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USDA Inspections, Corn Lower Than Expected Soy and Wheat at High Forecast

USDA Weekly Export Inspections, Corn Misses Low Expectations, Soybeans & Wheat Come in At High-End Projections.

 

Asian trading saw firmer Chicago soybean futures on Monday due to concerns over reduced production in drought-hit Argentina and support from strong US exports this month, despite some relief from recent rains. The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 1% to $15.24-1/2 per bushel. Wheat increased 0.6% to $7.54-1/2 per bushel and corn gained 0.4% to $6.85-1/2 per bushel.

A cold snap in the US Plains boosted wheat futures as it fanned worries about supply and potential escalations in the Russia-Ukraine war. The CBOT wheat outlook is stronger than usual but still not reaching the record 162,327 contracts seen in April 2017. Unlike 2016 and 2017, when funds held a net wheat short exceeding 100,000 contracts with strong open interest, the current scenario is different. CBOT wheat traded between $4.16 and $4.37 per bushel in April 2017, but as of Friday, the contract settled at $7.50 with a 2% increase in the last three sessions.

Traders also watched for signs of fresh demand from China, leading to higher corn prices. CBOT corn ended at $6.83 per bushel on Friday, a 5% increase from the month’s low and stronger than the year-ago $6.36. Both corn and wheat futures strengthened due to re-escalating tensions in the Black Sea and worries about insufficient supply there. March delivery corn futures rose 3 ¼ cents to $6.86 ¼ per bushel.

CORN -527,932 MT

Export inspections are down 200,860 MT from last week’s tally. Inspections are running 30.4% behind a year-ago, compared to 30.3% behind last week. USDA projects exports in 2022-23 at 1.925 billion bu., 22.0% below the previous marketing year.

Corn Exports
Corn

 

 

WHEAT- 445,433MT

Export inspections are up 96,040 MT from the previous week’s figure. Shipments are running 2.9% behind a year-ago, compared with 3.6% behind a year-ago last week. USDA projects exports in 2022-23 at 775 million bu., down 3.1% from the previous marketing year.

Wheat Exports
Wheat

 

 

SOYBEANS -1,855,293MT

 

Export inspections are up 16,576 MT from last week’s tally. Inspections are running 1.3% behind a year ago, compared to 2.7% behind last week. USDA’s 2022-23 export forecast of 1.990 billion bu. is 8.0% below 2021-22.

Soybean Exports
Soybean
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The risk of loss in trading futures and/or options is substantial, and each investor and/or trader must consider whether this is a suitable investment. Past performance is not indicative of future results. Trading advice is based on information taken from trades, statistical services, and other sources that Paradigm Futures believes to be reliable. We do not guarantee that such information is accurate or complete, and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice given will result in profitable trades.

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Full Disclaimer

The risk of loss in trading futures and/or options is substantial, and each investor and/or trader must consider whether this is a suitable investment. Past performance is not indicative of future results. Trading advice is based on information taken from trades, statistical services, and other sources that Paradigm Futures believes to be reliable. We do not guarantee that such information is accurate or complete, and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice given will result in profitable trades.