USDA Makes Yet Another Major Revision to Previous Week’s Soybean Inspections

Posted on Mon, 01/04/2021 - 10:09

USDA has been in a habit this season of issuing major revisions to previous week’s data for soybeans. This week’s revision was especially dramatic—USDA added 754,646 MT to what was initially reported as inspected the week ending Dec. 24, with inspections now reported at 2.202 MMT. This week’s tally of 1.306 MMT was within expectations, but USDA’s habit of revising these figures signals the actual tally will come in even higher.

While corn inspections slipped from last week’s strong showing, inspections were still up sharply from year-ago and helped push the net inspections pace even farther ahead of last year.

The amount of wheat inspected for export was at the lower end of expectations.

USDA’s Weekly Grain Export Inspections

Week Ended Dec. 31, 2020

Corn

Actual (MT)

912,802

Expectations (MT)

750,000-1,300,000

Comments

Inspections fell 342,539 MT from last week. Inspections are running 73.3% ahead of year-ago, which compares to 70.6% ahead of last year the week before. USDA's 2020-21 export forecast of 2.650 billion bu. is 49.0% above the year prior.

Wheat

Actual (MT)

324,983

Expectations (MT)

300,000-500,000

Comments

Export inspections slipped roughly 82,000 MT from week’s tally. Shipments are running 0.3% behind year-ago versus 0.4% behind the week before. USDA projects exports in 2020-21 at 975 million bu., up 1.0% from the previous marketing year.

Soybeans

Actual (MT)

1,305,786 

Expectations (MT)

1,000,000-2,000,000

Comments

Export inspections fell 896,121 MMT from last week’s tally, which was revised 754,646 MT higher. Inspections for 2020-21 are 76.6% ahead of year-ago, which compares to 75.6% ahead the week prior. USDA forecasts exports in 2020-21 at 2.200 billion bu., up 31.3% from 2019-20.