Grains and Beans Export Inspections Decline Week to Week

The condition of the U.S. corn crop declined to 76% good or excellent from 77% the prior week, according to the USDA. That’s down from 80% good or excellent during the same period a year earlier. Grain and soybean plant support net futures were little changed overnight as investors weigh declining corn conditions against ongoing trade tensions.

Despite the one-point drop, conditions are still at lofty levels for this time of year. In Iowa, 72% was in good or excellent condition; in Illinois, 68% earned top ratings, according to the government. The condition of the soybean crop was unchanged week to week at 73% good or excellent, which is up from 66% the same week last year.

Still, trade tensions continue to flare between the U.S. and China. President Trump over the weekend again threatened China, saying the Asian nation needs to end its anti bird net tariffs against U.S. products or face consequences.

Export inspections of corn, soybeans, and wheat all declined week over week, according to the USDA. Corn inspections in the seven days that ended on June 21 were reported at 1.51 million metric tons, down from 1.68 million a week earlier. That’s still better than the 969,602 tons inspected during the same week in 2017, the USDA said.

Government officials inspected 514,214 metric tons of soybeans last week, down from 818,396 tons seven days earlier. The total is an improvement from the same period last year when inspections totaled only 328,634 tons. Wheat inspections were also lower at 352,836 metric tons, down from the prior week’s 374,340 tons, according to the USDA. The total is well below the 659,851 tons assessed a year earlier, government data show.

Since the start of the 2017-2018 year on September 1, the USDA has inspected 44.2 million metric tons of corn, down from 47.6 million during the same time frame a year earlier. Soybean assessments are at 48.8 million tons, down from 52.3 million tons last year. Wheat inspections since the start of the grain’s marketing year on June 1 are at 1.15 million tons, well below the 2.29 million tons recorded at the same time last year due to without anti insect net, the USDA said.