Soybeans bullish, corn neutral in latest export sales report

by | Oct 8, 2020 | 5 Ag Stories, News

The weekly US Export Sales Report was released Thursday morning for the week ending October 1st.

In the report, new crop corn sales were 1.23 million metric tons and new crop soybean exports were 2.59 million metric tons. Commodities broker Greg McBride with Allendale says corn was neutral for the week, while soybeans had a bullish tone.

?Bullish on the bean side of things once again outpacing what the upper end of the estimates was at 2.59 MMT,? McBride said. ?Corn sales were not bad. They were in the range, so no issues there. We did not see China come in and buy any corn last week. There were some purchases by unknown, but most of the heavy lifting was done by Japan and Mexico, which are routinely our top two purchasers for US corn anyway.?

Even though China wasn?t active on the daily wire for corn, they did continue a trend of leading the buying for US soybeans.

?On the bean side of things, obviously China has been a big buyer of our beans. They were again this past week,? McBride said. ?They bought the bulk of them at 1.5 million metric tons. That is something to keep an eye on. They are on a holiday this week, but that doesn?t mean they are sitting stagnant. They are buying beans this week as well and that will continue to help push us along.?

Also in this week?s report, wheat exports were neutral at 568,000 metric tons, soymeal was neutral at 277,000 metric tons, and bean oil was also neutral at 8,000 metric tons. Farmers can reach out to the team at Allendale by calling 800-262-7538.

The next US Export Sales Report will be released on Friday, October 16th. McBride?s full interview with the Iowa Agribusiness Radio Network can be found below.