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.
USDA raised its estimate for corn acreage by nearly 1.5 million from the end of March, while soybean acres were lowered 400,000. Meanwhile, corn, soybean and wheat June 1 stocks were each above pre-report estimates.
Wheat sales during the week ended June 20 topped analysts’ pre-report range for the second straight week. Soybean sales fell 49% on the week, while soyoil saw net reductions, which were a marketing-year low.
Weekly soybean inspections during the week ended June 20, rose modestly on the week and were near the upper end of the pre-report range, while corn and wheat inspections each declined from the previous week.
USDA reported corn sales of 511,400 MT for the week ended June 13, the lowest since the week ended April 11, though exports totaled 1.48 MMT during the week. Meanwhile, wheat and soyoil sales each topped expectations.
Soybeans inspected for export during the week ended June 13 rose 100,000 MT from the previous week, while wheat inspections rose modestly. Meanwhile, corn inspections were notable, but fell 54,000 MT on the week.
While falling short of pre-report expectations, both wheat and soymeal sales are running well ahead of year-ago. Meanwhile, soybean sales jumped 99% from the previous week and corn sales declined 11%.
