Soybean, Soybean Meal, and Soybean Oil Exports Surge

Soybean, Soybean Meal, and Soybean Oil Exports Surge

Soybean export sales for the 2019/20 marketing year of 1,205 thousand metric tons (TMT), were 598 TMT over last week’s total and 80 percent over the four-week average of 671 TMT.  New crop sales totaled 464 TMT, lifting total sales to 1,669 TMT.  Combined crop year sales were up 59 percent from last week and exceeded analyst estimates that ranged from 900 to 1,500 TMT. 2019/20 export commitments are 74 percent of the USDA revised forecast and need to average 951 TMT per week to meet expectations. Export sales are nine percent below the 2018/19 crop year pace. Major purchases were reported for China, Italy, and Egypt.

Soybean meal sales for the 2019/20 marketing year of 198.8 TMT were 97 TMT over last week’s total and 59 percent above the prior four-week average of 125 TMT. There were no new crop sales, leaving total sales at 198.8 TMT. Combined crop year sales were 65 percent over last week’s report but within analyst expectations that ranged from 25 to 250 TMT. Accumulated export commitments are 83 percent of forecast and need to average 108 TMT per week to meet projections. Sales are eight percent below last season’s pace. Major purchases were made by Canada, the Philippines, and the Dominican Republic.

Soybean oil 2019/20 export sales of 62,000 metric tons was 55.3 TMT over last week’s volume and 233 percent over the four-week average of 19 TMT. New crop sales totaled 0.5 TMT, lifting total sales to 62.6 TMT. Combined season sales exceeded analyst expectations that ranged from 15 to 45 TMT. 2019/20 marketing year commitments are 99 percent of forecast and need to average 0.3 TMT per week to meet revised projections. Soybean oil sales are 54 percent over last season’s pace. Major purchases were made by South Korea, China, and Guatemala.

Weekly corn export sales for the 2019/20 marketing year of 884.2 TMT, were 189 TMT below last week’s total and 10 percent below the prior four-week average. New crop sales came in as a 29.4 TMT net reduction, reducing combined season sales to 854.8 TMT.  Combined sales were 47 percent below last week’s total but within analyst expectations that ranged from 600 to 1,400 TMT. Increases were reported for Mexico, South Korea, and Japan. 2019/20 export commitments are 72 percent of the USDA forecast. Export sales trail last season’s pace by 17 percent.

Wheat export sales for the 2019/20 marketing year of 175,800 metric tons were 27.7 TMT below last week’s sales and 39 percent below the prior four-week average.  New crop sales of 252.4 TMT lifted total sales to 428.2 TMT. Combined sales were 21 percent over last week but within analyst expectations that ranged from 200 to 500 TMT. Export commitments are 102 percent of the revised USDA forecast with 2 weeks to go. Sales currently exceed last year’s pace by three percent. Major purchases were made by South Korea, the Philippines, and Italy.

Soybean, Soybean Meal, and Soybean Oil Exports Soybean, Soybean Meal exports

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