U.S. #corn export inspections last week were near the top of expectations and included ~7 cargoes to #China. #Soybeans were poor after several average weeks - no cargoes to China. #Wheat right in line with expectations.
#Corn inspections were kinda "meh" for the week (but above average expectations). #Soybeans dipped below the same week in 2021 - a notoriously dry stretch for US soy exports. #Wheat inspections were record low for the week - spot on with expectations.
NOPA U.S. Crush, April 2023:173.232 mln bu of #soybeans
All-time April record (beating 2020); +2% YOY
Below trade guess (174.173 mbu)
#Soyoil stocks 1.957 bln lbs14-month high, up from March (1.851B)Trade thought 1.828B (expected Mar-Apr decline)
The #Ukraine grain export deal has been extended for 2 months. #Russia says its demands have not yet been met but it agreed to the extension to help ensure global food security. Mid-July appears to be the next deadline.