(KMAland) -- The U.S. Export Sales Report released Thursday morning showed solid corn sales for the week ending March 11th.
John Georgy is the Vice President of Allendale, Inc. He tells the Iowa Agribusiness Radio Network that corn exports were the main highlight of this week’s report coming in with a bullish total of 1.226 million metric tons.
"We saw some very strong corn export sales, especially on old crop," said Georgy. "Corn was 985.9 for old crop and new crop was 240.9 for a total of 1,226,000 metric tons, so that's pretty good. On the bean side of things, they are within expectations, but expectations were low. They were expecting old crop between 0-400,000 and that came in at 202,400. New crop was 100,000-400,000 and came in at 0."
Also on the report: wheat, soybean oil, and soybean meal exports were all within the range of estimates. Total wheat exports were 529,000 metric tons, soybean oil sales were 19,100 metric tons, and soybean meal came in at 252,600 metric tons. Georgy offers some advice for Iowa growers.
"We've seen some great rebound at prices here," said Georgy. "As we continue to go through the next few weeks and we head towards that perspective planting report at the end of the month, I'm a little cautious I guess. We've seen quite the run-up and we probably will see things start to retrace a little bit and see some pressure on this market. I know we've got a meeting this week between the U.S. and China. There's already little hints that they want to renegotiate that trade deal. Talk to your elevators and make sales if you need to."
The next U.S. Export Sales Report will be released on Thursday, March 25th. The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
The Link LonkMarch 18, 2021 at 09:31PM
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Strong corn exports highlight weekly USDA report | AG | kmaland.com - KMAland
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