Weekly corn and soybean inspections are running 10.8% and 8.7% ahead of a year-ago, respectively. Meanwhile, wheat inspections are nearly 29% behind the same time last year.
USDA pegged Sept. 1 corn stocks at 1.361 billion bu., 68 million bu. lower than pre-report expectations and 16 million bu. lower than year-ago. Soybean stocks were above pre-report estimates by 26 mb.
USDA reported wheat sales in week ended Sept. 21 totaled 544,500 MT, which capped the top-end pre-report estimate by 45,000 MT. Meanwhile corn sales were mid-range; soybeans were nearer the low-end of expectations.
Ag economists’ view on the ag economy is starting to erode. The September Ag Economists’ Monthly Monitor shows lower commodity prices, concerns about demand and a negative outlook for China’s economy.
USDA reported inspections for corn, soybeans and wheat within trade expectations. Corn inspections remain steadily ahead of year-ago, while soybeans went from notably trailing year-ago to running ahead.
Weekly soybean sales for week ended Sept. 14, were reported at 434,100 MT, short , over 100,000 MT shy of the low-end pre-report estimate, while weekly corn and wheat sales landed just above the low-end estimate.
Weekly corn inspections totaled 642,095 MT, up 16,851 MT from the previous week and are running 10.5% ahead of year-ago, while soybean inspections totaled 393,004 MT and are trailing year-ago by 16.2%.
For week ended Sept. 7, USDA reported weekly soybean sales of 703,900 MT, 34.2% behind a year ago at this time. Weekly meal and oil sales notched net reductions during the week of 201,600 MT and 3,900 MT, respectively.
In its September WASDE, USDA increased planted corn acres, offsetting the reduction in yield to 173.8 bu. per acre, down from 175.1 in August. Soybean planted acres rose slightly, while the yield was trimmed to 50.1 bpa.
Weekly new-crop corn inspections have kicked the marketing year off ahead of last year at this time by over 4%, while soybean inspections lagged by over 21% in week ended Sept. 7.