Corn Exports Bounce off Marketing Year Low, Soybean Meal Exports Above Weekly Forecast

Weekly soybean export sales for the 2020/21 marketing year of 350.6 thousand metric tons (TMT) were 84.7.2 TMT over last week’s total but five percent below the four-week average of 370 TMT. There were 213.2 TMT in sales recorded for the 2021/22 crop season, lifting total sales to 563.8 TMT.  Combined crop year sales were 21 percent over last week’s total but within analyst estimates that ranged from 200 to 700 TMT. 2020/21 export commitments are 99 percent of the revised USDA forecast. Export sales are 76 percent above the 2019/20 crop year pace. Major purchases were reported for China, Indonesia, and Mexico.

Soybean meal sales for the 2020/21 marketing year of 261.6 TMT were 74.2 TMT above last week and 12 percent over the prior four-week average of 233 TMT. There were 18.3 TMT in sales recorded for the…