Soy,Wheat Inspections Bullish 12/10 15:49
Soybean and wheat inspection totals were above weekly goals for the week
ending December 6. Corn inspection totals were below weekly targets.
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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