IARN — Corn and soybean sales were much better than last week on the U.S. Export Sales Report released Thursday morning.
Allendale commodities broker Greg McBride says corn, soybeans, and wheat exports were within the estimated range for the week ending March 4th. Corn exports totaled 682,800 metric tons, soybeans were 563,800 metric tons, and wheat sales totaled 360,600 metric tons.
“A noticeable rebound off of last week’s disappointing numbers,” McBride said. “We were still at the lower end of estimations for old crop corn at 395,500 tons, but the new crop we had big sales to Mexico and Japan to pull us back to a neutral position. Soybeans were at the upper end of the old crop estimate at 356,600 tons, but the new crop numbers were within the range, so it was another neutral number there.”
“We were just off for a couple weeks looking at China being off for holiday and then trying to figure out the situation with shipping out of Brazil,” McBride said. “They have raised trucking rates down there, so they are having a harder time moving grain to port with the slower harvest numbers. We were hoping and actually saw a rebound. China was not a huge buyer this week from us. They did buy a little bit of corn, beans, and wheat but nothing that was too substantial.”
The most impressive sales on the report were soybean meal, which were bullish at 279,900 metric tons. McBride says the meal exports were well above the range of estimates. The next U.S. Export Sales Report will be released on Thursday, March 18th.
Story courtesy of the Iowa Agribusiness Radio Network
