Soybean export sales continue to miss.

Brazil's price discount to the US remains in place. It has moved from a dramatic $40 to $50 per tonne advantage to now $13 per tonne to the US. Including their shipping advantage they are priced just over $20 per tonne cheaper.

Sales of 329,427 tonnes were reported for soybeans. The trade estimate was 200,000 – 400,000.

USDA’s 1.700 billion bushel soybean export estimate is -14% from the five year average sale. Year to date sales are currently -17% from average. The remainder of the year is normally one with minimal sales. To meet USDA’s goal the remaining weeks through August need to improve to +62% from average. This week's sale was +16% from average. Of the past 20 weeks, only one would have met this goal.

If remaining sales “improve” to +20% vs. average we'll miss USDA's goal by -37 million bushels. Remaining sales of even with the average would be a miss of -54. Allendale is currently -65 million vs. USDA on our balance sheet.

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