IARN — Soybeans led the charge in the weekly US Export Sales Report that was released Friday morning.
According to commodities broker Greg McBride with Allendale, new crop soybean exports totaled over 3.1 million metric tons. Sales were primarily to China at 1.59 million metric tons, while sales marked to unknown destinations were 926,000.
“Very good sales for soybeans this week,” McBride said. “They were way above the estimated range at 3.3 million tons for beans. The corn was very good again, still inside the estimated range at 1.75 million tons, but there were some old crop cancellations that played into this thing. We know that at this time of the year, so we’re not worried about that. It’s the new crop that we are watching.”
“The new crop sales to China continue to be extremely good,” McBride continued. “They continue to push these markets higher. Wheat, meal, and bean oil all came within the range of estimates so there’s nothing major to report there.”
McBride says the US received some more positive export news at 8 a.m. Friday as 500,000 tons of beans were sold to China and unknown destinations.
“Things look great,” he said. “The markets are looking very strong right now. We came off of an overbought condition in soybeans a little bit Thursday. We will probably see those perk back up to an overbought condition, which could be something to watch for a short-term correction. Same thing on the corn, as we get to these overbought levels, we need to see these markets correct a little bit.”
The next US export sales report will be released on Thursday, September 17th. The latest report can be found linked here.
McBride can be reached by phone at 815-578-6165.
Story courtesy of the Iowa Agribusiness Radio Network.
Image source: Wikimedia Commons