Export sales for the week ending February 4th were positive, according to an Allendale broker.
The U.S. Export Sales Report on Thursday showed corn exports at 1.46 million metric tons. The old crop corn sales were down 81 percent from the previous week and 52 percent from the prior four-week average. Soybean exports totaled 983,000 metric tons with old crop leading the charge at 804,000 tons. Allendale commodities broker Greg McBride says the numbers were good overall.
?Another very solid week of export sales,? McBride said. ?Old crop numbers for corn and soybeans were above the estimated range, so we?ll look at it as a bullish sign there. In the grand scheme of things, the new crop numbers were a little bit disappointing, but at the end of the day it?s not a big deal. We don?t necessarily start to worry about new crop sales until we get further into the summer anyway.?
?We looked at 1.448 million metric tons for the old crop corn and 804,000-to-805,000 metric tons for old crop soybeans. That looks very good.?
McBride notes China made another splash in the weekly sales.
?China was another big buyer of old crop beans again,? he said. ?They bought 500,000 tons for this week. That looks great for us. We continue to see those sales coming in. That should help to keep that narrative of strong demand and seeing that old crop spread continue to hold an inverse relationship to the deferred contracts.?
Also on the report this week, total wheat exports had a bullish tone at over 635,000 metric tons and soybean meal was neutral at 264,000 metric tons. The next U.S. Export Sales Report will be released on Friday, February 19th.
McBride?s full interview can be found below.
