Another Week of Strong Wheat Inspections

Posted on 07/08/2019 10:45 AM

USDA’s Weekly Grain Export Inspections

Week Ended July 4, 2019

Corn

Actual (MT)

703,192

Expectations (MT)

400,000-700,000

Comments

Inspections surged 418,269 MT from the week prior and shipments were just a bit higher than expected. Commitments are now 10.1% behind year-ago versus 8.8% behind year-ago last week. USDA's 2018-19 export forecast of 2.200 billion bu. is down 9.8% from the previous marketing year.

Wheat

Actual (MT)

609,456

Expectations (MT)

300,000-500,000

Comments

Export inspections dipped nearly 87,000 MT from last week and inspections were stronger than expected. Inspections are running 48.1% ahead of year-ago early in the marketing year compared with 27.9% ahead of year-ago last week. USDA projects exports in 2019-20 at 900 million bu., down 5.3% from the previous marketing year.

Soybeans

Actual (MT)

757,903

Expectations (MT)

800,000-1,100,000

Comments

Export inspections climbed roughly 37,000 MT from week-ago levels and inspections were a bit lighter than expected. Inspections for 2018-19 are running 25.3% behind year-ago, compared with 25.3% behind last week. USDA projects exports in 2018-19 at 1.700 billion bu., down 20.2% from year-ago.

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