In Tonight’s Update:
Lines are already being drawn in 2026.
Corn demand’s been pulled forward, soybeans are still digging out of a hole, and weather and currencies are back in play.
What’s HOT
U.S. corn export inspections remain off the charts in 2025/26, with a record 1,056 mbu (26.8 mmt) shipped in the first four months of the marketing year.
The surge has been driven by the PNW, where shipments continue to shatter records as U.S. corn remains highly competitive into Asia.
Sales to Japan are up 45% year over year, while South Korea’s commitments have jumped an incredible 260% from this point in 2024/25.
Typically, U.S. corn shipments build into the winter and peak in the spring — after the bulk of the U.S. soybean export program is complete.
This year, that window was pulled forward, as exporters filled PNW capacity left open by China’s absence from the soybean market during the first three months of the marketing year.
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