The USDA released its weekly U.S. Export Sales Report on Thursday.
This week was fairly quiet as far as exports are concerned. Allendale commodity broker Greg McBride said they were expecting some lower numbers.
?Corn was at the lower end of estimates at 985,600 tons,? McBride said. ?More of a neutral bias, but, like I said, at the lower end of estimates. Beans were surprisingly bearish today at 465,000 tons. That was below the low end of estimates. We kind of had an inkling that we were going to see some lower numbers. We hadn?t been seeing the overnight sales or flash sales coming in. That put us back a step here. It doesn?t necessarily mean that the party?s over for the soybean sales at this point. We did have a flash sale this (Thursday) morning that was reported, but we?re still going to be watching for us to pick up some additional sales- getting them from Brazil or Argentina at this point because we know that they did have some production issues.?
McBride added that there were some cancellations in these week?s report.
?There was a cancellation of bean oil to the tune of 2,000 tons,? McBride said. ?It?s nothing huge. We don?t sell a ton of bean oil, but with all the stuff going on in Ukraine and some of the issues we?ve seen with pricing over in Malaysia and Indonesia with their palm oil, we could see decent demand for bean oil. Maybe it?s a price situation; maybe it?s an availability or logistics issue.?
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
