IARN — The latest U.S. Export Sales Report released Thursday morning shows corn and soybean sales trended lower week-to-week.
Data on Thursday’s report for the week ending October 21st showed a bearish tone for soybean exports, according to Allendale commodity broker Greg McBride. He notes corn, wheat, soybean meal and soybean oil all fell within the range of estimates.
“Today’s export sales were not anything really to get overly excited about,” said McBride. “We were at the lower end of the range for corn, wheat and meal. Nothing bullish and nothing bearish there. We were at 890,400 metric tons for corn. Beans were the lone disappointment here. They came in below analysts’ expectations at 1.183 million tons. That is the first miss we’ve had in a while on those soybeans. That is something that we will be watching.”
McBride says no flash sales were reported on Thursday’s daily wire by USDA. He explains that it’s been a quiet week overall for exports as the last noted sales came on Tuesday where the US posted sales to China and Mexico for soybeans.
“This is about the time last year where China had slowed down on their soybean purchases, but they were kicking up their corn purchases,” said McBride. “We will be watching between now and the end of January for those daily sales reports. That is usually the typical time when we do make a lot of sales for soybeans, but nothing here that I would say is super bullish or super bearish at this point.”
On Thursday’s weekly export sales report, wheat sales totaled 269,300 metric tons, soybean meal came in at 162,000 tons, and soybean oil was 14,600 tons. The next U.S. Export Sales Report will be released on Thursday, November 4th.
The team at Allendale can be reached by calling 800-262-7538.
Story courtesy of the Iowa Agribusiness Radio Network.
