Grain Inspections Bullish

OMAHA (DTN) -- Corn, soybean and wheat inspections were bullish again this week in this week's export inspections report, according to DTN Analyst Todd Hultman.

Corn weekly export inspections were 438.0 mb (965,608 mt) for the week ending Thursday, June 22. This is below 57.1 mb for the same week a year ago. Inspections for 2016-17 totaled 1.874 billion bushels, up 41% from the previous year and still well above USDA's projected 17% demand increase. Even though inspections were lower this week, Monday's report remains bullish for corn, Hultman said.

Soybean weekly export inspections were 11.6 mb (315,099 mt) for the week ending June 22. This is above 10.9 mb for the same week a year ago. Inspections for 2016-17 total 1.919 billion bushels, up 18% from the previous year and well above USDA's projected 6% demand increase. Monday's inspections were bullish for soybeans, Hultman said.

Wheat weekly export inspections were 23.1 mb (629,070 mt) for the week ending June 22. This is above 18.9 mb for the same week a year ago. Marketing year inspections for 2017-18 total 82.9 mb, up 32% from a year ago and well above USDA's projected 3% decline. It is still early in the new 2017-18 season, but Monday's report was bullish for wheat, Hultman said.

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

Follow Todd Hultman on Twitter @ToddHultman1

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