USDA Weekly Export Inspections

Export Inspections

Soybeans🫘: 15.382 mbu

Corn🌽: 60.617 mbu

Wheat🌾: 13.727 mbu

Analysis 

60.6 million bushels of corn this week, and that is the sixth straight week above 55. Mexico took 480K MT, Japan 301K, and Vietnam showed up at 205K. Beans came in at 419K with Egypt loading 109K and Saudi Arabia making a rare appearance at 22K. Wheat bounced to 374K after last week’s holiday distortion dropped it to 134K, the lightest print of the new marketing year. 

Corn has shipped 86.1% of USDA’s 3.3 billion bushel target with 86.5% of the marketing year behind us. Beans are at 91.9% of the 1.53 billion target with plenty of runway left. The wheat marketing year is still early at week six, but the pace is running behind last year so far. Saudi Arabia buying beans is a name worth watching. That is not a regular on this sheet. 

Friday’s settle had September corn at $4.61, above the 20 day ($4.35), 50 day ($4.49), and 200 day ($4.42) for the first time in over a month. September beans at $11.91 and September wheat at $6.40 are in the same position, all three above all three averages. Corn RSI at 71.6 is getting warm but the 52 week high at $4.86 is the next upside reference. A close above $4.64 clears the 20 day high and opens the door to that $4.86 level, while a break back under the 200 day at $4.42 resets the recovery.