Monday's first report came with the weekly export inspection report. It's importance weekly come as it is a demand-oriented report and now that harvest is complete, demand is our primary driving force.
Wheat inspections were a weak 13 million bushels versus 13.4 the week prior, and four-week average of 14 m.b. year-to-date inspections are down 184 m.b., from the year prior. No end in site to a weak demand picture for U.S. ports as key world player, Egypt, shuns the U.S. for foreign wheat.
Corn inspections were 28 m.b., unchanged from the week prior, off from a year ago 31.2, but over our four-week average of 24 m.b. We did have corn for the second consecutive week; see year-to-date inspections over a year ago at 461 m.b. versus 460. Though we are now ahead of a year ago, the trade still wants over 30 m.b. weekly to see the corn market as demand-friendly as expectations were higher into the new marketing year.
Soybean inspections were a whopping 53.6 m.b. versus 60 the week prior, our four-week average of 57 and a year ago 35 m.b. year-to-date inspections are 598 versus a year ago of 432 m.b. The weekly changes are pretty wide but each weekly number reflects and historic consumption pace. Of the 53.6 m.b. inspected for near-term export, 43 went to China compared to the two prior weeks of 38 and 29 m.b. Key-world player, China, continues to load up on beans until South American production and price becomes clearer in mid-January and February.
There was only one crop progress report and that was our corn harvest Monday was put at 92% complete versus 88% last week. Illinois was 90%; North Dakota 60%; and South Dakota 82%. It just lends more thought our January U.S.D.A. crop report should cut corn production as the recent poor harvest pace and what may sit out there until spring now leaves room for vulnerability.
Our winter wheat crop condition came in unchanged at 63% in good-to-excellent condition as we head into dormancy. Adequate snow cover over the Western Plains looks to protect the young wheat seedlings.
China came in today for 290 T.M.T. and last Friday 250 T.M.T. while there were 2 separate sales of corn to unknown destinations this week and unknown is usually spelled C-H-I-N-A, especially with their corn crop off 5% on the year while they are trying to build reserves.
A short report today as I prepare for today's 3:00 pm web session discussion on grains. Phil Flynn will do the energies so go to PFGBest.com and sign up. I will do a near-term web talk live again, tomorrow, Wednesday, to discuss all the near-term market fundamentals. To sign up for that, call 800-542-1022. The Wednesday grain talk is 2 pm Central time. Today's web talk will cover the big picture of grains into the first six months of 2010.