Grain Markets: Corn, Wheat Inspections Bearish – DTN

The Port of Rosedale - Rosedale, Mississippi - Mississippi River ©Debra L Ferguson Stock Photography

Corn and wheat inspections remained bearish while soybean inspections were neutral in the latest USDA export inspections report, according to DTN Analyst Todd Hultman.

Corn weekly export inspections totaled 43.2 million bushels for the week ending Thursday, Aug. 16. This is up from 28.4 mb for the same week a year ago. Inspections for 2017-18 totaled 2.170 billion bushels, down slightly from the previous year and below USDA’s projected 5% demand increase for 2017-18. The pace for corn inspections is still bearish with two weeks remaining in 2017-18, Hultman said.

Soybean weekly export inspections totaled 23.5 mb for the week ending Aug. 16. This is a little below 24.6 mb for the same week a year ago. Inspections for 2017-18 totaled 2.006 billion bushels, which are down 3% from the previous year and even with USDA’s projected 3% decline in exports. Monday’s soybean inspections were neutral for the week, Hultman said.

Wheat weekly export inspections totaled 12.7 mb for the week ending Aug. 16. This week’s inspections were below 21.8 mb for the same week a year ago. Marketing-year inspections for 2018-19 totaled 144 mb, down 38% from a year ago and far below USDA’s projected 14% increase. Monday’s inspections report remained a bearish factor for wheat prices, Hultman said.

Todd Hultman can be reached at todd.hultman@dtn.com

Follow him on Twitter @ToddHultman

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