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 32.7 million bushels (mb) for the week ended Thursday, March 5, below the 43.9 mb needed each week to reach USDA's export estimate of 1.725 billion bushels (bb). Inspections for 2019-20 now total 588 mb, down 44% from the previous year. Corn inspections in 2019-20 are running behind 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 21.0 mb for the week ended March 5, below the 27.2 mb needed weekly to reach USDA's export estimate of 1.825 bb. Inspections for 2019-20 now total 1.107 bb, up 12% from the previous year. Soybean inspections in 2019-20 are running ahead of 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 15.3 mb for the week ended Thursday, March 5, 2020, below the 21.4 mb needed weekly to reach USDA's export estimate of 1.000 bb. Inspections for 2019-20 now total 707 mb, up 9% from the previous year. Wheat inspections in 2019-20 are running ahead of 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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