The latest weekly U.S. Export Sales Report was released Thursday morning for the week ending July 30th.
In the report, old crop corn sales were 101,600 metric tons – down noticeably from the previous week and down 70 percent from the prior four-week average – while new crop corn had net sales of 2.6 million metric tons. Old crop soybeans came in at 345,200 metric tons – up 72 percent from the previous week, but down 22 percent from the prior four-week average. New crop beans saw net sales of 1.4 million metric tons.
Commodities broker Greg McBride with Allendale says that overall numbers show corn neutral and soybeans bullish.
“Weekly exports for corn were neutral right in the middle of the estimated range,” McBride said. “Soybeans came in just above the estimated range and that looks good. China again was a very active buyer for U.S. agricultural products this week. That’s something we need to see continue as we start to look at this WASDE report coming out next week. We expect to see higher yields and production, so we need to offset some of that with better exports as we move forward.”
It’s the second straight week that soybean exports had a bullish tone. China made the biggest purchases of new crop beans with 474,000 metric tons.
“We do expect that we will continue to see USDA adjust their export goal on their future balance sheets. That is something to monitor,” McBride said. “We are about halfway to where we think China should be buying. We’re at about 12-to-13 million metric tons. We expect they will be buying about 25 million this year. With about five months of the year left, we need to see them pick up the pace a little bit.”
The next U.S. Export Sales Report will be released Thursday, August 13th. McBride’s full interview can be found below.