USDA Export Inspections

USDA Export Inspections

Soybeans🫘: 42.366 mbu 

Corn🌽: 61.637 mbu 

Wheat🌾: 11.413 mbu

Analysis 

China loaded 807K MT of soybeans this week, 70% of the 1.153M total and the seasonal buying wave is accelerating. Egypt at 114K and Japan at 51K took most of the rest. Corn came in at 1.566M with Mexico at 511K, South Korea at 339K, and Japan at 251K. Wheat was light at 311K with Philippines at 121K, Mexico at 69K, and Nigeria at 55K. 

Four weeks into the new 26/27 corn and bean marketing year. Corn has moved 5.726M MT versus 5.109M a year ago, 12% ahead of last year’s pace. Soybeans at 2.845M are running 26% ahead, driven by the China volumes. Wheat at week 17 has shipped 6.343M versus 9.672M a year ago, a 34% deficit that keeps widening. All three are lower this morning, with beans off about 35 cents leading the selloff. 

Friday’s settle had December corn at $5.2825, below its 20 day ($5.35) for the first time since the rally began. November beans at $13.19 are barely holding the 20 day ($13.14) with RSI at 51.4. December wheat at $7.0325 is the weakest of the three technically, below its 20 day ($7.35) with RSI at 30.6. The 50 day at $7.01 in wheat is the level to hold, while corn needs to reclaim $5.35 to keep the uptrend intact.