Wheat inspections climb in the face of rising prices
Export inspections of corn, soybeans and wheat were all in line with expectations, with the corn tally holding above 1 MMT and wheat inspections nearing 500,000 MT. Soybean futures were light, as expected. But the pace of inspections is still nearly 51% ahead of last season at this point.
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USDA’s Weekly Grain Export Inspections Week Ended July 15, 2021 |
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Corn |
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Actual (MT) |
1,000,512 |
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Expectations (MT) |
800,000-1,300,000 |
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Comments |
Inspections were near steady with last week’s tally, which was revised around 8,400 MT higher. Inspections are running 64.7% ahead of year-ago, which compares to 67.6% 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) |
490,626 |
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Expectations (MT) |
275,000-550,000 |
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Comments |
Export inspections climbed 62,807 MT from last week’s tally. So far this marketing year, shipments are running 21.4% behind year-ago vs. 24.4% 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) |
143,934 |
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Expectations (MT) |
100,000-300,000 |
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Comments |
Export inspections slipped nearly 57,200 MT from last week. Inspections for 2020-21 are 50.8% ahead of year-ago, which compares to 52.3% ahead the week prior. USDA forecasts exports in 2020-21 at 2.270 billion bu., up 35.2% from 2019-20. |
