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Weekly Grain Movement – Soybeans top trade guesses

Feb 03, 2020

Ben Potter

USDA offered up a mostly positive batch of grain inspection data Monday morning, with soybeans showing the most upside after climbing 28% higher week-over-week and topping all trade estimates. Wheat also moved 83% higher last week, while corn faced a moderate decline.

Soybean export inspections reached 49.8 million bushels, trending moderately higher from a week ago and beating all trade estimates, which ranged between 20.2 million and 44.1 million bushels. Cumulative totals for the 2019/20 marketing year are now at 977.2 million bushels, remaining 23% above last year’s pace for now.

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