As Expected Corn, Soybean and Wheat Inspections

Posted on Mon, 06/29/2020 - 10:15

But expectations for soybean inspections were pretty limited and the tally was less than half of year-ago levels. A dramatic uptick in bean shipments is needed soon.

USDA’s Weekly Grain Export Inspections

Week Ended June 25, 2020

Corn

Actual (MT)

1,234,690

Expectations (MT)

1,000,000-1,300,000

Comments

Inspections slipped 61,155 MT from last week, and inspections were in line with expectations. Commitments for 2019-20 are 22.9% behind last year at this point, which compares to 22.9% behind last week. USDA's 2019-20 export forecast of 1.775 billion bu. is 14.0% below the year prior.

Wheat

Actual (MT)

515,359 

Expectations (MT)

450,000-650,000

Comments

Export inspections fell 170,677 MT from last week’s solid tally and shipments were in line with expectations. Shipments are 0.8% ahead of year-ago early in the season versus 9.7% ahead of year-ago the week prior.  USDA projects exports in 2020-21 at 950 million bu., down 1.6% from the previous marketing year.

Soybeans

Actual (MT)

324,512

Expectations (MT)

275,000-550,000

Comments

Export inspections climbed 68,702 MT from last week’s poor showing and the tally fell was within expectations. Inspections for 2019-20 are running 0.8% ahead of year-ago, which compares to 0.3% ahead last week. USDA forecasts exports in 2019-20 at 1.650 billion bu., down 5.6% from 2018-19.