Grain Inspections Mixed

OMAHA (DTN) — Soybean inspections were neutral to bullish, while corn and wheat inspections remained bearish in the latest USDA Export Inspections report, according to DTN Lead Analyst Todd Hultman.

Corn inspections totaled 29.7 million bushels (mb) for the week ended Thursday, Sept. 17. Total inspections in 2020-21 are now at 77 mb, up 74% from the previous year. USDA is estimating corn exports at 2.325 billion bushels (bb) in 2020-21, up 32% from the previous year. Corn inspections in early 2020-21 are running above USDA’s estimated pace at a time when U.S. corn supplies, in general, are bearish for corn prices, Hultman said.

Soybean inspections totaled 48.2 mb for the week ended Sept. 17. Total inspections in 2020-21 are now at 131 mb, up 65% from the previous year. USDA is estimating soybean exports at 2.125 bb in 2020-21, up 26% from the previous year. Soybean inspections in 2020-21 are running above USDA’s estimated pace at a time when U.S. soybean supplies, in general, are neutral to bullish for soybean prices, Hultman said.

Wheat inspections totaled 17.3 mb for the week ended Sept. 17. Total wheat inspections in 2020-21 are now at 317 mb, up 8% from the previous year. USDA is estimating wheat exports at 975 mb in 2020-21, up 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, Hultman said.