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.
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.
USDA reported weekly wheat sales of 405,800 MT for week ended June 29, while net corn sales rose 79% on the week to 251,700 MT. Soybean sales fell 17% week-over-week.
USDA reported over 94 million corn acres, which is over 2 million above pre-report estimates, while soybean acres were pegged at 83.505 million acres, over 4 million acres below the average pre-report estimate.
USDA's weekly export data for week ended June 22, showed net sales for corn, soybeans and wheat within their respective ranges, but near low-end expectations.
Corn inspections in week ended June 22 fell short of the expected pre-report range by over 150,000 MT and were down over 280,000 MT on the week. Wheat and soybean inspections landed in their lower respective ranges.
In week ended June 15, weekly corn sales totaled a tepid 36,000 MT, an 87% drop from the previous week and 74% from the four-week avg. Soybean export sales fell 4% on the week, but were up 98% from the four-week avg.
Delayed from its normal release due to Monday's holiday and technical difficulties, USDA reported a near 300,000 MT week-over-week decline in corn inspections, while soybean inspections rose modestly on the week.
USDA's weekly export sales data for week ended June 8, showed a second straight week of increasing soybean sales, while corn sales were mediocre. Wheat sales during the week were shy of the pre-report range by 35,000 MT.
USDA reported soybean export inspections of 140,179 MT, missing the low-end pre-report estimate of 175,000 MT, while corn inspections were near top-end estimates but were down slightly from the previous week.
Winter wheat production was reported the average trade guess, due to a notable drop in estimated SRW wheat production from May. Meanwhile, U.S. carryover for corn and soybeans landed above pre-report estimates.
The Drought Monitor showed 55% of the U.S. was covered by abnormal dryness/drought, up five percentage points from the previous week. USDA estimated drought covered 45% of corn production areas and 39% of soybeans.
USDA reported old-crop soybean sales of 207,200 MT for week ended June 1, a 68% increase from the previous week. New-crop sales of 264,600 MT were also reported.
USDA's weekly export inspection data showed a week-over-week decline in export inspections for corn, soybeans and wheat. June 1 marked the beginning of the 2023-24 wheat marketing-year,
Net sales reductions of 210,500 MT of wheat were reported in week ended May 25, missing the expected range by over 100,000 MT. Weekly corn and soybean sales were near the low-end of their respective pre-report estimate.
