Wheat inspections remain solid in face of rising prices

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Corn inspections were also decent and above 1 MMT. Soybean inspections were near the upper end of expectations, though the overall tally was still light. Also of note, USDA made some substantial upside revisions to last week’s inspections tallies for corn and wheat.

 

USDA’s Weekly Grain Export Inspections

Week Ended July 22, 2021

Corn

Actual (MT)

1,036,910

Expectations (MT)

700,000-1,200,000

Comments

Inspections edged down nearly 40,000 MT from last week’s tally, which was revised 76,156 MT higher. Inspections are running 64.0% ahead of year-ago, which compares to 64.7% 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.

Wheat

Actual (MT)

477,964

Expectations (MT)

300,000-600,000

Comments

Export inspections slipped nearly 55,000 MT from last week’s tally, which was revised nearly 42,300 MT higher. So far this marketing year, shipments are running 19.0% behind year-ago vs. 21.4% behind year-ago last week. USDA projects exports in 2021-22 at 875 million bu., 11.8% below 2020-21.

Soybeans

Actual (MT)

241,897

Expectations (MT)

90,000-300,000

Comments

Export inspections climbed nearly 98,000 MT from last week. Inspections for 2020-21 are 49.5% ahead of year-ago, which compares to 50.8% ahead the week prior. USDA forecasts exports in 2020-21 at 2.270 billion bu., up 35.2% from 2019-20.

 

 

 

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