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US grain inspections in the third quarter of 2021 fell 29% year on year to 23.2 million mt, the lowest since 2015. Soybean inspections fell sharply as shipments to China receded, while corn inspections were slightly lower and wheat inspections rose.
Gulf and Pacific Northwest volumes both declined.
Lower soybean export volumes reflect weaker Chinese demand, which is bearish for US soybean prices and export basis. Lower rail and barge movements also point to softer logistics demand.
Not enough comparable past events yet for a historical read.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
