The latest Department of Agriculture report highlights a cooling in corn demand, with inspections falling from the 2.01 million tons recorded the previous week and dipping below the 1.7 million tons seen at this time last year. Conversely, soybean volume surged significantly, more than doubling the 225,571 tons reported during the same period in 2023. Wheat inspections also showed resilience, totaling 334,292 tons, an increase over the prior week’s figures.
In section Market Quotes
U.S. Grain Export Inspections Diverge as Market Eyes Geopolitical Risk
Geopolitical uncertainty in the Middle East is rattling agricultural markets, even as U.S. export data shows a split performance. While corn inspections dropped to 1.64 million metric tons for the week ended June 11, soybean shipments gained momentum, climbing to 522,687 tons amid renewed speculation over the Strait of Hormuz.
Traders are currently weighing the potential impact of a prospective U.S.-Iran peace deal on global shipping routes. The prospect of reopening the Strait of Hormuz has introduced a fresh layer of volatility to the Chicago Board of Trade. Investors are scrambling to re-apply risk premiums that were stripped away in overnight trading, pushing corn futures up 0.7%, while soybeans and wheat rose 0.4% and 0.7% respectively.
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