Weekly export sales scaled back from what we?ve seen in recent weeks on the latest report.
The US Export Sales Report on Friday morning showed corn, soybeans, wheat, bean oil and bean meal all with a neutral tone. That?s according to Allendale commodities broker Greg McBride.
?Everything came within the range of estimates,? he said. ?I would have to say I would lean more to being a little disappointed on this week?s report. We had a marketing year low for soybeans at 1.47 million metric tons and corn was down below a million metric tons. China was a buyer for soybeans, but not very much on the corn side of things. We did ship quite a bit to China, which is a good sign that the sales we already made are actually leaving port. We like that. From an overall standpoint, we?re kind of in a lull right now.?
McBride is hopeful that exports will pick back up next week and hold strong through the beginning of 2021.
?The case for what we saw on this past Tuesday?s USDA (WASDE) report does give us thoughts that we will continue to see very good corn sales moving forward into early next year at the very least,? McBride said. ?On the soybean side, this is about the time of year where we start to see that shift to Brazil for China?s purchases. That could be a little concerning. Even though we do have very good ending stocks for soybeans, if we don?t see that demand to feed the proverbial bull, we may find ourselves in a sideways to slightly lower pattern until that demand picks back up.?
The next U.S. Export Sales Report will be released on Thursday, November 19th.
