320 thousand tons of corn, which is a good week of sales for old crop corn.

As we mentioned over previous weeks even though export shipments are running behind, we believe that a lot of that is due to there are large shipments to Canada by truck that are not being reported in the export inspections.

Corn exports could come in close to USDA’s totals.

Soybeans down a little bit from the last couple weeks but still not a bad number at 25.2 million bushels.

Soybeans also expected to reach USDA’s current export forecast.

Corn inspection’s improved to 29.1 million bushels, that’s above the last 2 weeks but still well below the level needed.

From this chart it appears we will fall way short, but we do want to be aware that many of the exports that end up going to Canada and because of Canada’s massive drought last year we have a record amount going to Canada.

USDA actually left its export forecast unchanged last month.

Bottom line USDA did not adjust its export forecast in the August report and its very likely that our final exports could be close to the USDA current projection.

Soybeans have also been disappointing over the last 6 weeks or so.

The same thing is true here, 1 bushel per acre of yield loss is equal to about 90 million bushels so yield is much more important than exports.

Over the last 6 weeks we’ve seen consistently disappointing exports.

We need to see those exports increase quickly over the next 5 weeks if we are going to reach the USDA current estimate.

Yield is still a bigger factor than overall exports but nonetheless exports have been disappointing.

Corn sales were positive but very small just 34 thousand tons, but we only need 181 thousand tons to reach USDA export forecast.

As you get into the last 2 months of the marketing year it’s the shipment of U.S. corn that becomes more important than the sales as most sales are for the next crop position.

Old crop soybean sales were a positive 204, that was a nice change from the net negative the past 3 weeks.

Positive sales are good given the fact that the level needed is negative, that means we have already exceeded USDA sales estimate.

Now it’s just a matter of getting those bushels shipped.

Soybean sales were very disappointing, a net cancellation of 363 thousand tons.

That’s the second largest week of cancellation, second only to a week back in January of 2019.

We still think that soybeans can reach USDA forecast, but todays total was disappointing.