We continue to see good export numbers on the weekly USDA report.
In the US Export Sales Report released Thursday morning, new crop corn sales were 2.03 million metric tons, primarily to unknown destinations (701,300 MT). New crop soybean exports came in at 2.6 million metric tons, primarily for China (1.33 MMT). Commodities broker Greg McBride with Allendale says a bullish trend continued this week for exports.
“Above the expectations for corn, beans, wheat, and meal,” McBride said. “The only one that was neutral of the big grains was bean oil. At this point, with China going on a holiday starting today through the end of next week, we would expect that next week’s report will be a good one, but the following report will lack a little bit of excitement because of that absence of Chinese buying.”
New crop wheat exports were 506,300 metric tons, up 44 percent from the previous week and 15 percent from the prior four-week average, and soybean oil sales were up 43 percent week/week at 6,300 metric tons for old crop.
McBride says harvest will be the focus this week and next as farmers are really hitting the fields.
“Harvest is going to be chugging right along this week and next week with some good harvest weather and dryer conditions,” he said. “We may see some cooler temperatures which will help if we take humidity out of the forecast as well. The big thing to watch for right now is as we start to get those harvest numbers coming through, do we see some harvest pressure? That’s what we saw last week and to start this week. Obviously, that Quarterly Stocks Report infused a little bit of excitement into the market yesterday, but going forward, will we go back to watching those harvest reports and tick back a little bit to start this month of October?”
The next US Export Sales Report will be released Thursday, October 8th.