Inspections were in line with expectations last week, a little above for #soybeans. Some 914k tonnes of those beans were for #China (might be largest post-trade war weekly total?). #Corn inspections were the strongest for any week so far in 2019/20. #Wheat ttl ahead of last year.

@kannbwx

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Here's the chart showing weekly #corn inspections versus the previous four years. Data is through Nov. 14 for 2019/20.

To be fair, #corn inspections were extremely strong this time last year, so -58% YOY might be over-dramatizing this year's poor export demand. Inspections are down around 25% from the same point in 2017 (6.64 mmt as of Nov. 15, 2017).

Nov. 18: CBOT December #corn futures fell 3.5 cents/bu to $3.67-3/4, the lowest price in two months. U.S. demand still stinks, the U.S.-#China trade deal is dragging ('Phase 1' was originally set to be signed yesterday), and no huge weather risk on horizon for South America.

Still important to put #corn futures in context. Prices are at the highest levels for the time of year since 2014 and about 5 cents higher than last year. For reference, funds were close to flat a year ago. But today, they hold an est. net short > 130,000 fut+opt contracts.

Exports sales much better:

https://apps.fas.usda.gov/export-sales/highlite.htm

Inspections were in line with expectations last week, a little above for #soybeans. Some 914k tonnes of those beans were for #China (might be largest post-trade war weekly total?). #Corn inspections were the strongest for any week so far in 2019/20. #Wheat ttl ahead of last year.