USDA Export Inspections

USDA Export Inspections

Soybeans🫘: 24.722 mbu 

Corn🌽: 60.042 mbu 

Wheat🌾: 16.783 mbu

Analysis 

China loaded 328K MT of soybeans this week, nearly half the total and the seasonal pickup is underway. Indonesia at 74K and Japan at 65K rounded out the top three. Corn came in at 1.525M with Mexico at 478K, South Korea at 276K, and Japan at 211K. Wheat at 457K was led by Japan at 119K, Mexico at 111K, and Thailand at 93K, with Pacific ports moving most of the volume. 

This is the second week of the new 26/27 corn and soybean marketing year. The September WASDE set the export targets: corn at 3.275 billion bushels, soybeans at 1.685 billion, and wheat unchanged at 775 million. USDA also raised the corn farm price to $4.80 and beans to $12.00, reflecting the summer rally. Wheat is now 15 weeks into its marketing year and still running behind last year at 5.676M MT versus 7.859M a year ago.