Corn export inspections impress
The amount of corn inspected for export handily topped expectations and the tally nearly doubled the year-ago figure. In addition, last week’s number was also revised nearly 150,000 MT higher, as signaled by the weekly export sales report. Inspections of soybeans and wheat were lackluster but within expectations.
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USDA’s Weekly Grain Export Inspections Week Ended July 29, 2021 |
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Corn |
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Actual (MT) |
1,383,718 |
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Expectations (MT) |
900,000-1,200,000 |
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Comments |
Inspections climbed nearly 200,000 MT from last week’s tally, which was revised 147,102 MT higher. Inspections are running 64.9% ahead of year-ago, which compares to 64.0% ahead of last year the week before. USDA's 2020-21 export forecast of 2.850 billion bu. is 60.4% above the year prior. |
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Wheat |
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Actual (MT) |
387,743 |
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Expectations (MT) |
325,000-515,000 |
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Comments |
Export inspections fell 127,471 MT from last week’s tally, which was revised 37,250 MT higher. So far this marketing year, shipments are running 19.6% behind year-ago vs. 19.0% 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) |
181,193 |
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Expectations (MT) |
100,000-300,000 |
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Comments |
Export inspections fell nearly 61,000 MT from last week. Inspections for 2020-21 are 47.8% ahead of year-ago, which compares to 49.5% ahead the week prior. USDA forecasts exports in 2020-21 at 2.270 billion bu., up 35.2% from 2019-20. |
