USDA Grain Export Inspections

USDA Grain Export Inspections

Soybeans🫘: 19.413 mbu

Corn🌽: 64.634 mbu

Wheat🌾: 4.911 mbu

Analysis 

Holiday shortened week drove total inspections down 18.4% to 2.306M MT. 

Corn eased 9.6% to 1.642M MT with Mexico dominating at 557K followed by Japan at 312K and Colombia at 222K. The marketing year has shipped 84.2% of USDA’s 3.3B bushel target with 84.6% elapsed, right on pace. July corn settled Thursday at $4.415, now above both the 20 day ($4.26) and 200 day ($4.41) moving averages for the first time in over a month. RSI at 70.4 reflects the sharp recovery from the sub 10 readings just three weeks ago. 

Soybeans were the bright spot at 528K MT, up 19.0%. China returned as the top buyer in force at 268K MT with Mexico at 65K and Indonesia at 52K. July beans at $11.48 remain above the 20 day and 200 day averages with RSI at 65.8. 

Wheat fell 66.4% to just 134K MT, the lightest week of the new marketing year, with no Pacific port shipments reported. Mexico led at 61K. The holiday week likely explains the drop. July wheat at $5.9975 holds above its 200 day at $5.63.