Decent U.S. #corn export inspections last week (315kt to #China), but #soybeans were a 7-year low for the week (none to China). #Wheat inspections were surprisingly healthy, destinations were mixed (mostly Mexico and Asia, incl. 1 cargo to China).
YTD inspections through May 18 were unchanged on the week relative to last year for #corn (-33% YOY) and #wheat (-3%), but #soybeans slipped a little (to -2% from -1%).
New buying from #Mexico last week helped partially offset 332kt in U.S. #corn cancellations from #China. Old-crop #wheat sales were a MY low (MY ends next week). #Japan bought new-crop wheat. Above-average old-crop #soymeal sales were led by #Poland.
