Soybean Inspections Hold Above 2 MMT, and Tally Could Move Higher

Posted on Mon, 11/23/2020 - 10:15

USDA again added nearly 227,000 MT to the soybean inspections initially reported last week, pushing inspections to 2.467 MMT the week ending Nov. 12. The department has made outsized revisions to its soybean inspections tally for quite a few weeks at this point, leading market analysts to discount the initially reported tally as understated. Corn and wheat inspections were little changed from last week and within expectations.

USDA’s Weekly Grain Export Inspections

Week Ended Nov. 19, 2020

Corn

Actual (MT)

832,637

Expectations (MT)

700,000-1,100,000

Comments

Inspections edged down 7,644 MT from last week. Inspections are running 64.8% ahead of year-ago, which compares to 68.0% ahead last week. USDA's 2020-21 export forecast of 2.650 billion bu. is 49.0% above the year prior.

Wheat

Actual (MT)

358,077

Expectations (MT)

150,000-400,000

Comments

Export inspections climbed nearly 24,000 MT the latest reporting week. Shipments are running 0.3% ahead of year-ago, which compares to 0.9% ahead of year-ago the week prior. USDA projects exports in 2020-21 at 975 million bu., up 1.0% from the previous marketing year.

Soybeans

Actual (MT)

2,009,976

Expectations (MT)

1,500,000-2,500,000

Comments

Export inspections fell 456,739 MT from last week’s upwardly revised tally. Inspections for 2020-21 are 69.6% ahead of year-ago early in the marketing year, which compares with 78.3% ahead of year-ago last week. USDA forecasts exports in 2020-21 at 2.200 billion bu., up 31.3% from 2019-20.