Soybean export sales reported at the sixth best in history for this week.

This week's 1,443,535 tonne sale was the sixth best in history for this specific week. This was positive given the low overnight sales in this time, 165,000. It was also the sixth best in history for this week. The trade estimate was 1,000,000 - 1,600,000.

The US currently has the best price advantage over Brazil in over a year. The price shift is very clear. Some of this is due the change in US dollar/Brazilian real pricing. If US interest rates continue to fall this could continue.

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 -22% vs. the five year average. The remainder of the year needs to run +9% vs. the five year average. This week was -3% vs. average. It was poor vs. the five year average. However, two of those five years were phase one trade deal years.

Sales are still clearly behind USDA's goal. However, given the US pricing advantage the market is correct in assuming we will meet or exceed USDA's view.

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