on year. Exports are up to 54.3% of the USDA's total projection of 51.029 million mt for the current marketing year ending August 31. The weekly volume inspected was 12.4% below the pace needed to meet the USDA's projected total.
The top export destination for the week was China with 268,930 mt. Other notable destinations were Egypt with 173,737 mt, Mexico with 75,369 mt and the Netherlands with 63,253 mt.
US soybeans inspected for export are soybeans that have been sold and are inspected during loading at export locations for shipments overseas. Traders consider the pace needed to meet the USDA projection an indicator of demand.
