IARN — The weekly US Export Sales Report was released Thursday morning for the week ending August 20th.
In the report, old crop corn sales were 270,400 metric tons – up noticeably from the previous week and from the prior four-week average – while new crop corn had net sales of 1.1 million metric tons. Old crop soybeans saw net sales of 50,400 metric tons, down noticeably from the previous week and down 82 percent from the prior four-week average. New crop beans came in at 1.8 million metric tons, primarily for unknown destinations (822,000 MT).
Commodities broker Greg McBride with Allendale sales the numbers for both corn and soybeans were mostly neutral for the week.
“Upper end of the range for corn at 1.45 million metric tons and midrange for beans at 1.92 MMT,” McBride said. “Even thought neutral, still we saw very good sales. We’ve set the bar a little bit higher with the recent strength in our export demand. On the daily side of things, we did have very good sales to both China and unknown. We had 747,000 tons sold to China this morning for new crop, and then 140,000 to unknown destinations as well.”
McBride notes that wheat exports had a bullish tone in the report. Old crop wheat had net sales of 764,100 metric tons – up 46 percent from the previous week and 41 percent from the prior four-week average – while new crop wheat exports were 646,400 metric tons.
“That is a little bit of a surprise, but that is what we were starting to rally a little bit on earlier this week is that we had seen some good sales in other places besides Russia, which is the number one sales for wheat out there,” McBride said. “That looks good for us. That should help to support the market.”
The next US Export Sales Report will be released on Thursday, September 3rd.
McBride’s full interview can be found at the Iowa Agribusiness Radio Network.
