Soybean inspections nearly double previous week’s tally

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Inspections of the oilseed came in quite a bit stronger than anticipated. Corn and wheat inspections were in the lower half of analysts’ expectations and down from the week ending Sept. 30, with exporters focusing on soybean shipments as Louisiana ports reopen.

 

USDA’s Weekly Grain Export Inspections

Week Ended Oct. 7, 2021

Corn

Actual (MT)

746,200

Expectations (MT)

600,000-1,000,000

Comments

Inspections fell roughly 124,000 MT from last week’s tally, which was revised nearly 61,300 MT higher to 870,085 MT. Early in the 2021-22 marketing year, inspections are running 35.7% behind year-ago, which compares to 44.6% behind year-ago last week. USDA's 2021-22 export forecast of 2.475 billion bu. is 9.8% below 2020-21.

Wheat

Actual (MT)

435,173

Expectations (MT)

300,000-625,000

Comments

Export inspections fell 180,040 MT from last week’s tally. So far this marketing year, shipments are running 12.1% behind year-ago vs. 12.3% behind year-ago last week. USDA projects exports in 2021-22 at 875 million bu., 11.8% below 2020-21.

Soybeans

Actual (MT)

1,611,731

Expectations (MT)

650,000-1,200,000

Comments

Export inspections surged 767,121 MT from last week’s tally. Early in the 2021-22 marketing year, inspections are running 64.0% behind year-ago, which compares to 74.2% behind year-ago the week prior. USDA’s 2021-22 export forecast of 2.090 billion bu. is 7.5% below 2020-21.

 

 

 

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