Aggressive Corn and Soybean Inspections, with USDA Also Hiking Last Week’s Tallies

Posted on Mon, 01/11/2021 - 10:04

USDA made some fairly substantial upside revisions to inspections for the week ending Dec. 31 for soybeans, corn and wheat. This along with strong shipments of corn and soybeans showings for the current reporting period helped to push already aggressive commitments even farther ahead of year-ago. On the other hand, wheat inspections continue to track near year-ago levels.

USDA’s Weekly Grain Export Inspections

Week Ended Jan. 7, 2020

Corn

Actual (MT)

1,130,744  

Expectations (MT)

800,000-1,200,000

Comments

Inspections fell rose 41,304 MT from last week’s upwardly revised tally. Last week’s inspections was raised 176,638 MT from what was initially reported. Inspections are running 78.5% ahead of year-ago, which compares to 73.3% ahead of last year the week before. USDA's 2020-21 export forecast of 2.650 billion bu. is 49.0% above the year prior.

Wheat

Actual (MT)

279,390

Expectations (MT)

250,000-450,000

Comments

Export inspections fell 196,134 MT from week’s tally, which was revised 150,541 MT higher. Shipments are running 1.2% behind year-ago versus 0.3% behind the week before. USDA projects exports in 2020-21 at 975 million bu., up 1.0% from the previous marketing year.

Soybeans

Actual (MT)

1,778,581

Expectations (MT)

1,000,000-2,000,000

Comments

Export inspections were up 17,607 MT from last week’s tally, which was hiked 455,188 MT from what was initially reported. Inspections for 2020-21 are 77.7% ahead of year-ago, which compares to 76.6% ahead the week prior. USDA forecasts exports in 2020-21 at 2.200 billion bu., up 31.3% from 2019-20.