USDA's weekly export inspection data for week ended July 13 showed a mild increase in corn inspections from the previous week, while soybeans and wheat declined notably.
USDA's new-crop ending stocks forecasts for soybeans and wheat came in much higher than expected. The wheat crop estimate was also bigger than anticipated.
In its July WASDE, USDA slashed the corn yield by 4 bu., which put 2023-24 ending stocks near pre-report estimates. Its soybean yield projection was unchanged, leaving ending stocks well above pre-report estimates.
Soybean futures extended this week’s gains ahead of USDA’s reports during overnight trade. Corn followed to the upside, while wheat traded mostly lower.
USDA reported wheat inspections of 419,134 MT for week ended July 6, topping pre-report estimates, while corn inspections missed the respective range by nearly 160,000 MT.
Soybeans are sharply higher with Corn and wheat futures also higher. Cattle futures open the week with a softer tone and lean hog futures are mildly higher...