Weekly export sales bullish across the board

by | Jan 22, 2021 | 5 Ag Stories, News

The US Export Sales Report for the week ending January 14th shows solid sales for corn, soybeans, wheat, soybean meal, and soybean oil.

Allendale commodities broker Greg McBride says total corn exports on the weekly report were 1.484 million metric tons, soybeans were 2.648 million metric tons, soybean meal was at 468,500 metric tons, and soybean oil was 52,300 metric tons. Those figures had a bullish tone. The wheat exports were also good at 329,600 metric tons, falling within the range of estimates.

?Looking at the corn side of things, old crop corn sales were 1.437 million metric tons,? McBride said. ?That is fantastic. We actually did have a new crop sale for 46,000 tons. On the bean side of the things, 1.817 million metric tons for old crop beans. We were above the range for new crop beans as well at 831,000 tons.?

McBride notes export sales are off to a strong start in 2021.

?A little bit of a surprise there on the soybean side,? he said. ?This is typically the time where we do start to see the shift to Brazil, but those margins that we?re seeing on corn and the crush margins over in China continue to be solid. There?s a good reason for them to continue to buy. We know we have the supplies. There are concerns about supply down in South America. We know they can get to us and get them shipped out right away.?

The daily wire was active Friday morning as USDA reported 136,000 metric tons of soybeans for delivery to China during the 2020/2021 marketing year. Additionally, 123,000 metric tons of sorghum was announced for delivery to China.

The next US Export Sales Report will be released on Thursday, January 28th.