Corn Inspections At Top End of Expectations

February 6, 2012 04:05 AM
 

Wheat export inspections were within expectations.

Following are highlights of the Weekly Grain Export Inspections Report for the week ended Feb. 2, 2012:

 

USDA Weekly Grain Export Inspections
Week Ended Feb. 2

Corn

Actual (million bu.)

39.389

Expectations (million bu.)

35-40

Comments:

Inspections were at the top end of expectations and about 16.6 million bu. above last week's tally. Inspections are running 0.2% behind year-ago, compared to 0.6% behind last week. USDA's 2011-12 export forecast is at 10.1% below the previous marketing year at 1.65 billion bushels.

Wheat

Actual (million bu.)

14.505

Expectations (million bu.)

17-22

Comments:

Inspections were below expectations and about 4 million bu. below last week's tally. Inspections are running 14.7% below year-ago, compared to 13.1% below last week. USDA's export forecast for the 2011-12 marketing year is 950 million bu., down 26.3% from the previous marketing year.

Soybeans

Actual (million bu.)

37.292

Expectations (million bu.)

40-45

Comments:

Inspections were below expectations and about 4.5 million bu. below last week's tally. Inspections for the new marketing year are running 26.2% below year-ago, compared to 26.7% below last week. USDA's 2011-12 export forecast is at 1.275 billion bu., down 15.1% from year-ago.

Link to USDA report.

 

 

Juli says: Based on the above data, it's time for USDA to raise its corn export forecast in this Thurday's Supply & Demand Report. Corn inspections are running ahead of the needed pace to reach USDA's forecast.

Back to news


RELATED CONTENT

Comments

 
Spell Check

No comments have been posted to this News Article

Corn College TV Education Series

2014_Team_Shot_with_Logo

Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!

Markets

Market Data provided by QTInfo.com
Brought to you by Beyer
Close