Corn, Soybean and Wheat Export Inspections Disappoint
Following are highlights of the Weekly Grain Export Inspections Report for the week ended Nov. 29, 2012:
USDA Weekly Grain Export Inspections | |
Corn | |
Actual (million bu.) | 9.626 |
Expectations (million bu.) | 23-26 |
Comments: | Inspections were down 6.442 million bu. from last week's tally and well below expectations. Inspections are running 48.1% behind year-ago compared to 45.2% behind last week. USDA's 2012-13 export forecast is at 25.5% below the previous marketing year at 1.150 billion bushels. |
Wheat | |
Actual (million bu.) | 14.186 |
Expectations (million bu.) | 17-21 |
Comments: | Inspections were up more than 6 million bu. from last week's tally but below expectations. Inspections are running 13.6% below year-ago, compared to 14.0% behind last week. USDA's export forecast for the 2012-13 marketing year is at 1.100 billion bu., up 4.8% from the previous marketing year. |
Soybeans | |
Actual (million bu.) | 51.082 |
Expectations (million bu.) | 55-62 |
Comments: | Export inspections were up roughly 4.5 million bu. from last week's tally but still below expectations. Inspections for the new marketing year are running 39.9% ahead of year-ago, compared to 37.8% ahead last week. USDA's 2012-13 export forecast is at 1.345 billion bu., down 1.2% from year-ago. |