More of the Same… Soybean Inspections Strong, Corn Shipments Light

Posted on 10/28/2019 10:08 AM

USDA’s Weekly Grain Export Inspections

Week Ended Oct. 24, 2019

Corn

Actual (MT)

380,660

Expectations (MT)

450,000-650,000

Comments

Inspections fell nearly 199,300 from the week prior and shipments were lighter than expected. Commitments for the new season that began Sept. 1 are 60.1% behind last year at this point which compares to 61.8% behind last year’s pace last week. USDA's 2019-20 export forecast of 1.900 billion bu. is 8.0% below the year prior.

Wheat

Actual (MT)

523,262

Expectations (MT)

450,000-700,000

Comments

Export inspections slid 57,418 MT from the prior week and inspections were in line with trade expectations. Inspections are running 23.1% ahead of year-ago compared with 22.4% ahead of year-ago pace a week earlier. USDA projects exports in 2019-20 at 950 million bu., up 1.5% from the previous marketing year.

Soybeans

Actual (MT)

1,568,399

Expectations (MT)

900,000-1,300,000

Comments

Export inspections climbed 237,490 MT from week-ago levels and inspections topped expectations. Inspections for 2019-20 are 9.3% ahead of year-ago early in the marketing year, which compares to 7.2% ahead last week. USDA forecasts exports in 2019-20 at 1.775 billion bu., up 1.5% from 2018-19.

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