To date, inspections have averaged only 34.5 million bushels per week. As of February 22, 287.5 million bushels of corn had been sold for export, but not yet shipped. Unshipped sales are about 8 million less than on the same date last year. The pace of U.S. exports is expected to improve, but it now appears that shipments will fall short of the current USDA projection. For soybeans, it is the rapid pace of exports that has the market's attention.
China continues to purchase large quantities of U.S. soybeans.
The increase is dominated by sales to China. At midyear, cumulative export inspections plus outstanding sales represented 90 percent of the projected exports for the year. A slow down in both sales and especially shipments will occur as the South American crop comes to market. The USDA projection implies a larger than normal slow down in sales, which is likely given the record size of the South American crop. The projection may also imply some cancellation of purchases by China in favor of South American supplies.