IARN — The weekly US Export Sales Report was released Thursday morning for the week ending September 17th.
In the report, new crop corn sales were 2.14 million metric tons and new crop soybean exports were 3.19 million metric tons. Commodities broker Greg McBride with Allendale says the bullish sales for corn and soybeans was excellent news.
“As long as these sales continue, this should find a way to jump into this market,” McBride said. “We will see some adjustments by USDA on the export demand side of things. We also could see some changes when it comes to crush, and then feed and residual because of this. We will have to wait and see how that goes. You could see ethanol come down a little bit because of these changes to the overall export demand as well.”
McBride notes both corn and soybean sales were primarily to China, which is good news regarding the Phase One Trade Deal.
“We actually had a little over a half a million tons of corn to China this week, and then nearly 2 million tons for beans,” he said. “That continues to be good. Today was actually the first time since September 2nd that we haven’t had a daily sale reported for anything, which is a little bit odd. If that trend does become a thing, that will be another reason to possibility see these markets back off a little more.”
Additional information from the weekly report showed wheat exports at 351,200 metric tons for new crop – up five percent from the previous week, but down 34 percent from the prior four-week average – while soybean oil exports were 4.4 million metric tons for new crop.
The next US Export Sales Report will be released on Thursday, October 1st.
Story courtesy of the Iowa Agribusiness Radio Network.
Image source: Wikimedia Commons
