Grains are lower at noon:
Corn – 7 1/4 cents/bu (May @ 5.45 1/4)
Soybeans – 8 1/4 cents/bu (May @ 13.92 1/4)
Chi Wheat – 3/4 cents/bu (May @ 6.12 1/2)
Cdn $ +0.00015 (79.400 cernts)
WTI Crude Oil -0.03/barrel (60.94)
The grain exports inspections summary was released this morning in million bushels.
| | Actual | Estimates | Last Week | 10-Week Average |
| Corn | 66.7 | 47.2-88.6 | 79.4 | 61.5 |
| Soybeans | 15.6 | 5.5-21.1 | 18.2 | 46.4 |
| Wheat | 11.1 | 12.9-22 | 24.0 | 17.3 |
Export inspections for U.S. corn and soybeans were as expected last week, but wheat was weaker. Weekly shipments needed to reach USDA's target by August 31 would include 53.6 million bushels of corn and 8.6 million bushels of soybeans (both less than the current pace). Marketing year corn export shipments to date exceed the seasonal pace needed to hit USDA's target by 88 million bushels (81 million the previous week), soybean shipments exceed the pace by 274 million bushels (288 million the previous week), and wheat exports exceed the pace by 24 million bushels (29 million the previous week).
The boat stuck in the Suez Canal has officially been dislodged, and canal traffic has restarted. In the picture below, you can see just have long the queue to get through the canal has become. It is astonishing that a trade route of this importance could have been jammed so easily.
The trade is expected to be volatile heading into Wednesday’s USDA reports. Grains have traded in large ranges today: Corn 9 3/4 cents, Soybeans 19 ¾ cents, Wheat 9 ¼ cents. It is expected that the closer we get to the reports, the more exasperated these ranges will become.
Stay Tuned for our Closing Market Commentary as we have a BIG, NEW, EXCITING announcement!