IARN — Corn sales highlighted the weekly U.S. Export Sales Report on Thursday.
Allendale commodity broker Greg McBride says that for the week ending May 20th, U.S. corn sales were over 6 million metric tons.
“Came in at 6.457 million metric tons for the corn,” said McBride. “We knew we had big sales reported for China on new crop. That came in at a hefty 5.644 million metric tons. The big surprise was that we had very good old crop sales for corn, at least compared to the average guesses.”
Meanwhile, McBride says soybean sales continue to struggle.
“Those are not exactly moving the needle,” said McBride. “Fifty-six thousand tons for old crop beans, which has been very slow paced for the past few months here. New crop sales were just about 250,000 tons, which is not a heck of a lot.”
Due to the Memorial Day holiday, the next U.S. Export Sales Report will be released on Friday June 4th. The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
Story courtesy of the Iowa Agribusiness Radio Network
Image source: Pixabay Creative Commons
