Third week in a row of slipping soybean export sales, this week -59% from average.

Sales of 340,788 tonnes were reported for soybeans. The trade estimate was 400,000 – 1,000,000. It was the lowest sale for this week in eight years. While there were quite a few buys reported much of this was movement out of previous recorded sales to Unknown buyers, 494,900 tonnes. Out of the Unknown category 322,000 was re-classified as Chinese buyers, 127,000 to Netherland buyers and 37,800 to Japanese buyers. USDA’s 1.755 billion bushel soybean export estimate is -11% from the five year average sale. Year to date sales are currently -12% from average. To meet USDA’s goal the remaining weeks through August need to run -6% from average. This week was a miss at -59% from average. Last week was -80%. The week before was -47%. Brazil maintains a clear pricing advantage.

If remaining sales run -20% from average we'll miss USDA's current whole-year goal by 54 million bushels. Allendale is -25 from USDA and would consider further declines.

Interesting to see shipments, which have been a consistent miss, posted a +6% from average week. We hesitate to suggest that is a new trend.

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