Soybean export sales, old and new crop, remain a concern.

Brazil holds a light pricing advantage to the US.

Sales of 279,402 tonnes were reported for soybeans. The trade estimate was 275,000 – 550,000.

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. To meet USDA’s goal the remaining weeks through August need to improve to +57% from average. This week's sale was -46% from average. Of the past 18 weeks, only four have been over the average.

If remaining sales “improve” to even with average we'll miss USDA's goal by -56 million bushels.

New crop export bookings are not correlated well with how that year will end. Current bookings, second lowest of the past 20 years, would warrrant some concern.

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