The U.S. Export Sales Report was released Friday morning and contained sales data for the week ending February 11th.
Allendale commodities broker Greg McBride tells the Iowa Agribusiness Radio Network that corn and soybean sales were neutral overall.
“We were neutral across the board,” he said. “Corn came in at a total of 1.1 million metric tons and soybeans came in at 673.9 thousand tons. Nothing too extravagant and nothing too exciting about these numbers. We did come in at just about a million on the old crop for corn. New crop was friendly at 182,000 metric tons. Soybeans were on the low side, but this is the time of year where we do start to slack off on bean sales.”
While the soybean numbers have backed off a bit, McBride says we remain at a solid pace.
“Normally at this time of the year, we’re at about 443,000 tons for old crop soybeans,” McBride said. “We’re right in line, and actually just a hair above that, so we look okay. This far exceeds what we need each week to meet the USDA’s goals. We have no question that we’re going to meet the USDA goal for corn and beans this year. We’d have to really see these numbers back off significantly to miss that goal for the end of the year.”
Wheat and soybean meal exports were also neutral on the report. Overall wheat exports totaled 613,500 metric tons and soybean meal reached 322,200 metric tons. The next U.S. Export Sales Report will be released on Thursday, February 25th.