Soybeans see the lowest export interest for this week in 10 years.

Sales of 353,775 tonnes were reported for soybeans. The trade estimate was 300,000 – 800,000. It was the lowest sale for this week in ten years. USDA’s 1.755 billion bushel soybean export estimate is -13% from the five year average sale. Year to date sales are currently -13% from average. To meet USDA’s goal the remaining weeks through August need to run -11% from average. This week was a miss at -59% from average. We now have four weeks that have run -60% 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 31 million bushels. If they run -40% the miss is 104 million. USDA lowered their view this month by 35 million bushels. We currently have another 20 million cut on our balance sheet.

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