The U.S. Department of Agriculture (USDA) released its weekly U.S. Export Sales Report on Friday.
The release of the U.S. Export Sales Report was delayed one day by the holiday last Monday. Allendale commodity broker Greg McBride said corn was neutral and beans were mixed, but wheat and bean meal had a great week.
?Exports were neutral inside the range of estimations, but at the upper end of the range for corn? McBride said. ?We were looking for a max of 1.2 million tons; we got 1.196, so we just missed it. Most of that was actually a little bit surprising. The old crop came in above expectations with almost 1.1 million tons. We did have some new crop sales as well of 100,000. On the bean side of things, it was a little bit mixed. It was bearish or at the lower end of expectations for old crop beans at 671,000 tons. The new crop was actually very strong at 528,000 tons, so a total of 1.2 million tons there. It also came within the range of estimates. The real darlings today would be the wheat and the bean meal. Both were bullish. They came in better than expected. Wheat wasn?t huge, but it was an improvement, and meal came in at 516,600 tons, which was a very good week of bean meal sales.?
McBride also had a flash report from Friday morning. China bought 132,000 tons of old crop soybeans after yesterday?s rumors of a ceremonial purchase, and there was a sale of 247,800 tons of old crop corn to unknown destinations.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
