Corn export inspections even higher than anticipated
Wheat inspections dropped notably from last week’s strong showing, but shipments were in line with expectations. Soybean inspections were fairly light but in line with where inspections were initially reported last week (they were revised higher today).
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USDA’s Weekly Grain Export Inspections Week Ended May 27, 2021 |
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Corn |
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Actual (MT) |
2,049,217 |
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Expectations (MT) |
1,500,000-2,000,000 |
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Comments |
Inspections climbed 303,055 MT from last week’s tally, which was revised roughly 18,300 MT higher. Inspections are running 77.8% ahead of year-ago, which compares to 78.0% ahead of last year the week before. USDA's 2020-21 export forecast of 2.775 billion bu. is 56.1% above the year prior. |
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Wheat |
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Actual (MT) |
256,496 |
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Expectations (MT) |
250,000-625,000 |
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Comments |
Export inspections dropped 342,445 MT from last week’s tally, which was revised more than 25,000 MT higher. Shipments are running 1.1% ahead of year-ago versus 2.3% ahead the week before. USDA projects exports in 2020-21 at 965 million bu., steady with the previous marketing year. |
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Soybeans |
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Actual (MT) |
192,221 |
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Expectations (MT) |
90,000-400,000 |
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Comments |
Export inspections fell nearly 30,000 MT from last week’s tally, which was revised nearly 28,200 MT higher. Inspections for 2020-21 are 58.9% ahead of year-ago, which compares to 60.3% ahead the week prior. USDA forecasts exports in 2020-21 at 2.280 billion bu., up 35.6% from 2019-20. |
