Grain Inspections Mixed
1 Sep 2020
By DTN Staff
OMAHA (DTN) -- Soybeans inspections remained neutral, while corn and wheat inspections remained bearish in the latest USDA Export Inspections report, according to DTN Senior Analyst Dana Mantini.
Corn inspections totaled 15.8 million bushels (mb) for the week ended Thursday, Aug. 27. Total inspections in 2019-20 are now at 1.640 billion bushels (bb), down 12% from the previous year. USDA is estimating corn exports at 1.795 bb in 2019-20, down 13% from the previous year. Corn inspections in 2019-20 are running above USDA's estimated pace at a time when U.S. corn supplies, in general, are bearish for corn prices, Mantini said.
Soybean inspections totaled 29.6 mb for the week ended Aug. 27. Total inspections in 2019-20 are now at 1.585 bb, down 6% from the previous year. USDA is estimating soybean exports at 1.650 bb in 2019-20, down 6% from the previous year. Soybean inspections in 2019-20 are running equal to USDA's estimated pace at a time when U.S. soybean supplies, in general, are neutral for soybean prices, Mantini said.
Wheat inspections totaled 19.0 mb for the week ended Aug. 27. Total wheat inspections in 2020-21 are now at 248 mb, up 2% from the previous year. USDA is estimating wheat exports at 975 mb in 2020-21, down 1% from the previous year. Wheat inspections in 2020-21 are running above USDA's estimated pace at a time when U.S. wheat supplies, in general, remain bearish for wheat prices, Mantini said.
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