IARN — The weekly US Export Sales Report was released Thursday morning for the week ending September 10th.
In the report, new crop corn sales were 1.61 million metric tons, primarily to unknown destinations and China. New crop soybean exports were 2.45 million metric tons with sales to China at 1.48 million metric tons. Commodities broker Greg McBride with Allendale says the latest report was mostly neutral across the board.
“Another week of neutral corn sales,” McBride said. “Those are good numbers but fell within the range of estimates. The disappointment this week will fall into how much China did not buy. They were a buyer of US corn, but not nearly as much as we’ve seen over the last few weeks. On the bean side of things, they were a strong buyer, but we also came within the range of estimates. Looks good for us as we continue to see daily sales made to China and unknown destinations for both corn and beans.”
The soybean market saw sharp gains during Wednesday’s trading session. U.S. Department of Agriculture officials confirmed a sale of 327,000 metric tons of soybeans to China, for delivery in the 2020/2021 marketing year.
“I don’t know if that’s necessarily the full stimulus for that push on Wednesday,” McBride said. “It was a nice 20 cent gain after a minor correction. We have seen a very good bean oil rally that has lasted for about the past five months. That’s continued to push things. Again, here this morning we are down on the defensive a little bit as we took some profits going into the close, but with strong sales again this morning, that should help to kind of show some support.”
The next US Export Sales Report will be released on Thursday, September 24th.
McBride’s full interview can be found at the Iowa Agribusiness Radio Network.
Photo source: Wikimedia Commons
