USDA Export Inspections

USDA Export Inspections

Soybeans🫘: 9.215 mbu 

Corn🌽: 58.896 mbu 

Wheat🌾: 15.835 mbu

Analysis 

Corn at 1.496M MT with Mexico loading 510K, South Korea at 264K, and Japan at 173K. Beans were light at 251K with Mexico at 54K, Algeria at 43K, and Egypt at 42K. Wheat held steady at 431K led by Philippines at 132K and Taiwan at 101K. This is the final week of the 25/26 corn and soybean marketing year. 

Corn finished at 83.806M MT, converting to 3.299 billion bushels against USDA’s 3.300 billion target. Beans came in at 40.744M MT, roughly 1.497 billion bushels against the 1.530 billion target, falling about 33 million bushels short. The new 26/27 corn and bean marketing year starts tomorrow. Wheat’s marketing year (started June 1) continues running 28% behind last year.

Wheat is giving back about 20 cents this morning after Friday’s explosive move. December corn settled at $5.365, November beans at $12.88, and December wheat at $7.84, all new 52 week highs. Every one of them is above all three moving averages. RSI readings are 86.0 for corn, 83.1 for beans, and 89.4 for wheat. The 20 day at $4.91 in corn, $12.12 in beans, and $6.82 in wheat mark the first pullback levels if this needs to cool off.