Corn Export Commitments Remain Slow, Soybean Inspections Again Solid

USDA’s Weekly Grain Export Inspections

Week Ended Nov. 14, 2019

Corn

Actual (MT)

637,397

Expectations (MT)

400,000-700,000

Comments

Inspections climbed 55,541 from the week prior and shipments were in line with expectations. Commitments for 2019-20 are 58.4% behind last year at this point, which compares to 62.4% behind last year’s pace last week. USDA's 2019-20 export forecast of 1.850 billion bu. is 10.4% below the year prior.

Wheat

Actual (MT)

449,304

Expectations (MT)

350,000-550,000

Comments

Export inspections slipped 90,420 MT from last week’s tally and inspections were in line with expectations. They are running 21.4% ahead of year-ago compared with 23.1% ahead of year-ago pace a week earlier. USDA projects exports in 2019-20 at 950 million bu., up 1.5% from the previous marketing year.

Soybeans

Actual (MT)

1,532,991

Expectations (MT)

1,000,000-1,500,000

Comments

Export inspections climbed 185,876 MT from week-ago levels and inspections were just above expectations. Inspections for 2019-20 are running 12.1% ahead of year-ago early in the marketing year, which compares to 9.1% ahead last week. USDA forecasts exports in 2019-20 at 1.775 billion bu., up 1.5% from 2018-19.