Global carryover for corn and soybeans each surpassed pre-report expectations by 1.8 MMT and 1.5 MMT, respectively, largely neutralizing the lower-than-expected U.S. corn carryover.
Corn sales during week ended Nov. 30 totaled 1.3 MMT, while shipments reached a marketing-year high. Soymeal and soyoil shipments during the week also notched marketing-year highs.
Weekly corn inspections during week ended Nov. 30 totaled 1.16 MMT, exceeding the pre-report range by nearly 260,000 MT, while wheat and soybean inspections each fell short of respective pre-report ranges.
Weekly corn inspections missed the pre-report range and fell nearly 200,000 MT from the previous week, while wheat fell nearly 90,000 MT and soybeans nearly 190,000 MT.
USDA’s Weekly export inspections data showed corn, soybean and wheat inspections within pre-report ranges, though soybean inspections are increasingly falling behind year-ago.
USDA increased corn yield to 174.9 bu. per acre, bringing production to 15.234 billion bu. Meanwhile, soybean yield was pegged at 49.9 bu., up 0.3 bu. from last month.
