Karen Braun@kannbwx

Recent inspections volumes for #corn & #soybeans have been relatively weak for the time of year (but in line with expectations?). Can't accuse them of lacking consistency, though.

Karen Braun@kannbwx

Aug 11

Updating the state-level U.S. #corn yield table with USDA's August numbers as placeholders for 2023. Good way to quickly see how those yields compare with recent average, max & min.

The same for #soybeans:

Here's the rest of the USDA report: https://www.marketforum.com/forum/topic/98070/

Karen Braun@kannbwx

#China bought 940kt of U.S. new-crop #soybeans last week, unknown bought 258kt. New-crop soy sales topped the range of analyst estimates. Mexico had 382kt new-crop #corn and unknown bought 123kt. Mexico was also the leading buyer of U.S. #wheat last week.

Karen Braun@kannbwx

How much U.S. export sales are down vs last year means nothing if you haven't considered the expectations. 23/24 U.S. #corn sales covered 13% of USDA's export target as of Aug. 10. Aside from the big China buying years (2020, 2021), that's not far off recent averages.

Karen Braun@kannbwx

21% of USDA's 23/24 U.S. soy export forecast was covered as of Aug. 10, just below the 5yr avg of 23% (which includes high and low anomalies). Yes, sales of new-crop U.S. #soybeans are well below a year ago, but 1) expectations are lower 2) year-ago was anomalous.

Soybean oil has the bullish story!

Karen Braun@kannbwx

NOPA U.S. crush, July 2023:173.303 mln bu of #soybeans Above most trade guesses (avg was 171.337 mbu)Record for July, +1.8% YOY#Soyoil stocks 1.527 bln lbsBelow all trade guesses (avg was 1.687 bln)10-month low in oil stocks, -9.3% YOY