Soybean Sales Return To Weakness

Sales of 375,980 tonnes were reported for soybeans. The trade estimate was 250,000 – 800,000. This was the best sale in seven weeks. USDA’s 1.755 billion bushel soybean export estimate is -13% from the five year average sale. Year to date sales are currently -16% from average. To meet USDA’s goal the remaining weeks through August need to improve to +14% from average. This week was -60%. Including this week, the recent eight week trend is -65%.

If remaining sales run -20% from average we'll miss USDA's current whole-year goal by 86 million bushels. If they run -40% the miss is -137 million. Allendale assumes -50 million bushels.

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