Morning Ag Markets – Pete Loewen
08/23/2018 With two weeks of reporting left in the marketing year for corn and soybeans, the corn export sales tally this morning was a little depressing. There were only 6.8 mln bushels of old crop sales, along with 41.5 mln new crop. The USDA forecast for old crop exports is 2.4 bln and there’s still 21 mln to go to hit that target. The ugliest part is the 225 mln unshipped bushels that have been sold, but not yet loaded for export. It doesn’t count towards the export tally until it’s shipped, so when you subtract those unshipped bushels from the current sales pace, that leaves 245.6 mln bushels of corn that need to make export inspections in the next two weeks to hit the…