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Markets did a whole lot of nothing today, as seen by the single-digit closes. The market seems to be in a wait and see scenario, with Treasury Secretary Scott Bessent on Thursday saying that the public could expect news of “substantial support for our farmers, especially the soybean farmers” as soon as Tuesday. How? How much? Is yet to be determined.
The USDA surprised us earlier today with the release of the Weekly Grain Export Inspections report (apparently inspections are essential?). Values were mostly as expected and painted a similar picture to last week. U.S. corn export inspections for the week totaled 63 million bushels, which was at the high end of expectations. U.S. soybean inspections were also at the top end of expectations at 28.2 million bushels. Seasonally, export inspections pick up drastically during the month of October. We did not see that seasonal progression this week.
With the shutdown though, we definitely won't be seeing the crop progress and conditions report that we usually get Monday afternoons.
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