USDA pegged winter wheat production at 1.875 billion bu., just below expectations along with new-crop wheat U.S. ending stocks. However, U.S. and global corn and soybean ending stocks were above pre-report estimates.
Corn, soybean and wheat export inspections during the week ended June 6, each notched a weekly decline, with soybean inspections marking the greatest drop, down 130,215 MT from the previous week.
Weekly corn inspections rose 244,000 MT from the previous week to 1.37 MMT during the week ended May 30, landing above pre-report expectations. Wheat and soybean inspections also rose on the week.
Weekly soybean sales during the week ended May 23 rose 18% from the previous week, though exports for the week slipped to a marketing-year low of 208,400 MT.
Weekly wheat inspections during the week ended May 23 rose 170,704 MT from the previous week, while corn inspections fell nearly 150,000 MT. Meanwhile, soybean inspections rose modestly on the week.
Soymeal sales during the week ended May 16 landed short of pre-report expectations and were down 52% from the previous week. Meanwhile, corn sales rose 23% from the previous week.
Weekly corn inspections during the week ended May 16 rose more than 200,000 MT from the previous week, while wheat and soybean inspections each fell notably on the week, missing pre-report estimates.
During the week ended May 9, weekly pork sales totaled 21,100 MT, a marketing-year low, while soybean sales missed the pre-report range of estimates, falling 38% from the previous week. Weekly corn sales dropped 17%.
Soybean export inspections during the week ended May 9 reached 406,000 MT, above the expected pre-report range and up 48,000 MT from the previous week. Corn and wheat inspections were as expected.
The corn and wheat markets are deepening earlier gains amid lower-than-expected U.S. and global corn ending stocks, while all wheat production was reported 30 million bu. short of the average trade estimate.
