USDA Export Inspections

Export Inspections

Soybeans🫘: 8.856 mbu

Corn🌽: 57.251 mbu

Wheat🌾: 14.446 mbu

Analysis

Total inspections dropped 25.5% WoW to 2.128M MT, the lightest week in the current stretch. 

Corn fell 11.9% to 1.454M MT but the marketing year pace remains ahead of USDA’s 3.3B bushel target at 80.0% shipped with 79% elapsed. Mexico led at 479K MT. July corn settled at $4.175, still below all three major moving averages though RSI has improved from last week’s extreme 9.9 to 23.5. The 200 day at $4.40 remains the key level to reclaim. 

Soybeans posted the weakest week in some time at 241K MT, down 54.8%. Mexico topped the buyer list at 73K MT with China at 70K. July beans at $11.43 continue to hold above the 200 day at $11.16. The marketing year has shipped 88.5% of USDA’s 1.53B target. 

Wheat was the bright spot at 393K MT, up 9.8%. Philippines led at 103K. July wheat at $6.14 has reclaimed its 20 day average for the first time in weeks with RSI recovering to 52.1 from deeply oversold territory.