Soybean export sales continue to struggle. New crop too.

Brazil still has a price advantage for old crop shipments. Extended delivery pricing is now mixed.

Sales of 207,952 tonnes were reported for US old crop soybean export sales. The trade estimate was 200,000 – 600,000.

USDA’s 1.700 billion bushel soybean export estimate is -14% from the five year average sale. Year to date sales are currently -16% from average. The remainder of the year is normally one with minimal sales. To meet USDA’s goal the remaining weeks through August need to improve to +216% from average. This week's sale was -1% vs. average. The four week total is +17% vs. average.

If remaining sales “improve” to +25% vs. average we'll miss USDA's goal by -45 million bushels. Remaining sales of even with the average would be a miss of -51.

NEW CROP

We should be seeing overnight export sales of new crop soybeans each week. There are only four individual overnight sales since May. New crop bookings remain at the lowest level for this time in 19 years. USDA sees new crop sales -7% from the prior five year average. Current bookings are -79% from the five year average.

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