Wheat inspections came in well short of expectations at just over half of last week’s tally, catching the market off guard. Soybean and corn inspections continue to improve, though inspections of both commodities are down sharply from year-ago levels due to Hurricane Ida damages to Gulf facilities.
USDA’s Weekly Grain Export Inspections Week Ended Sept. 23, 2021 | |
Corn | |
Actual (MT) | 517,539 |
Expectations (MT) | 300,000-575,000 |
Comments | Inspections climbed 114,117 MT from last week’s tally. Early in the 2021-22 marketing year, inspections are running 59.6% behind year-ago, which compares to 69.8% behind year-ago last week. USDA’s 2021-22 export forecast of 2.475 billion bu. is 9.8% below 2020-21. |
Wheat | |
Actual (MT) | 286,087 |
Expectations (MT) | 400,000-625,000 |
Comments | Export inspections dropped 278,521 MT from last week’s tally. So far this marketing year, shipments are running 13.5% behind year-ago vs. 11.0% behind year-ago last week. USDA projects exports in 2021-22 at 875 million bu., 11.8% below 2020-21. |
Soybeans | |
Actual (MT) | 440,742 |
Expectations (MT) | 150,000-500,000 |
Comments | Export inspections climbed 163,445 MT from last week’s tally. Early in the 2021-22 marketing year, inspections are running 81.2% behind year-ago, which compares to 86.5% behind year-ago the week prior. USDA’s 2021-22 export forecast of 2.090 billion bu. is 7.5% below 2020-21. |