Net soybean sales during the week ended Nov. 14 rose 20% from the previous week and topped analysts’ expectations by 260,000 MT. Meanwhile, cotton sales during the week rose solidly to a marketing-year high.
Weekly wheat inspections during the week ended Nov. 14 declined 157,000 MT from the previous week and missed analysts’ pre-report range by more than 100,000 MT. Corn and soybean inspections were within expectations.
USDA cut the soybean yield by 1.4 bu. per acre to 51.7 bu. per acre, while ending stocks were pegged at 470 million bu. Both were well below average pre-report estimates. Meanwhile, both corn yield and ending stocks were below average estimates.
Corn sales during the week ended Oct. 31 totaled 2.77 MMT, according to USDA, which rose 18% from the previous week and four-week average. Net sales notably outpaced analysts’ expectations. Weekly soybean sales were reported at 2.04 MMT.
Soybean inspections during the week ended Oct. 31, led the decline, falling 469,793 MT, while wheat inspections fell 101,134 MT and missed pre-report expectations.
Corn sales during the week ended Oct. 24 declined 35% from the previous week to 2.34 MMT, while wheat sales dropped 23%. Meanwhile, soybean sales rose modestly on the week to 2.27 MMT.
Despite falling 155,000 MT from the previous week, soybean inspections remained strong during the week ended Oct. 24, landing near the top-end of analysts’ pre-report expectations. Corn and wheat inspections also declined and were near low-end estimates.
Pre-report expectations ranging from 2.2 MMT to 3.3 MMT indicated analysts expected huge corn sales during the week ended Oct. 17, though net sales topped the range by 300,000 MT. Soybean sales were also notable at 2.15 MMT.
