IARN — Soybean sales led the charge in Thursday morning’s U.S. Export Sales Report.
Allendale commodity broker Greg McBride explains total soybean exports for the week ending August 12th came in very bullish at over 2.2 million metric tons. He gives credit to China for the large number of purchases.
“It’s no secret that China and unknown destinations have been buying very frequently, including today which is 11 days straight,” said McBride. “On the weekly sales report, it was 2.15 million metric tons for the new crop soybean sales. We were above expectations. On the corn side of things, not terrible, it was better than expected. Old crop sales were 216,000 tons and new crop at 500,000 tons.”
While the Chinese purchases were strong on the latest report, McBride says they are behind the expected pace year over year.
“The sales have not been where we would like them to be,” said McBride. “They are behind where they were at this time last year. Obviously, buying here for 11 straight days has started to move us forward, but we are still behind the pace we would like to be at for soybean sales. On the corn side of things, they had basically one week straight where they bought a ton of corn this spring, but then they have done nothing with that since. As far as what we’re looking at for sales to China, we would say they are behind.”
The next U.S. Export Sales Report will be released on Thursday, August 26th.
