Third best soybean export sale for this specific week.

Soybean export sales this past week were much stronger than expected at 1,748,077 tonnes. This was the third best sale in history for this specific week. It is a surprise given total overnight sales for that week were only 232,000. The trade estimate was 500,000 - 1,600,000.

We will point out that the US has a light price advantage for near term delivery. We will monitor the Brazilian real values in the coming weeks for any further beneficial changes. USDA's current goal for the year is 1.850 billion bushels. That would be -5% vs. the prior five year average. Current crop sales have improved to -26% vs. the five year average. The remainder of the year needs to run +9% vs. the five year average. This week was a surprising win at +26% vs. average. Sales remain clearly behind USDA's goal. However, progress is being made.

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