IARN — The latest weekly U.S. Export Sales Report was released Thursday morning for the week ending July 16th.
In the report, old crop corn sales were 220,600 metric tons – down 76 percent from the previous week – while new crop corn had net sales of 2.3 million metric tons. Old crop soybeans came in at 365,200 metric tons, up 17 percent from the previous week, but down 31 percent from the prior four-week average. New crop beans saw net sales of 2.3 million metric tons.
Commodities broker Greg McBride with Allendale says weekly exports were neutral overall.
“We were looking for a range of up to 1.9 to 4 million metric tons on the corn, and somewhere in the neighborhood of 1.3 to 2.7 million metric tons for beans,” McBride said. “2.5 is where we got corn, and almost 2.7 for beans. We look at that as a little bit disappointing. Some of the numbers don’t jive to what we thought we were counting on.”
McBride notes China led the buying efforts for corn, soybeans, and wheat.
“China again was a big buyer for us,” he said. “That looks good. We had another sale flash from USDA for soybeans. That is eight straight days that we’ve had soybean sales. That continues to look good for us. We want to see those numbers come in and continue to increase as we move forward.”
McBride’s advice to Iowa producers is to continue monitoring the export demand from China, as well as weather forecasts.
“We’re watching (China) try and refill some of those state reserves,” McBride said. “The other thing to watch is not so much weather for corn, but now that we’re starting to see some extended forecasts reach into August, we’re going to be watching that weather for soybeans to see if we’re going to have a solid pod fill timeframe.”
The next U.S. Export Sales Report will be released Thursday, July 30th.
For more on this story, including an interview with Greg McBride, visit the Iowa Agribusiness Radio Network.