Big week of export inspections for U.S. #corn and #soybeans, but slower for #wheat. Some 80% of the beans were to #China, and about 40% of the corn was to China.

USDA confirms the following export sales of U.S. #corn for delivery in 2020/21: ▪️123,000 tonnes to #Mexico ▪️345,000 tonnes to unknown That's a total of 18.4 million bushels.

USDA confirms the sale of 261,000 tonnes of U.S. #soybeans to #China for delivery in 2020/21. That's 9.6 million bushels.

Oct. 15: Most-active CBOT #corn futures break $4/bu for the first time since Oct. 14, 2019. They closed above $4/bu for the first time since Aug. 9, 2019. Corn futures in #China have reached record highs on expectations that crops there sustained typhoon damage.

Ending stocks for U.S. #soybeans come in at 290 mln bushels for 2020/21, well below trade expectations, on a harvest reduction, increase in exports, and a smaller carryin. #Corn comes in slightly above the trade guess, though close, and #wheat is a hair below.

Yield for U.S. #corn and #soybeans was very similar to/unchanged from last month, but harvested area was reduced for both after a review of certified acreage data from FSA. Corn and soy production both come in below trade expectations as a result.

Analysts see big cuts to U.S. 2020/21 ending stocks on Friday following Sept. 1 grain stocks. There are some sub-2 bln bu estimates on #corn, and it is crazy to think that estimates topped 4 bln bu back in May. Some analysts even had 3+ as recently as August. Tide has shifted.

Another huge week of export sales for U.S. #soybeans, with #China taking 1.54 mmt (incl. 449kt switched from unknown), despite very few explicit flashes during the week. Three unknown soy cargoes were split between Bangladesh/Vietnam. Japan/Mexico/unknown bought #corn.