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.
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.
