USDA Reports Strong New Crop Corn and Soybean Export Sales

New crop corn and soybean export sales were strong during the week ending July 23rd. The USDA reported that new crop corn saw a week-to-week improvement, led by unknown destinations and Mexico. New crop soybeans, on the other hand, were down on the week but still had solid sales to China and unknown destinations.

Beef and pork export sales increased from the previous week, while old crop cotton and soybean meal reached marketing year lows. The value of the dollar, domestic prices, and seasonal changes in supply are driving export business.

The USDA's next round of supply and demand numbers is scheduled for release on August 12th. Physical shipments of corn and soybeans exceeded projections for the current marketing year.