Soybean Sales Commitments are 97% of Forecast

Weekly soybean export sales for the 2020/21 marketing year of 804.7 thousand metric tons (TMT) were 19.3 TMT below last week’s total and 20 percent under the four-week average of 1,004 TMT. There were 178.5 TMT in sales recorded for the 2021/22 crop season, lifting total sales to 983.2 TMT.  Combined crop year sales were 33 percent below last week’s total but exceeded analyst estimates that ranged from 400 to 950 TMT. 2020/21 export commitments are 97 percent of the revised USDA forecast. Export sales are 81 percent above the 2019/20 crop year pace. Major purchases were reported for Mexico, China, and the Netherlands.

Soybean meal sales for the 2020/21 marketing year of 263.5 TMT were 37.6 TMT under last week and 16 percent below the prior four-week average of 312 TMT. There were 1.2 TMT in sales recorded for the 2021/22 crop season, lifting total…