Corn Inspections Remain Bullish

OMAHA (DTN) -- Corn inspections remained bullish, while soybean and wheat inspections remained bearish in the latest USDA export inspections report, according to DTN Analyst Dana Mantini.

Corn weekly export inspections totaled 35.9 million bushels (mb) for the week ended Thursday, Dec. 27, up from 28.6 mb for the same week a year ago. Inspections for 2018-19 total 704.8 mb, up 69% from the previous year and well above USDA's estimate for a 0.5% increase. The overall pace of total corn inspections remains bullish in early 2018-19, Mantini said.

Soybean weekly export inspections totaled 24.9 mb for the week ended Dec. 27, down from 44.4 mb for the same week a year ago. Inspections for 2018-19 total 606.8 mb, down 42% from a year ago and far below USDA's estimate for an 11% reduction. Total soybean inspections remain bearish in early 2018-19, Mantini said.

Wheat weekly export inspections totaled 13.8 mb for the week ended Dec. 27. This week's inspections were above 10.1 mb for the same week a year ago. Wheat inspections for 2018-19 total 465.6 mb, down 13% from a year ago and are still below USDA's projected 14% increase. The overall pace of wheat inspections remains a bearish factor for prices, Mantini said.

Dana Mantini can be reached at dana.mantini@dtn.com

Follow Dana on Twitter @mantini_r

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