Grain Export Inspections

USDA Grain Export Inspections

Soybeans🫘: 10.910 mbu

Corn🌽: 61.015 mbu

Wheat🌾: 7.862 mbu

Analysis 

Corn held steady at 1.550M MT, nearly identical to the prior week, with top exports going to Mexico at 402K, Japan at 343K, South Korea at 213K. Beans dropped to 297K with an interesting export destination of Germany at 59K MT. Wheat came in light at 214K with Mexico taking more than half at 118K. 

Corn has shipped 88.0% of USDA’s 3.3 billion bushel target with 88.5% of the marketing year elapsed. Beans at 92.7% of the 1.53 billion target. The new marketing year for Wheat sits at 2.13M MT versus 3.02M a year ago, running nearly 30% behind last year’s pace heading into week seven. 

Friday’s settle had September corn at $4.675, comfortably above the 20 day ($4.46), 50 day ($4.47), and 200 day ($4.43) with RSI at 59.9. September beans at $12.03 are sitting right at a new 20 day high and within striking distance of the 52 week high at $12.23. September wheat printed a new 52 week high at $6.8275 with RSI at 77.8, overbought but running. A close above $6.83 is uncharted territory for this contract, while a pullback to the 20 day near $6.18 would be the first logical support.