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USDA Grain Inspections for Export-June 10

Corn:

  • Inspections at 53 mil. bu., in line with expectations
  • Above the 39 mil. bu. needed weekly to reach USDA export forecast of 2.150 bil. bu.
  • Last week’s inspections revised up by nearly 2 mil. bu.
  • YTD inspections at 1.540 bil. bu., up 26% from YA (USDA forecast: up 29%)
  • Largest takers: Mexico (17 mil. bu.) and Japan (15 mil. bu.)
  • Expectation: No changes from USDA this month

Soybeans:

  • Inspections at 8.5 mil. bu., at the low end of expectations
  • Below the 14 mil. bu. needed weekly to reach USDA export forecast of 1.70 bil. bu.
  • YTD inspections at 1.490 bil. bu., down 17% from YA (USDA forecast: down 15%)
  • Nearly 3 mil. bu. destined for China
  • Expectation: No change from USDA on Wed., but recent data suggests a lower estimate

Wheat:

  • Inspections at 13 mil. bu. (1 mil. bu. – 23/24, 12 mil. bu. – 24/25), in line with expectations
  • YTD inspections at 11 mil. bu. vs. 12 mil. bu. YA
  • Last week’s census data suggests USDA 23/24 export forecast at 720 mil. bu. is too high
  • Surprising given USDA’s 10 mil. bu. increase in this forecast in May-24

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