Corn Inspections Remain Bullish
9 Nov 2018
OMAHA (DTN) -- Corn inspections remained bullish, while soybean and wheat inspections remained bearish in the latest USDA export inspections report, according to DTN Analyst Todd Hultman.
Corn weekly export inspections totaled 44.7 million bushels for the week ending Thursday, Nov. 8, up from 16.0 mb for the same week a year ago. Inspections for 2018-19 total 437 million bushels, up 86% from the previous year and well above USDA's estimate for a 1% increase. The overall pace of total corn inspections remains bullish in early 2018-19, Hultman said.
Soybean weekly export inspections totaled 47.8 mb for the week ending Nov. 8, down from 80.3 mb for the same week a year ago. Inspections for 2018-19 total 364 million bushels, down 42% from a year ago and far below USDA's new estimate for an 11% reduction. Total soybean inspections remain bearish in early 2018-19, Hultman said.
Wheat weekly export inspections totaled 12.6 mb for the week ending Nov. 8. This week's inspections were a little above 11.3 mb for the same week a year ago. Wheat inspections for 2018-19 total 342 mb, down 21% from a year ago and still far below USDA's projected 14% increase. Tuesday's inspections report remained a bearish factor for wheat prices, Hultman said.
Todd Hultman can be reached at todd.hultman@dtn.com
Follow him on Twitter @ToddHultman
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