Record soybean export sales for this week.

This week's sale was reported at a record for this specific week, 2,273,262 tonnes. The trade estimate was 1,600,000 - 2,800,000. Overnight reported sales in this period came to 1,083,000, 28% of the total.

Brazil holds a clear price advantage for a second week in a row.

USDA's current goal for the year is 1.850 billion bushels. That would be -5% vs. the prior five year average. Current crop sales have improved to -13% vs. the five year average. The remainder of the year needs to run +2% vs. the five year average. This past week with strong sales was +105% vs. average. The prior four weeks were +4%.

Officially, sales are still behind USDA's goal. We have slowly made up some of the deficit and are still making sales. But clear concerns still remain. Some of this could be buying ahead of the election. What happens after that time is a question. Other problems are Brazil's pricing, the Mississippi River and the Brazilian real depreciation.

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