Grain Inspections Mixed

OMAHA (DTN) -- Soybean inspections remain neutral while corn and wheat inspections remain bearish in the latest USDA Export Inspections report, according to DTN Senior Analyst Dana Mantini.

Corn inspections totaled 48.6 million bushels (mb) for the week ended Thursday, June 25, above the 46.4 mb needed each week to reach USDA's export estimate of 1.775 billion bushels (bb). Inspections for 2019-20 now total 1.308 bb, down 20% from the previous year. Corn inspections in 2019-20 are running below USDA's estimated pace at a time when U.S. corn supplies, in general, are bearish for corn prices, Mantini said.

Soybean inspections totaled 11.9 mb for the week ended June 25, below the 27.1 mb needed weekly to reach USDA's export estimate of 1.650 bb. Inspections for 2019-20 now total 1.352 bb, down 1% from the previous year. Soybean inspections in 2019-20 are running below USDA's estimated pace at a time when U.S. soybean supplies, in general, are neutral for soybean prices, Mantini said.

Wheat inspections totaled 18.9 mb for the week ended June 25, slightly above the 18.3 mb needed weekly to reach USDA's export estimate of 950 mb in 2020-21. Inspections for 2020-21 now total 74 mb, up 1% from the previous year. Wheat inspections in 2020-21 are running above USDA's estimated pace at a time when U.S. wheat supplies, in general, remain bearish for wheat prices, Mantini said.

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