IARN — The U.S. Department of Agriculture released its weekly U.S. Export Sales Report on Thursday.
Allendale commodity broker Greg McBride said corn exports were below expectations and soybeans were neutral.
“A little bit disappointing on the corn side of things,” McBride said. “We’ve seen very good new crop exports for the last five or six weeks, and here today we’ve seen about 26.4 thousand tons. That’s extremely low for what was expected. We were looking for somewhere between 200,000 and 600,000. On the old crop side of things, we were within the range at 186.9 thousand tons, which is still low. At the end of the day, we did miss the expectations for this corn side of things at 216,000 tons total. On the bean side of things, it came in exactly as we expected. Very low numbers across the board- 15.6 thousand for old crop, 105,000 for new crop- so it came in neutral at 120.6 thousand tons.”
McBride took a look at this week’s wheat numbers as well.
“The big surprise, as you look at it from the surface here today, is going to be the wheat numbers,” McBride said. “The wheat numbers came in extremely bullish at 1.163 million tons, and most of that is because it was rolled over from the old crop. We had 837,000 tons rolled over from the old crop to this current crop year.”
McBride added that, while we’ve been a little spoiled these past few weeks, Chinese purchases will continue going forward. He also said that there might be a little disappointment on the corn side of things, but, for right now, the market will be more focused on the WASDE report that recently came out.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
Story courtesy of the Iowa Agribusiness Radio Network