China’s Export Appetite Slowed Last Week

China’s Export Appetite Slowed Last Week

Weekly soybean export sales for the 2020/21 marketing year of negative 92.5 thousand metric tons (TMT) were noticeably below last week’s total and the four-week average of 190 TMT. Weekly export sales for soybeans reached a 2020/21 marketing year low.  There were 338.6 TMT in sales recorded for the 2021/22 crop season, lifting total sales to 246.1 TMT. Combined crop year sales were four percent over last week’s total but within analyst estimates that ranged from 100 to 550 TMT. 2020/21 export commitments are 99 percent of the revised USDA forecast with 21 weeks remaining in the current crop season. Export sales are 63 percent above the 2019/20 crop year pace. Major purchases were reported for Indonesia, Egypt, and Japan.

Soybean meal sales for the 2020/21 marketing year of 127.7 TMT were nine percent below last week and 36 percent under the prior four-week average of 201 TMT. There were 4.8 TMT in sales recorded for the 2021/22 crop season, lifting total sales to 132.6 TMT. Combined crop year sales were five percent below last week’s report but within analyst expectations that ranged from 100 to 265 TMT. Accumulated export commitments are 70 percent of forecast. Sales are one percent above last season’s pace. Major purchases were made by Canada, Columbia, and Mexico.

Soybean oil 2020/21 export sales of 15.7 TMT were 11.7 TMT over last week’s report and 53 percent above the prior four-week average of 10.3 TMT. No sales were recorded for the 2021/22 crop season, leaving total sales at 15.7 TMT. Combined season sales were within analyst expectations that ranged from 0 to 25 TMT. 2020/21 marketing year commitments are 55 percent of forecast and need to average 21 TMT per week to meet projections. Soybean oil sales are 29 percent below last season’s pace. Major purchases were made by South Korea, the Dominican Republic, and Mexico.

Weekly corn export sales for the 2020/21 marketing year of 757 TMT were five percent below last week’s sales and 54 percent under the prior four-week average of 1,651 TMT. There were 50 TMT in sales recorded for the 2021/22 crop season, lifting total sales to 807 TMT.  Combined sales were six percent below last week but within analyst expectations that ranged from 600 to 1,200 TMT. Increases were reported for Japan, South Korea, and Columbia. 2020/21 export commitments are 101 percent of the USDA’s revised forecast with 21 weeks remaining in the current crop season. Export sales this season are 97 percent above the 2019/20 pace.

Wheat export sales for the 2020/21 marketing year of 82,000 metric tons, a marketing year low, were 67 percent below last week’s volume and 75 percent under the prior four-week average. There were 529.9 TMT in sales recorded for the 2021/22 crop season, lifting total sales to 611.8 TMT.   Combined season sales were 85 percent over last week’s total and exceeded analyst expectations that ranged from 150 to 450 TMT. Export commitments are 94 percent of the 2020/21 USDA forecast and need to average 203 TMT per week to meet projections. Sales are on par with last year’s pace. Major purchases were made by the Philippines, Japan, and South Korea.

soybean, soybean meal, soybean oil, corn, and wheat data

commodity, soybeans, soymeal, soyoil, corn and wheat data

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