USDA Export Inspections

USDA Export Inspections

Soybeans🫘: 14.668 mbu 

Corn🌽: 68.504 mbu 

Wheat🌾: 15.481 mbu

Analysis 

Spain loaded 359K MT of corn this week, a massive week for a buyer that usually takes a fraction of that. Mexico at 423K and Japan at 328K on top of that kept total corn at 1.740M. Beans at 399K with Germany at 86K for the second time in three weeks, and wheat at 421K led by Japan at 82K.

Corn has shipped 94.3% of USDA’s 3.3 billion bushel target with 94.2% of the marketing year gone. Three weeks left and the pace is locked in. Wheat is the laggard at 15.8% of the new marketing year target versus 19.2% of the weeks elapsed, running 25% behind last year. All three have pulled back from the 52 week highs set two weeks ago. 

Friday’s settle had December corn at $4.62, below the 20 day ($4.68) for the first time in over a month but still above the converging 50 and 200 day averages near $4.47. November beans at $11.76 are in the same position, below the 20 day with RSI at 32.1, getting oversold again. A close below $4.47 where the 50 and 200 day sit together in corn would be a different conversation, while reclaiming the 20 day at $4.68 says the pullback was just a pause.