Wheat Inspections Impress, Corn Inspections Hold Strong

Posted on Mon, 03/22/2021 - 10:18

Soybean inspections were in line with expectations, but down a bit from both the week and year prior.

USDA’s Weekly Grain Export Inspections

Week Ended March 18, 2021

Corn

Actual (MT)

1,962,118

Expectations (MT)

1,600,000-2,200,000

Comments

Inspections fell 312,323 MT from last week’s tally that was revised nearly 70,500 MT higher. Inspections are running 89.4% ahead of year-ago, which compares to 87.0% ahead of last year the week before. USDA's 2020-21 export forecast of 2.6 billion bu. is 46.2% above the year prior.

Wheat

Actual (MT)

648,485

Expectations (MT)

325,000-575,000

Comments

Export inspections slipped 63,673 MT from last week’s tally, which was revised nearly 29,000 MT higher. Shipments are running 0.7% behind year-ago versus 2.4% behind the week before. USDA projects exports in 2020-21 at 985 million bu., up 2.1% from the previous marketing year.

Soybeans

Actual (MT)

489,405

Expectations (MT)

300,000-600,000

Comments

Export inspections slipped 59,546 MT from last week’s tally, which was revised nearly 30,200 MT higher. Inspections for 2020-21 are 72.5% ahead of year-ago, which compares to 74.1% ahead the week prior. USDA forecasts exports in 2020-21 at 2.25 billion bu., up 33.8% from 2019-20.