-Soybean sales as expected – some new sales to China but limited
-Corn sales solid/respectable – slightly above range of expectations, 3rd best of marketing year
-Wheat sales at top end of expectations, 3rd best of marketing year
-SBM sales huge/SBO sales strong
NOTE: Due to travel schedules, this week’s post only includes our usual summary charts of this week’s sales activity.
Soybean sales were as expected, with Chinese activity reflecting net purchases of 151k tonnes, although interestingly that was in the context of 171k tonnes of previously-purchased soybeans being canceled. Corn sales were certainly respectable, but hardly blockbuster. Nonetheless, they were still the 3rd highest of the marketing year and above the “needed” sales pace for the 2nd consecutive week. Wheat sales were solid again – at the top end of market expectations and 3rd highest of the marketing year. Soybean meal sales were absolutely massive at 642k tonnes (185k Philippines, 85k Mexico, 60k Spain, 55k Germany), being the highest single-week sales in about six years and the 2nd highest of the last 29 years. Soybean oil sales were solidly above expectations, as well, and a marketing year high.
