IARN — Friday’s daily wire was active for soybean sales.
Allendale commodity broker Greg McBride says sales of soybeans to both China and unknown destinations were reported Friday morning.
“You had sales that were reported of 396,000 tons of soybeans to unknown and then you had a sale of 132,000 tons of soybeans to China,” said McBride. “Then there was actually another sale that was in the previous week that was misreported, so 326,750 tons of soybeans that was reported late. That is a couple of good sales of soybeans that we’ve seen here over the last few days.”
Also on Friday, USDA released its weekly U.S. Export Sales Report, which was delayed a day due to last Monday’s Columbus Day holiday. McBride takes a look at some of the findings on this week’s report.
“Weekly exports for corn and beans were within the range of estimations, kind of right in the middle of it,” said McBride. “On the wheat side of things, it was bullish at the upper end at 567,000 tons. Corn came in at just over a million metric tons, while beans came in at 1.15 million tons. Soymeal was the outlier for this week. It was very bullish at 365,000 tons. That looks very good for that market, which has been in a free fall mode here recently. That helps to kind of stabilize it.”
McBride adds China has made some decent purchases over the last couple of weeks.
“They’ve come back in and have been buyers,” said McBride. “Last week, they bought 640,000 tons and 264,000 was actually switched from unknown destinations. About 900,000 tons on last week’s report for the bean side of things. That looks very good.”
The next U.S. Export Sales Report will be released on Thursday, October 21st.
Story courtesy of the Iowa Agribusiness Radio Network.