Corn and Soybean Inspections Come Up Short

Wheat export shipments, on the other hand, were near the upper end of expectations.

USDA Weekly Grain Export Inspections
Week Ended September 14, 2017

Corn
Actual (MT) 676,819
Expectations (MT)

800,000-1,100,000

Comments:

Inspections are up 576 MT from the previous week and the tally was lighter than traders expected. Inspections are running 53.8% behind year-ago early in 2017-18 versus 59.5% behind the week prior. USDA’s 2017-18 export forecast of 1.850 billion bu. is down 19.4% from the previous marketing year.

Wheat
Actual (MT) 464,375
Expectations (MT) 300,000-500,000
Comments:

Inspections are fell 44,480 MT from the previous week and met expectations. Inspections are running 1.7% ahead of year-ago versus 2.4% ahead of year-ago last week. USDA’s export forecast for 2017-18 is at 975 million bu., down 7.6% from the previous marketing year.

Soybeans
Actual (MT) 928,575
Expectations (MMT) 1,000,000-1,300,000
Comments: Export inspections are down 178,183 MT from the previous week, and fell short of expectations. Inspections for 2017-18 are running 6.4% ahead of year-ago versus 4.0% behind year-ago at the start of the marketing year. USDA’s 2017-18 export forecast is at 2.250 billion bu., up 3.7% from year-ago.

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