USDA Grain Export Inspections

USDA Grain Export Inspections

Soybeans🫘: 12.819 mbu 

Corn🌽: 58.581 mbu 

Wheat🌾: 14.508 mbu

Analysis 

Wheat jumped 72% to 395K MT with a scattered buyer sheet led by Bangladesh at 58K, Mexico at 54K, and Colombia at 35K. Corn slipped to 1.488M MT, the lightest week since late June, with Mexico at 450K, Japan at 252K, and Colombia at 236K. Beans were steady at 349K with Mexico at 88K and Algeria at 49K out of the Gulf, a name that shows up maybe once a quarter on this report. 

Corn has shipped 89.9% of USDA’s 3.3 billion bushel target with 90.4% of the marketing year gone, the first time the pace has dipped behind the line in weeks. Not by much, but the direction is worth watching with five weeks left. Wheat continues running 23% behind last year’s pace heading into week eight of the new marketing year, though this week’s report at least brought it closer to the weekly average needed. 

All three are trading lower this morning, with beans down about 35 cents leading the way and corn off about 11. Friday’s settle had December corn at $4.875 and November beans at $12.535, both fresh 52 week highs. Corn is above all three averages (20 day $4.59, 50 day $4.47, 200 day $4.44) with RSI at 63.5, still room to run. Beans are in the same spot above everything with RSI at 73.0, getting warm. A close above $4.88 in corn is new contract high territory, while a break back under the 20 day at $4.59 is the first check on this rally.