USDA Export Inspections

USDA Export Inspections

Soybeans🫘: 15.465 mbu 

Corn🌽: 51.032 mbu 

Wheat🌾: 15.642 mbu

Analysis 

51 million bushels of corn this week, down a third from the prior week. Mexico at 388K, Japan at 307K, Colombia at 101K. Beans at 421K with Egypt loading 117K, Indonesia at 72K, and Italy at 61K. Wheat at 426K was led by Philippines at 117K, South Korea at 78K, and Japan at 72K, with Pacific ports handling the bulk of the wheat volume. 

One week left in the 24/25 corn marketing year and the final pace check: 98.2% of USDA’s 3.3 billion bushel target shipped with 98.1% of the year elapsed. That will come in right on the number. Beans are at 97.2% of the 1.53 billion target with the same runway. Wheat is the drag, running 26% behind last year’s pace at this point in the new marketing year. Corn is up about 6 this morning with beans giving back about 20. 

Corn is trading about 6 higher this morning near $5.15, extending Friday’s new 52 week high. Beans are giving back about 20 cents after last week’s rally. Wheat is essentially unchanged near $7.00. Friday’s settle had December corn at $5.085, above all three averages (20 day $4.76, 50 day $4.58, 200 day $4.49) with RSI at 71.3. November beans at $12.395 are in the same position above everything with RSI at 71.4, just off the 52 week high at $12.535. A close above $5.09 in corn is uncharted territory, while the 20 day at $4.76 is the first pullback reference.