USDA reported weekly inspections declined for corn, soybeans and wheat, with wheat falling more than 310,000 MT from the previous week, missing pre-report estimates.
Old-crop weekly soybean sales faded on the week, while new-crop sales rose steadily amid a recent uptick in purchases. Meanwhile, old-crop corn sales were shy of the pre-report range, while wheat sales rose notably.
Weekly wheat inspections in week ended July 27 rose 220,413 MT from the previous week, topping the pre-report range. Shipments are now running 4.8% behind a year ago, compared to 16.9% last week.
USDA reported corn sales were up 33% on the week, while soybeans were up noticeably and up 73% from the four-week average. Weekly wheat sales rose 37% week-over-week, but were down 17% from the four-week average.
Wheat inspections in week ended July 20 were up 85,621 MT from the previous week and above the pre-report range. Soybean inspections rose notably from the previous week, while corn fell 100,000 MT.
USDA reported net soymeal sales of 272,500 MT for week ended July 13, which exceeded top-end pre-report estimates. Meanwhile, net wheat sales fell short of trade expectations.
USDA’s weekly export inspection data for week ended July 13 showed a mild increase in corn inspections from the previous week, while soybeans and wheat declined notably.
In its July WASDE, USDA slashed the corn yield by 4 bu., which put 2023-24 ending stocks near pre-report estimates. Its soybean yield projection was unchanged, leaving ending stocks well above pre-report estimates.
USDA reported wheat inspections of 419,134 MT for week ended July 6, topping pre-report estimates, while corn inspections missed the respective range by nearly 160,000 MT.
