Corn export inspections hold above 1.5 MMT

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Wheat inspections were near the upper end of expectations and last week’s tally was revised 75,091 MT higher versus what was initially reported. Soybean inspections, on the other hand, were even lighter than expected and roughly half of last week’s tally.

USDA’s Weekly Grain Export Inspections

Week Ended June 10, 2021

Corn

Actual (MT)

1,544,031

Expectations (MT)

1,500,000-2,100,000

Comments

Inspections rose 117,186 MT from last week’s tally. Inspections are running 75.2% ahead of year-ago, which compares to 75.4% ahead of last year the week before. USDA's 2020-21 export forecast of 2.850 billion bu. is 60.3% above the year prior.

Wheat

Actual (MT)

480,341

Expectations (MT)

275,000-500,000

Comments

Export inspections edged 13,300 MT lower from last week’s tally, which was revised more than 75,000 MT higher from what was initially reported. Shipments started the 2021-22 marketing year 15.8% behind year-ago. USDA projects exports in 2021-22 at 900 million bu., 8.6% below 2020-21.

Soybeans

Actual (MT)

128,092 

Expectations (MT)

150,000-300,000

Comments

Export inspections fell nearly 112,000 MT from last week’s tally. Inspections for 2020-21 are 56.8% ahead of year-ago, which compares to 58.3% ahead the week prior. USDA forecasts exports in 2020-21 at 2.280 billion bu., up 35.6% from 2019-20.

 

 

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