Weekly export inspections reported by USDA were bullish for corn for the week ended May 22, and bearish for soybeans and wheat according to DTN Analyst Todd Hultman.
“Corn weekly export inspections were bullish with the reported 45.7 million bushels (1,160,147 mt) above the 44.0 mb needed this week to stay on pace with USDA’s demand projection of 1.900 bb,” Hultman said. Pre-report estimates ranged from 32 to 46 million bushels.
Soybean weekly export inspections were bearish with the reported 3.3 million bushels (89,269 mt) below the 4.1 mb needed this week to stay on pace with USDA’s demand projection of 1.600 bb, according to Hultman. Pre-report estimates ranged from 2 to 7 million bushels.
Weekly wheat export inspections of 18.7 million bushels (507,888 mt) were bearish, below the 38.0 mb needed this week to stay on pace with USDA’s demand projection of 1.185 bb, Hultman added. Pre-report estimates ranged from 16 to 21 million bushels.
