IARN — Corn exports were strong once again in the weekly US Export Sales Report released Thursday morning.
In this week’s report, net sales for the 2020/2021 corn crop reached 2.61 million metric tons – up 16 percent from the previous week and 75 percent from the prior four-week average – while new crop corn exports were 541,000 metric tons to Mexico. Commodities broker Greg McBride with Allendale says it was another impressive week for exports overall.
“It sounds like a broken record, but exports were strong once again,” McBride said. “Corn was at 3.151 million metric tons and beans at 1.53 MMT. That was actually within the range of estimates, corn was bullish above the range of estimates. It continues to show that we are seeing that strong demand come in.”
“On the bean side,” he continued, “we really like the fact that we are continuing to see those beans ship out of the country on the weekly inspections report that we get on Mondays. We’d like to see corn play a little bit of catch up on getting them sold and then out of the country, but that usually is something that we’d typically see after the first of the year.”
McBride notes the daily wire saw some action early Thursday.
“We did have two sales made (Thursday) morning and announced by USDA,” he said. “One for sorghum at 100,000 tons and one for soybean oil for 33,000 tons. Not the huge numbers that we were looking for corn or beans, but it is showing us that China is back in the market after two days of not showing any purchases.”
The export sales report also showed wheat had net sales of 597,100 metric tons for 2020/2021, down 20 percent from last week, but up 10 percent from the prior four-week average. The next US Export Sales Report will be released on Friday, November 13th.
Story courtesy of the Iowa Agribusiness Radio Network.
Iowa Agribusiness Radio Network stock photo