Soybean sales continue to struggle.

Brazil's pricing advantage remains in place. However, it has significantly narrowed.

Sales of 265,733 tonnes were reported for soybeans. The trade estimate was 300,000 – 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 +40% from average. Of the past 17 weeks sale have been -50% from average. We will lightly point out the past four weeks have been -1%.

If remaining sales “improve” to even with average we'll miss USDA's goal by -47 million bushels.

It is way too early to panic about new crop export sales. Bookings before September 1 are not correlated well with how that year will end. But we will note the current minimal booking is second lowest for this time in 20 years!