The United States reported strong export sales this week.
Corn exports came in at 993,100 metric tonnes for old crop and 149,300 metric tonnes for 2018/19 delivery. Soybean exports totalled 273,400 metric tonnes for old crop and 771,600 metric tonnes for 2018/19 delivery.
Zaner Ag Hedge market strategist Brian Grossman says soybean exports sales were a little disappointing. However, Grossman notes corn and soybean exports are both ahead of U.S. Department of Agriculture expectations.
?Soybeans – sales wise – are just a hair ahead at 98.7% compared to a 98.1% five-year average. Corn is gaining ground, now at a 96.4% compared to 93.1%,? Grossman said. Both of them are getting ahead. We just have to make sure that we get them out the door. Inspections that come out on Monday is the real key one because we need to make those shipments leave.?
Grossman adds Friday?s export sales report is ?a strong statement as to what kind of demand is out there? and a ?firm statement that the ongoing trade chatter is mostly politics.?
?People that are on the ground, doing actual grain purchasing, are looking past it and letting the white noise remain white noise. South American issues are definitely helping keep that demand as well,? Grossman said. ?Every bushel we?re getting out the door at this point is one less that we have on the balance sheet. Last year, we had a very ugly looking balance sheet which has improved substantially.?
