USDA’s weekly export inspection data showed a week-over-week decline in export inspections for corn, soybeans and wheat. June 1 marked the beginning of the 2023-24 wheat marketing-year,
Net sales reductions of 210,500 MT of wheat were reported in week ended May 25, missing the expected range by over 100,000 MT. Weekly corn and soybean sales were near the low-end of their respective pre-report estimate.
Weekly corn inspections were down slightly from the previous week but were near the top-end pre-report estimate of 1.4 MMT. Corn in Wheat and soybean inspections were each near the respective low-end ranges.
Weekly export data for week ended May 18, showed net reductions for corn and wheat, while soybean sales were up noticeably from the previous week. Though, meal sales were the highlight; up 68% from the four-week average.
Weekly wheat inspections for week ended May 18, showed 407,682 MT, topping the range of expectations. Corn inspections were near the top-end of the pre-report range and up nearly 150,000 MT from the week prior.
In week ended May 11 corn and wheat marked new marketing year lows with net reductions of 339,000 MT and 42,100 MT, respectively. Weekly soybean sales were down 73% from the week prior and 89% from the four-week average.
Weekly corn inspections in week ended May 11, rose nearly 200,000 MT on the week, while wheat inspections increased 27,731 MT. Soybeans missed pre-report estimates and were down 250,000 MT from the previous week.
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.
