IARN — The weekly US Export Sales Report was released Thursday morning for the week ending August 27th.
In the report, old crop corn sales were 95,800 metric tons – down 65 percent from the previous week and 53 percent from the prior four-week average – while new crop corn had net sales of over 2.3 million metric tons, primarily to China (1.15 MMT). Old crop soybeans saw net sales of 88,100 metric tons, up 75 percent from the previous week, and new crop beans came in at over 1.7 million metric tons.
Commodities broker Greg McBride with Allendale says export sales were mostly neutral across the board, however, the numbers still cast a positive tone as expectation ranges continue to rise.
“Weekly exports were very good at 2.4 million metric tons for corn and 1.76 (MMT) for soybeans,” McBride said. “We had decent sales for wheat, meal, and oil. The other thing we’ll be watching as we move forward is how good those pork sales were. When you’re talking about producers in Iowa, that’s something they will be looking for. This was the second-best pork export that we’ve seen for China at over 26,000 tons. That looks really good for us.”
McBride’s advice for Iowa farmers is to keep an eye out for upcoming opportunities.
“As we continue to see these prices continue to move forward, farmers are going to want to look for opportunities to market some of this year’s grain,” McBride said. “The other thing is we’ve got to keep our eyes on next Friday, September 11th as we have the next USDA WASDE Report coming up.”
McBride notes that export sales have been trending “very good” over the last five to six weeks. The next US Export Sales report will be released on Friday, September 11th. Iowa farmers can reach McBride at 800-262-7538.
