Export Inspections Fade Compared to Previous Week.
Commodity wide technical selling has most markets in the red. Corn and wheat are making new lows as well as hogs. Cattle are trading below the May chart breakout areas. Kent Beadle, Paradigm Futures, has analysis.
Export Inspections
Corn – 406,680 MT
Corn export inspections have decreased by 194,388 metric tons compared to last week’s count. Inspections show a 24.9% increase from the previous year, a slight uptick from the 23.8% increase reported last week. The USDA projects exports for the 2023-24 period to reach 2.025 billion bushels, reflecting a substantial 21.9% rise over the previous marketing year.
Wheat – 276,584 MT
Turning to wheat, export inspections have seen a decline of 89,887 metric tons from the previous week’s figure. Shipments are currently running 23.2% behind the levels recorded a year ago, a slight decrease from the 24.0% reported last week. The USDA projects wheat exports for the 2023-24 period to amount to 700 million bushels, indicating a 7.8% decrease from the previous marketing year.
Soybeans – 1,443,385 MT
Soybeans, too, are experiencing a downturn in export inspections, with a decrease of 187,705 metric tons compared to the previous week’s tally. Inspections are currently running 10.9% behind the figures from a year ago, a slight increase from the 8.3% reported last week. The USDA’s export forecast for soybeans in the 2023-24 period is 1.755 billion bushels, representing an 11.9% decline from the previous marketing year.
