The U.S. Department of Agriculture (USDA) released its weekly U.S. Export Sales Report on Thursday. It was a mostly neutral report this week for corn and beans. Allendale commodity broker Greg McBride said it wasn’t the best report, but it certainly could’ve been worse.
“Well, it was mostly neutral with a little bit of a bearish tinge to it,” McBride said. “We again had some weaker corn sales. This is two weeks in a row we’ve seen that. 457.7 thousand tons for corn. That came in under the range of guesses that had a low point of 500,000. On the beans, it was a neutral report as well. It came in at 918.7 thousand tons. That is in the middle of the range, so nothing to get too excited about there. That is still trending lower even though we bounced off of the marketing year lows that we saw the previous three weeks. It is still low for us at this point. On the wheat side of things, it was 264,000 metric tons- also inside of the range of estimates. Bean oil came in with net cancellations of 2.9 million tons. Overall, not the best report, but not nearly as bad as what we saw the previous week.”
McBride added that the numbers from the report weren’t very surprising. However, they have noticed that China hasn’t been buying a lot of corn or beans from the U.S. as of late.
“They were on the report this week, but most of what they purchased was actually switched over from unknown,” McBride said. “It was something that was previously reported, but it was assigned to China.”
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.