Weekly corn inspections during the week ended April 25 were down 435,000 MT from the previous week, which was revised 38,000 MT higher. Corn, wheat and soybean inspections were all within pre-report estimates.
The NWS 30-day forecast calls for below-normal precip across the northern and western Corn Belt during September. There are also higher odds of above-normal temps over much of the western Corn Belt next month.
As of Aug. 16, 67% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, up one point from the previous week. Rainfall across the Midwest was 'hit-and-miss.'
USDA export sales data through week ending August 11, revealed new-crop soybeans sales were the largest for either 2021-22 or 2022-23 since the end of March, with wheat export sales reaching a marketing-year low.
Export Inspections for week ended August 11, 2022 were within trade expectations, but well below last week's figures. Corn, Soybeans, and wheat continue to fall behind year-ago levels.
Soybeans led a round of heavy, broad-based selling across the grain and soy markets overnight amid favorable weather, along with heightened Chinese tensions and economic concerns.