USDA’s March WASDE showed corn domestic and global ending stocks above pre-report estimates, while soybeans and wheat were each slightly lower than expectations.
USDA reported weekly export inspections for week ended March 2, which showed corn inspections notably above pre-report expectations, while wheat and soybean inspections each missed the low-end pre-report range.
Soybean sales for the week were down 14% from the previous week and 25% below the four-week average. Corn sales for the week were down 48% from the four-week average, though wheat sales were up 39%.
Soybean export inspections for week ended Feb. 23 missed low-end expectations by 159,000 MT and were down from the previous week by 893,000 MT. Though wheat inspections were above top end estimates by over 90,000 MT.
Wheat sales for week ended Feb. 16 were 338,800 MT, a 62% increase from the previous week nearly 40% above the 4-week average. Corn sales were 30% below the 4-week average, with soybeans nearly 20% below.
USDA reported soybean export inspections of 1.578 MMT for week ended Feb. 16, with inspections outpacing year-ago by 3.5%. Corn, soybeans and wheat inspections were each within their expected ranges.
Net corn sales for week ended Feb. 9 were down 12% from the previous week, but up 15% from the prior 4-week average, while Wheat and soybean sales were down 32% and 35% from their respective 4-week averages.
Soybean export inspections were down nearly 360,000 MT from the previous week, but were near the top-end range of pre-report estimates. Soybean inspections are running currently running 1.6% ahead of a year ago.
Export sales data for week ended Feb. 2 showed net cotton sales of 262,800 RB, which was up 54% from the previous week and 58% from the prior 4-week average.
