Grain Markets Split: Wheat Holds Support, Corn Backed by Exports, Soybeans Slide

Overview

• In early Tuesday trade, wheat was mixed after a strong Monday close, corn eased 3 to 4 cents, and soybeans fell 12 to 16 cents following prior-session gains.
• USDA export inspections showed wheat shipments at 350,293 metric tons for the week ended Oct. 30, up 30% from the prior week and 61% above a year earlier, with marketing-year exports up 20.5%.
• Corn inspections reached 1.669 million metric tons, 34% above the prior week and more than double last year, led by Mexico, South Korea, and Japan, lifting marketing-year shipments to 12.257 million tons, up 64%.
• Soybean inspections totaled 965,063 metric tons, down 16.8% week over week and 58.3% year over year, with marketing-year shipments at 7.78 million tons, 40% below last year.
• A Bloomberg report said China is looking to buy U.S. wheat, while the European Commission raised EU wheat output to 133.4 million tons and SovEcon estimated Russia’s crop at 87.8 million tons.