Corn Inspections Remain Bullish

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 49.4 million bushels for the week ended Thursday, Nov. 1, up from 18.0 mb for the same week a year ago. Inspections for 2018-19 total 390 million bushels, up 78% from the previous year and well above USDA's estimate for a 2% increase. The overall pace of total corn inspections remains bullish in early 2018-19, Hultman said.

Soybean weekly export inspections totaled 45.2 mb for the week ended Nov. 1, down from 91.6 mb for the same week a year ago. Inspections for 2018-19 total 315 million bushels, down 42% from a year ago and far below USDA's estimate for a 3% decrease. Total soybean inspections remain bearish in early 2018-19, Hultman said.

Wheat weekly export inspections totaled 12.0 mb for the week ended Nov. 1. This week's inspections were a little above 11.2 mb for the same week a year ago. Wheat inspections for 2018-19 total 329 mb, down 22% from a year ago and still far below USDA's projected 14% increase. Monday'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

(AG)

11/06/18
News Source: 
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