IARN — Soybean sales were strong again on the latest U.S. Export Sales Report released Thursday morning.
Allendale commodity broker Greg McBride says soybean exports totaled 1.83 million metric tons. Last week, soybean sales reached 2.22 million tons as China has been leading those purchases.
“Soybeans did lead the charge,” said McBride. “New crop sales were at 1.75 million metric tons. That was right in the middle of the expected range. Old crop sales were nothing to get excited about, and they won’t be as we close out the marketing year on August 31st. We’re not really paying attention to those.”
“On the corn side of things,” he continued, “we had 758,000 tons of new crop corn. That was in the middle of its range as well. It was a mostly neutral report.”
McBride says one negative from Thursday’s report was a bearish look for wheat exports.
“The new crop wheat sales – which are I guess the only wheat sales right now – were at 115,000 tons,” said McBride. “That was below the range of estimates. That is something to watch for as we continue to move forward.”
“We continue to hear,” he continued, “that China is buying beans and unknown destinations are buying beans. A lot of times we attribute that to China as well. And then Mexico comes in and buys a significant amount of corn from us. That looks good. There were a couple of cancelations out of China for corn.”
McBride adds the daily wire continues to be active over the last couple of weeks.
“The 8 a.m. sales have been frequent for about the last two or three weeks here,” said McBride. “We didn’t have any sales (Wednesday), but we came in with a sale of corn to Colombia this morning and then a sale of beans to China and unknown.”
The next U.S. Export Sales Report will be released on Thursday, September 2nd.
Story courtesy of the Iowa Agribusiness Radio Network.
