USDA pegged soybean production at 4.59 billion bu., up 10% from 2023, using a record yield of 53.2 bu. per acre. Corn production is estimated at 15.1 billion bu., using a yield forecast of 183.1 bu. per acre.
New-crop export sales for corn, soybeans and wheat each landed within analysts’ pre-report expectations, though soyoil sales posted net reductions for a second straight week.
Wheat inspections led the weekly increase, rising 168,623 MT, while soybean inspections exceeded pre-report estimates. Corn inspections were just short of topping analysts’ pre-report range.
Weekly new-crop corn and soymeal sales for the week ended July 18 each exceeded analyst’s expectations, while new-crop soybean sales were within the upper-end of the pre-report range.
Cotton sales during the week ended July 11 totaled 27,200 RB, down 50% from the previous week and 74% from the four-week average, while old-crop corn sales were short of pre-report expectations.
Wheat inspections during the week ended July 11 topped pre-report expectations and are outpacing year-ago by 26.3%. Corn inspections also proved noteworthy at 1.08 MMT.
USDA pegged old-crop corn ending stocks at 1.877 billion bu., well below the average estimate of 2.049 billion bu. Soybean ending stocks were also short of average trade guesses, while 2024-25 wheat ending stocks were up notably amid higher production.
