More work needed for soybean export sales.

Weekly export sales today cover activity through 8/29. There are two days left of data for the old crop marketing year. Current old crop shipments come to 1.632 million bushels. The five year average FAS shipment to WASDE export number is +43 million bushels. That would put a likely final export total of 1.675 billion or a little higher. That would be just under USDA’s current 1.700 view.

Including Brazil's shipping advantage we are near parity with them on price for near term delivery. They hold the advantage for extended delivery. New crop sales during this specific week were 1,658,699 tonnes. That was -10% from the five year average sale of 1,850,389. The trade expectation was 800,000 - 2,00 000. There were only two overnight export sales that applied to this period, totaling 396,000. There still needs to be further work ahead on this export issue. We currently have bookings -28% 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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