Grain Inspections Bullish

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

Corn weekly export inspections were 31.7 mb (805,756 mt) for the week ending Thursday, Aug. 24. This is below 56.0 mb for the same week a year ago. Inspections for 2016-17 totaled 2.208 billion bushels, up 23% from the previous year and still above USDA's projected 17% demand increase. While corn's recent numbers continue to fall short of a year ago, the overall pace of inspections remains bullish with one storm-disrupted week left in 2016-17, Hultman said.

Soybean weekly export inspections were 26.3 mb (716,171 mt) for the week ending Aug. 24. This is below 33.9 mb for the same week a year ago. Inspections for 2016-17 total 2.096 billion bushels, up 13% from the previous year and above the 11% gain in USDA's latest export estimate. Monday's inspections maintained a modestly bullish pace for soybeans, Hultman said.

Wheat weekly export inspections were 24.6 mb (670,748 mt) for the week ending Aug. 24. This is above 21.2 mb for the same week a year ago. Marketing year inspections for 2017-18 total 273 mb, up 12% from a year ago and still well above USDA's projected 8% decline. The inspection pace for wheat remains bullish in 2017-18, Hultman said.

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

Follow Todd Hultman on Twitter @ToddHultman1

(AG/ES)

© Copyright 2017 DTN/The Progressive Farmer. All rights reserved.