Best new crop soybean export sale in history.

Weekly export sales today cover Fri 8/16 – Thu 8/22 activity. There is one week and two days left of the old crop marketing year. Our focus for old crop is on shipments. USDA’s 1.700 billion bushel soybean export estimate is -14% from the five year average sale. Year to date shipments are currently -14% from average. The last week ahead can see shipments -16% from average and meet USDA's whole-year goal.  This week was unchanged vs. average. The prior four weeks were -35%. For now, we would suggest shipments are near USDA's current target.

On the new crop side Brazil has a price advantage. New crop sales this past week, 2,615,839 tonnes, were fantastic. That was more than double the average sale for this week, 1,298,931. It was also a record new crop sale for this specific week in history. It was also over the 1,500,000 - 2,500,000 trade expectation. We had a good heads up about this strong sale with the week's 1,384,492 overnight export sales. A good share of our long running export sales deficit has been narrowed. We currently have bookings -30% vs. the five year average pace for this week. That is under USDA's current hope for the whole-year ahead, -5%.

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