The U.S. Department of Agriculture released its weekly U.S. Export Sales Report on Thursday. It’s been another uneventful week, but that can be a blessing considering all of the craziness we had to go through last year. However, we could see some excitement come into the export markets soon. Allendale commodity broker Greg McBride said that we may see China come in with some new crop soybean purchases as we did at this time last year.
“Well, once again, it was really kind of a neutral affair here,” McBride said. “We did have corn sales total at 292,000 tons. That was within the range for old crop and new crop sales, so nothing extraordinary there. It’s still on the low side of things. That was below last week but above the 4-year average. Soybeans, again, were inside the range of estimates on the lower end of things at 312,400 tons. So, nothing to really get excited about when it comes to these weekly exports just yet. This is about the time last year where China started to come in and buy new crop soybeans, and we do still feel like we have that opportunity, but we need to see those numbers start to come in before the markets will start to get excited. We also have to remember that a lot of these sales will be already rolled into those USDA numbers we see on a monthly basis.”
McBride added that the hail and thunderstorm damage we saw across Iowa was, unfortunately, par for the course when it comes to the Midwest. However, that’s why we have averages. He said that, as long as we continue to see these cooler temperatures and rain over the next week or so, the crops should pollinate without any major issues.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.