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Soybean, Corn and Wheat Export Sales Up So Far for 2016

20:26PM Sep 21, 2016

Although the amount of soybeans, corn and wheat inspected for export fell this week, export sales rose for the 2016 marketing year compared to the same period a year ago, according to USDA.

“Some producers might be holding off on making shipments," says Veronica Nigh, an analyst at the American Farm Bureau Federation. A slowdown in Asian countries that are gearing up for national holidays also could be a reason for the decline, she says.

The stranded vessels of the troubled South Korean Hanjin Shipping Co. container line also could be a  contributing factor for the lower export numbers, Nigh says.

Soybeans inspected for export fell 20% from last week to 27.7 million bushels, corn declined 4% to 50.6 million bushels, and wheat was down 24% to 20.7 million bushels.

“That’s more of a sign that there is a lot of wheat in bins at a lot of different locations out there,” Nigh says, referring to the sharp drop in wheat inspected for exports.

However, Nigh points out that marketing-year-to-date export sales increased. Soybeans export sales were up 112%, at 75 million bushels, corn export sales rose 50.4%, to 114.9 million bushels, and wheat export sales increased by 25%, to 337.2 million bushels.

Ocean freight rates have remained relatively low, Nigh says.