Soybean inspections decline versus the previous week’s big upward revision

Soybean inspections topped expectations at more than 2.1 MMT.

Exports
Exports
(.)

USDA’s Weekly Grain Export Inspections

Week Ended Nov. 25, 2021

Corn

Actual (MT)

766,063

Expectations (MT)

575,000-1,200,000

Comments

Inspections increased 59,587 MT from last week’s tally, which was revised up 207,160 MT from the initial figure. Inspections are running 17.0% behind year-ago, which compares to 18.2% behind year-ago last week. USDA’s 2021-22 export forecast of 2.500 billion bu. is 9.2% below 2020-21.

Wheat

Actual (MT)

250,651

Expectations (MT)

175,000-400,000

Comments

Export inspections increased 57,829 MT from the previous week’s light tally. Shipments are running 16.9% behind year-ago, which compares to 15.5% behind last week. USDA projects exports in 2021-22 at 860 million bu., 13.3% below 2020-21.

Soybeans

Actual (MT)

2,142,844

Expectations (MT)

1,000,000-2,000,000

Comments

Export inspections declined 289,051 MT from last week’s tally, which was revised up 747,757 MT from the initial figure. Inspections are running 22.5% behind year-ago, which compares to 26.9% behind year-ago the week prior. USDA’s 2021-22 export forecast of 2.050 billion bu. is 9.5% below 2020-21.