US export inspections surprise with corn lower, soy higher than expected

Weekly US export inspections caught analysts off guard Monday, with wheat at the upper end of expectations, while corn fell well below and soy exceeded expectations.

According to data from the USDA, 409,569 mt was at the upper end of the analysts’ range which topped out at 450,000 mt, but corn and soybean surprised.

For corn, the pressure on prices fostered expectations that inspections could embrace 700,000 to 1 million mt, but the final figure came in at 586,213 mt.

Soybeans, meanwhile, managed to exceed, racking up 1.8 million mt versus the upper end of expectations which had anticipated 1.5 million mt.