China Remains Firm Buyer of Soybeans and Wheat

Weekly soybean export sales for the 2020/21 marketing year of 105.8 thousand metric tons (TMT) were four percent above last week’s total but 54 percent below the four-week average of 230 TMT.  There were 131 TMT in sales recorded for the 2021/22 crop season, lifting total sales to 136.8 TMT. Combined crop year sales were 42 percent over last week’s total but within analyst estimates that ranged from 100 to 625 TMT. 2020/21 export commitments are 99 percent of the revised USDA forecast with 22 weeks remaining in the current crop season. Export sales are 66 percent above the 2019/20 crop year pace. Major purchases were reported for China, Egypt, and Japan.

Soybean meal sales for the 2020/21 marketing year of 139.7 TMT were 17 percent below last week and 34 percent under the prior four-week average of 213 TMT. There were 0.3 TMT in sales reductions…