Export inspections for #soybeans & #wheat fell below analyst expectations (even though the low bar for wheat was near the floor). The soy number is distinctly below average for the week, same with #corn. Some 56% of the beans last week were inspected at the Gulf.
Interesting look at weekly export inspections of U.S. #soybeans at the Gulf and PNW. Note that the scales are different, the Gulf handles much more. Couple weeks ago, total soy inspections neared all-time highs. This breakout shows it was caused by a strong PNW effort.
Same view for #corn. Last week I mentioned the possibility that the very poor number could be adjusted upward this week (it has happened many times in the past), but that was NOT the case here.
Revisiting the 2022 vs 2008 commodity price comparison. Prices are below June 1 levels but have avoided a 2008-style late-year downside acceleration.#Corn, for example, was trading 45% below June averages by early Nov 2008. This year, corn has fallen about 9% since June.
