Corn Inspections Hold Strong

Posted on Mon, 04/06/2020 - 10:10

But soybeans and wheat inspected for export the week ending April 2 were near the low end of already lackluster expectations. Coronavirus and related social distancing measures have thrown off supply chains around the world, with commodity prices tumbling. Some users are likely waiting to see just how low prices drop before launching into some bargain buying.

 

USDA’s Weekly Grain Export Inspections

Week Ended April 2, 2020

Corn

Actual (MT)

1,271,481

Expectations (MT)

800,000-1,200,000

Comments

Inspections edged 1,329 MT higher than last week, marking the highest level of the marketing year and topping expectations. Commitments for 2019-20 are 37.1% behind last year at this point, which compares to 39.1% behind last year’s pace last week. USDA's 2019-20 export forecast of 1.725 billion bu. is 16.5% below the year prior.

Wheat

Actual (MT)

320,371

Expectations (MT)

300,000-550,000

Comments

Export inspections slipped 64,837 MT from last week’s tally and were near the low end of expectations. Shipments are running 7.2% ahead of year-ago compared with 8.5% ahead of last year’s pace a week earlier. USDA projects exports in 2019-20 at 1.0 billion bu., up 6.8% from the previous marketing year.

Soybeans

Actual (MT)

298,124

Expectations (MT)

300,000-650,000

Comments

Export inspections fell nearly 116,000 MT from last week and were just under the low end of expectations. Inspections for 2019-20 are running 5.7% ahead of year-ago, which compares to 7.9% ahead last week. USDA forecasts exports in 2019-20 at 1.825 billion bu., up 4.4% from 2018-19.