Key facts
- Next week's U.S. corn export inspections are projected at 1.90 MMT.
- This represents a 10% increase from the previous week.
- June Census corn exports are estimated to reach 8.09 MMT.
- U.S. soybean export inspections could be 600,000 MT, down 16% from the previous week.
- Fifteen vessels are to-be-nominated for soybeans, up nine from the previous week.
Next week's U.S. corn export inspections are anticipated to be 1.90 million metric tons (75 million bushels), marking a 10% increase compared to the previous week. The number of vessels to-be-nominated (TBN) for corn has decreased to five, down one from the prior week. Based on the current pace of inspections, June Census corn exports are estimated to reach 8.09 million metric tons (318 million bushels).
For soybeans, the U.S. ship lineup is estimated at 472,000 metric tons (22 million bushels) as of June 4, a 22% decrease from the previous week. Next week's soybean export inspections could be 600,000 metric tons (18 million bushels), down 16% from the prior week. There are fifteen vessels to-be-nominated for soybeans, an increase of nine from the previous week.
CBOT corn's bearish cascade continued for a sixth day, with macro markets joining and with July just .13/Bu above an open chart gap left at harvest last year at $4.05. This level is targeted, but the market is deeply oversold, and ARC recommends new end user purchases.