Sales of corn and wheat for the week ending August 19 were larger than expected while soybeans were towards the high end of estimates. Physical shipments of corn, soybeans and wheat were less than what’s needed weekly to meet USDA projections.
Old crop soybeans were pegged at 167,700 tons (6.2 million bushels), 8% less than the previous week and 15% below the four week average. China was the top purchaser at 114,800 tons. Also towards the end of the current marketing year, soybean sales are 1.517 billion bushels, compared to 1.328 billion a year ago.