U.S. soybean export inspections have witnessed a significant increase of nearly 1 million metric tons, according to the latest report from the USDA. This surge is playing a pivotal role in the rise of soybean futures.
For the week ending October 5th, soybean export inspections reached a total of 1.64 million tons, showing a substantial improvement compared to the previous week's 676,659 tons. Since the start of this marketing year in September, inspections have already reached 3.63 million tons, marking a 30% increase compared to the same period last year. As a result, soybean futures trading on the CBOT has experienced a 0.3% uplift.
On the other hand, corn and wheat inspections have declined when compared to the previous week. Corn inspections amounted to 550,585 tons, while wheat inspections accounted for 395,017 tons.
Notably, leading destinations for these inspected grains include Yemen for wheat, Mexico for corn, and China for soybeans.
Following the release of this report, CBOT corn futures saw a drop of 0.3% in trading, while wheat experienced a 2% decrease.
For further related data and information, refer to the "USDA Grain Inspections for Export in Metric Tons" in Dow Jones NewsPlus.
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