Six weeks of very poor soybean export sales.

Sales of 159,725 tonnes were reported for soybeans. The trade estimate was 100,000 – 600,000. This was the fourth lowest sale for this specific week in 25 years. USDA’s 1.755 billion bushel soybean export estimate is -13% from the five year average sale. Year to date sales are currently -15% from average. To meet USDA’s goal the remaining weeks through August need to improve to -3% from average. That goal is a problem considering this week's sale was -81% from average. That gives the trade six weeks of very poor sales that are -68% from average. Brazil maintains its clear pricing advantage.

If remaining sales run -20% from average we'll miss USDA's current whole-year goal by 70 million bushels. If they run -40% the miss is -131 million. For Friday's report Allendale assumes -50 million bushels.

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