Tidbits
Reuters Karen Braun reported Monday’s U.S. wheat inspections for export were a 12-week high at 404,000 mts. Wheat inspections since June 1, the beginning of the wheat marketing year, are up 27.2% on the year. The bulk of last week's export inspections occurred in the PNW ports were for Asia-bound cargoes, but none to China.
Reuters also reported Russia’s Exporters and Producers Union sees total grain exports at 45 million mts, with 40 million of it being wheat. SovEcon (Andrey Sizov) estimates Russian wheat exports to be at 43.7 million mts, down 400,000 mts.
With each passing day, the South American soybean crop gets closer to being made. While the U.S. soybean carryover continues to decline, losing 7 days' of use in November to just a 39 day supply projected to be on hand on 31 August 2025. Given where we are in the marketing year, with record large monthly soybean crush 10 of the past 12 months coupled with the US being the only export supplier of soybeans to the world since late summer, a 39 day supply of beans is not many beans. The 2024 U.S. soybean crop is expected to lose some more production on the 10 January final 2024 crop production and S&D. If we lose a half bushel of yield with exports and/or the soybean crush increased, the domestic carryout could easily be down to a 35 day supply and that is getting uncomfortable with the marketing year not even half over.