The U.S. Department of Agriculture (USDA) released its weekly U.S. Export Sales Report on Thursday.
Corn and beans were neutral this week. Allendale commodity broker Greg McBride said the big standout from this week?s report was the cotton and wheat numbers.
?It was neutral for corn and beans,? McBride said. ?On the old crop side of things, it was actually bullish for corn at 1.4 mmt. You had soybeans on the old crop side of things at 1.025 mmt- that was inside the range of estimates. On the new crop side of things, we did have a net cancellation of 165,000 tons for corn, and just about 203,000 tons of new crop beans were sold. Overall, the total for each was right around the exact same number- 1.237 for corn total and 1.228 for soybeans total. Both of those were within the given range. Bean meal sales were good this week at the upper end of the old crop range. There were some brand-new new crop cancellations of about 99,000 tons, so that kept the bean meal in a neutral position. The big standout this week was cotton and wheat. Wheat came in at 736,000 tons, which was over the estimated range for the combined new crop and old crop.?
McBride added that Brazil lowered their soybean production and export estimations.
?One of the analyst groups down there lowered overall soybean production from 144.7 mmt to 132.3 mmt, so they are clearly in the bull camp,? McBride said. ?They?ve now dropped the total export number for Brazil from 90 mmt to 85.5 mmt. You have to remember that the USDA, on their latest update from the 14th, left Brazil at 94 mmt, so a big difference in sees versus what some of the analysts down in South America are actually looking at.?
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
