Weekly export sales came just shy or within analyst estimates. A market strategist discusses this week’s report, as well as new export sales.
The U.S. Department of Agriculture on Thursday released it’s weekly export sales report. Zaner Ag Hedge market strategist Brian Grossman says export sales came in strong.
“Soybeans coming in at 281,900 metric tonnes. We are ahead for the current marketing year, at 98.6%. Corn also good – 985,000 – well above what we need on a weekly basis and 93.1% of what we typically would be shipping export wise,” Grossman said.
The U.S. Department of Agriculture on Thursday also reported a flash sale of soybeans to an unknown destination. Grossman believes China made the purchase, but does not foresee them making a similar purchase in the near future.
“It could be bit of a one-and-done type (deal),” Grossman said. “The Brazilian crop (is) making its way to port. They are the primary buyer now and Brazilian soybeans are now priced below U.S. soybeans. There should be a lot more excitement going down there, but Argentina is still trying to wrap up their harvest *and) they’re getting a lot of rain. They struggled with being too dry and now they’re battling getting the crop out of the field, so (the) quality of their soybeans are continuing to fall”
Grossman says the United States finds new markets for soybeans, as trade tensions continue.
“Keep looking at all of the Asian markets,” Grossman said. “We got a good battle going on with China, but they alone can’t simply cut us out. We’re finding a lot of new interests. Even like your article about sorghum going to Spain. We’re finding a lot of countries willing to pick up a little bit of the slack that China’s not taking right now.”