Soybean Exports Exceed Expectations on Strong Chinese Demand

Soybean Exports Exceed Expectations on Strong Chinese Demand

 

Weekly Export Sales 

Soybean export sales for the 2020/21 marketing year of 2,590.7 thousand metric tons (TMT) were 0.5 TMT below last week’s total and 23 percent under the four-week average of 3,354 TMT. There were no sales for the 2021/22 crop season, leaving total sales at 2,590.7 TMT.  Combined crop year sales were 0.02 percent below last week’s total but exceeded analyst estimates that ranged from 1,500 to 2,200 TMT. 2020/21 export commitments are 70 percent of the USDA forecast. Export sales are noticeably above the 2019/20 crop year pace. Major purchases were reported for Mexico, China, and Egypt.

Soybean meal sales for the 2020/21 marketing of 271.7 TMT were 251 TMT below last week and 19 percent under the prior four-week average of 337 TMT. There were no sales for the 2021/22 crop seasons, leaving total sales at 271.7 TMT. Combined crop year sales were 49 percent below last week’s report but within…

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