USDA’s May crop data was mostly bearish, though wheat production and ending stock estimates were notably shy of pre-report estimates, giving the wheat complex momentum to climb higher.
Weekly soybean and wheat export sales each missed their respective pre-report range, while corn sales were mid-range. Net soymeal (277,800 MT) and cotton (246,800 RB) sales were each the bright spots for the week.
Weekly corn inspections fall short of pre-report estimates, while corn and wheat inspections land near the lower-end of their respective ranges.
Weekly corn sales notched net reductions in week ended April 27, while shipments rose to a marketing year high of 1.699 MMT. Soyoil, cotton and pork shipments also reached marketing-year highs during the week.
Weekly corn inspections topped pre-report estimates of 1.35 MMT for week ended April 27, while wheat was near the top-end pre-report range and soybeans mid-range.
Weekly corn, soybean and wheat sales were all within their respective ranges for week ended April 20. While cotton and pork sales were each up noticeably from the previous week and the four-week average.
USDA’s export inspection data for week ended April 20, showed corn and soybeans declining notably from the previous week, while wheat inspections rose by over 100,000 MT.
Corn and soybean sales each missed their respective pre-report range for week ended April 13, though weekly wheat sales of 259,000 MT were 1 MT short of topping the pre-report range.
Highlights of agricultural conditions across the 12 Fed districts.
USDA reported corn inspections of 1.215 MMT in week ended April 13, topping the pre-report range of 700,000 MT to 1.05 MMT

Hillari Mason