Weekly corn sales landed just above the low-end pre-report estimate, down 58% from the week prior and 68% from the four-week average. Soybean sales were up notably from the week prior and 17% from the four-week average.
USDA kept corn and soybean ending stocks unchanged from March, while traders were anticipating a reduction for both crops. Meanwhile, wheat ending stocks rose as expected.
USDA reported soybean and wheat export inspections of 669,566 MT and 335,444 MT, respectively; up over 165,000 MT from the previous week. While corn inspections dropped notably.
USDA reported weekly sales in week ended March 30 were down 55% from the previous week and 42% from the four-week average, while corn sales rose 20% on the week, but were down 26% from the four-week average.
Wheat export inspections in week ended March 30 were reported at 168,543 MT, missing the low-end of the pre-report range by over 130,000 MT. Corn inspections were notable, but still lag last year’s pace by nearly 37%.
USDA’s Quarterly Stocks data showed figures lower than the average trade guess, sending the soybean market higher, while the news also led corn higher, though gains have been capped by higher-than-expected acres.
USDA reported weekly soymeal sales of 377,900 MT in week ended March 23, which was up noticeably over the previous week and 81% from the four-week average.
Weekly export inspections for week ended March 23 revealed a notable drop in corn inspections from the previous week, while wheat and soybeans were each higher on the week.
USDA reported weekly corn sales in week ended March 16 at 3.096 MMT, while soybeans and wheat each missed the low-end of their respective pre-report ranges.
Corn, soybeans and wheat export inspections each topped the previous week, though soybean Inspections continue to run ahead of last year by nearly 3.0%, while corn lags by over 36.0%, with wheat behind by 1.6%.
