For a third straight week, U.S. soybean exports had a bullish tone.
The latest weekly U.S. Export Sales Report was released Thursday morning by USDA for the week ending August 6th. In the report, old crop corn sales were 377,200 metric tons ? up noticeably from the previous week and up 18 percent from the prior four-week average ? while new crop corn had net sales of 553,100 metric tons.
Old crop soybeans came in at 570,100 metric tons ? up 65 percent from the previous week and up 96 percent from the prior four-week average. New crop beans saw net sales of over 2.8 million metric tons.
Commodities broker Greg McBride with Allendale says that overall numbers show corn neutral and soybeans bullish.
?Weekly sales for corn were neutral as they came within the expected range at 930,000 tons,? McBride said. ?Beans were actually bullish with 3.4 million tons this week. Most of that was the new crop. We?re getting a little bit long on the tooth on the old crop to see big sales, but we are still seeing some sales there. Overall, it looks good. We need to continue to see those numbers come in. We did again get 8 a.m. sales for both corn and beans today (Thursday).?
China led the soybean purchases with 420,500 metric tons of old crop and 1.7 million metric tons of new crop. McBride says that?s good news.
?New crop corn sales were very good to China, as well as old and new crop bean sales,? McBride said. ?I think we?re still behind where we think we should be for making sales and keeping up with that phase one trade deal, but it does look to be accelerating as we move into the back half of the year here.?
The next U.S. Export Sales report will be released on Thursday, August 20th. McBride?s full interview can be found below.
