(Washington, D.C.) -- The latest US Export Sales Report for the week ending January 7th showed strong numbers for corn and soybeans.
Allendale commodities broker Greg McBride says a lot of green was seen on this week’s report for corn, beans and soybean meal, while bean oil was neutral and wheat exports had a bearish tone.
“It was a bullish week for the grains,” McBride said. “We had 1.437 million metric tons for corn and 1.234 for soybeans. We did have some new crop beans that were sold at 326,000 tons. That looks really good for us. The bean meal was actually bullish at 397,000 tons. That was a marketing-year high.”
“We are riding a nice wave here off of this USDA (WASDE) report,” McBride said. “We did calm down a little bit yesterday after the overnight, but this should help the market to think maybe there could be some increases on those future WASDE reports for export demand.”
Moving ahead, McBride says producers and the markets will pay attention to the bigger picture.
“Not necessarily what’s going on specifically in our markets, but you’ve got the inauguration next week,” McBride said. “We’ve got a new president that could make some changes to the ethanol side of things, which has already been down. We’ve got some potential for maybe renegotiating that Chinese Phase One Deal, and we’re just now getting to the start of Brazil’s harvest for soybeans. That could start to impede upon us getting more sales on this old crop beans here.”
Due to the federal holidays of Dr. Martin Luther King Jr. and the Presidential Inauguration, the next US Export Sales Report will be released on Friday, January 22nd.