Grain Inspections Mixed

OMAHA (DTN) -- Corn inspections remained neutral to bearish, soybean inspections were neutral to bullish and wheat inspections were bearish in the latest USDA Export Inspections report, according to DTN Lead Analyst Todd Hultman.

Corn inspections totaled 27.0 million bushels (mb) for the week ended Thursday, Dec. 12, below the 41.9 mb needed each week to reach USDA's export estimate of 1.850 billion bushels (bb). Inspections for 2019-20 now total 285 mb, down 55% from the previous year. Corn inspections in 2019-20 are running below USDA's estimated pace at a time when U.S. corn supplies, in general, are neutral to bearish for corn prices, Hultman said.

Soybean inspections totaled 46.3 mb for the week ended Dec. 12, above the 30 mb needed weekly to reach USDA's export estimate of 1.775 bb. Inspections for 2019-20 now total 685 mb, up 23% from the previous year. Soybean inspections in 2019-20 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 18.6 mb for the week ended Dec. 12, a little below the 19.9 mb needed weekly to reach USDA's export estimate of 975 mb. Inspections for 2019-20 now total 499 mb, up 16% from the previous year. Wheat inspections in 2019-20 are running above USDA's estimated pace at a time when U.S. wheat supplies, in general, remain bearish for wheat prices, Hultman said.

(AG)

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