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Soy,Wheat Inspections Bullish
12/10 3:49 PM
OMAHA (DTN) -- Weekly export inspections for corn came in below the amounts needed for the week to meet USDA projections, according to USDA's report released Monday, covering the week ending December 6. However, soybean and wheat inspections came in above weekly goals.
Soybean inspections of 32.9 million bushels were bullish, DTN Analyst Elaine Kub said, compared to the 16.6 mb needed this week to be on pace with USDA's projection of 975 mb for the 2007-2008 marketing year. Estimates were for 22 mb to 30 mb.
The amount of inspections needed this week was calculated by dividing the total amount of exports still required to meet USDA projections by the number of weeks left in the marketing year. Fundamental analysts track weekly export performance as one measure of grain demand.
Weekly wheat inspections of 26.5 mb should be viewed as bullish compared to the 18.6 mb needed this week to be on pace with USDA's projection of 1.150 billion bushels for the 2007-2008 marketing year, Kub said. Estimates were for 15 mb to 20 mb.
Corn inspections should be viewed as neutral to bearish, said Kub, with the reported 38.4 mb below the 44.0 mb needed this week to be on pace to meet USDA's projection of 2.350 bb for the 2007-2008 marketing year. Estimates were for 50 mb to 56 mb.
Corn inspections now total 676.873 bb for the year compared to 614.526 bb during the same period last year. Soybean inspections for the year-to-date total 344.563 mb compared to 413.737 mb. Wheat inspections have reached 730.294 mb versus 439.757 mb last year.
Main destinations for corn were Japan (8.0 mb) and Mexico (6.0 mb). Main destinations for soybeans were China (17.5 mb) and the Netherlands (4.7 mb). Those for wheat were Japan (4.0 mb) and Nigeria (3.2 mb).
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