Corn and wheat inspections disappoint
Soybean inspections were stronger than the market anticipated, but expectations were limited and the amount of beans inspected for export were well under year-ago levels. Also of note, USDA made a fairly substantial upside revision to last week’s wheat inspections tally.
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USDA’s Weekly Grain Export Inspections Week Ended Aug. 26, 2021 |
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Corn |
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Actual (MT) |
562,549 |
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Expectations (MT) |
600,000-800,000 |
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Comments |
Inspections fell 182,754 MT from last week’s tally, which was revised roughly 20,500 MT higher from what was initially reported. Inspections are running 56.9% ahead of year-ago, which compares to 57.0% ahead of last year the week before. USDA's 2020-21 export forecast of 2.775 billion bu. is 56.2% above the year prior. |
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Wheat |
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Actual (MT) |
316,844 |
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Expectations (MT) |
400,000-675,000 |
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Comments |
Export inspections slumped 412,444 MT from last week’s tally, which was revised 71,434 MT higher. So far this marketing year, shipments are running 10.6% behind year-ago vs. 9.1% behind year-ago last week. USDA projects exports in 2021-22 at 875 million bu., 11.8% below 2020-21. |
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Soybeans |
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Actual (MT) |
377,341 |
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Expectations (MT) |
100,000-300,000 |
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Comments |
Export inspections rose nearly 137,400 MT from last week’s tally that was revised nearly 25,900 MT higher. Inspections for 2020-21 are 37.1% ahead of year-ago, which compares to 38.8% ahead the week prior. USDA forecasts exports in 2020-21 at 2.260 billion bu., up 34.6% from 2019-20. |
