This week’s report was neutral- in no part due to the old crop bean sales, where we once again saw net cancellations. However, new crop bean sales made an effort to pick up the slack with some excellent sales this week. Allendale commodity broker Greg McBride provided a breakdown of the numbers from this report.
With the downward trend for old crop sales, the USDA will probably make an adjustment to its estimates for the marketing year. McBride said this could happen as soon as the next report.
Even though old crop sales have been disappointing, that doesn’t mean the export outlook is bleak. McBride said it’s possible that we could see some demand shift to the U.S. if Ukraine isn’t able to export what they say they will.
McBride added some advice for Iowa producers who are watching the export situation.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.