IARN — It was a great week for corn and soybean exports in the latest weekly US Export Sales Report.
The report Thursday morning showed bullish numbers for corn and soybean sales, according to Allendale commodities broker Greg McBride.
“It was a bullish surprise for corn, beans, and wheat this week,” McBride said. “We had 1.934 million metric tons for corn. The estimated range was 800,000 to 1.6 million metric tons. On the bean side of things, we had just over a million metric tons sold at 1.016 million. That was above the estimated range as well. Wheat sales, like last week, were strong. They were actually fairly strong this week inside the range at the upper end of things.”
“The real story this week, obviously on top of the bullishness of the overall sales, was that there were quite a few new crop sales for soybeans, which we were not expecting,” McBride said. “Corn had some new crop sales, cotton, and sorghum were all strong sales this week too. Overall, this is usually a big sales week for us and we got it this week.”
McBride adds China was a big buyer. “We did see a lot of switching from unknown destinations to named countries,” he said. “One of those was a big move from unknown sales switching to China for soybeans at about 900,000 metric tons. That was a very big move there.”
Because federal government agencies will be closed on Thursday, December 24th, the next US Export Sales Report for the week ending December 17th will be released on Wednesday, December 23rd at 7:30 a.m. CT.
Story courtesy of the Iowa Agribusiness Radio Network.
Photo courtesy of Allendale, Inc
The Link LonkDecember 18, 2020 at 10:24PM
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Corn and soybean exports bullish as new crop sales continue - KIWARadio.com
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