Soybean, Wheat Inspections as Expected; Corn Inspections Disappoint

Posted on 02/11/2019 10:14 AM

USDA’s Weekly Grain Export Inspections

Week Ended Feb. 7, 2019

Corn

Actual (MT)

743,536

Expectations (MT)

850,000-1,150,000

Comments

Inspections were down 157,678 MT from the week prior, and were just above the top end of the pre-report range of estimates.  Inspections are running 47.5% ahead of year-ago, versus 50.9% ahead of year-ago last week. USDA's 2018-19 export forecast of 2.450 billion bu. is up 0.5% from the previous marketing year.

Wheat

Actual (MT)

562,307

Expectations (MT)

400,000-600,000

Comments

Export inspections were up 119,532 MT from last week and the tally was below the bottom end of expectations. Inspections are running 10.2% behind the 2017-18 marketing year, versus 10.9% behind last week. USDA projects exports in 2018-19 at 1.000 billion bu., up 11.0% from the previous marketing year.

Soybeans

Actual (MT)

1,063,973

Expectations (MT)

600,000-1,200,000

Comments

Export inspections were down 27,669 MT from last week and at the top end of the range of pre-report expectations. Inspections for 2018-19 are running 37.2% behind year-ago, compared with 32.8% behind last week. USDA projects exports in 2018-19 at 1.875 billion bu., down 11.9% from year-ago.

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