IARN — The latest U.S. Export Sales Report on Thursday showed solid weekly sales for corn and soybeans, but bearish numbers for wheat exports.
Allendale commodity broker Greg McBride says very low wheat sales were the biggest surprise on the most recent USDA report.
“Corn and beans were at about the same level with totals of just over one million metric tons,” McBride said. “Corn being in the mid-to-upper part of the range, and then beans in the mid-to-lower part of the range as far as estimates go. Wheat was the biggest story as far as bearishness today. You wouldn’t know it in the market, but it was one of the worst reports we’ve seen in quite a while for the wheat market at 105,000 tons. The low-end guess was 250,000 tons, so they were way off on that one.”
McBride talks about some of the biggest buyers of U.S. corn and soybeans during the week ending November 25th.
“The big buyers in corn were Mexico. They still stand as our biggest and most frequent buyer. Japan was up there as well. They are generally one of our bigger (corn) buyers. Colombia came in yesterday with a big 8 a.m. purchase and then they showed up on the weekly report as well, so that is nice to see. On the soybean side of things, it’s always China that we’re going to be watching for. China actually picked up about 657,000 tons. A lot of that was actually switched from unknown destinations, so we’re finally getting some clarification on some of those sales.”
McBride says the daily wire was active on Thursday as the USDA reported 164,100 metric tons of soybeans sold to unknown destinations, as well as 130,000 metric tons of soybeans sold to China.
The latest U.S. Export Sales Report can be found here.
Story courtesy of the Iowa Agribusiness Radio Network.
Image Source: Wikimedia Commons
