Agriculture News
Wheat inspections during the week ended July 18 slid 383,000 MT from the previous week, falling short of pre-report expectations.
Cotton sales during the week ended July 11 totaled 27,200 RB, down 50% from the previous week and 74% from the four-week average, while old-crop corn sales were short of pre-report expectations.
Wheat inspections during the week ended July 11 topped pre-report expectations and are outpacing year-ago by 26.3%. Corn inspections also proved noteworthy at 1.08 MMT.
USDA pegged old-crop corn ending stocks at 1.877 billion bu., well below the average estimate of 2.049 billion bu. Soybean ending stocks were also short of average trade guesses, while 2024-25 wheat ending stocks were up notably amid higher production.
Soymeal sales fell 75% from the previous week, while beef sales dropped 46%.
Weekly corn inspections rose 193,000 MT from the previous week, while wheat inspections rose modestly. Soybean inspections declined on the week.
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USDA raised its estimate for corn acreage by nearly 1.5 million from the end of March, while soybean acres were lowered 400,000. Meanwhile, corn, soybean and wheat June 1 stocks were each above pre-report estimates.
In the wake of the heavy flooding in the northwestern Corn Belt, there have been a lot of questions about USDA’s methodology for assessing crop conditions. We’ve got the answer.