Since Monday was Memorial Day, the USDA pushed its release of the weekly U.S. Export Sales Report to today. However, that doesn?t mean it?s a particularly special report. In fact, today?s numbers were very mediocre, and it?s dragging corn and soybean prices down. Allendale commodity broker Greg McBride said both corn and soybeans came in at the low end of estimates.
There was also a flash sale to an unknown destination. McBride said they didn?t provide many details, but it?s still good to see.
At this time of year, we usually see decent corn sales, so today?s report on that end was a bit abnormal. However, soybean exports usually fade out at this time of year, so they are more similar to what we would expect. So, despite the mediocre report, McBride said we?re still in a good position to meet or even exceed the USDA?s expectations.
McBride also provided some advice for Iowa producers.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
