Weekly Export Activity Slows, Wheat Demand Exceeds Expectations

Soybean export sales for the 2020/21 marketing year of 569 thousand metric tons (TMT) were 162 TMT over last week’s total but 42 percent below the four-week average of 976 TMT. There were 168 TMT in sales recorded for the 2021/22 crop season, lifting total sales to 737 TMT.  Combined crop year sales were 81 percent over last week’s total but within analyst estimates that ranged from 500 to 950 TMT. 2020/21 export commitments are 88 percent of the USDA forecast. Export sales are 96 percent above the 2019/20 crop year pace. Major purchases were reported for Thailand, China, and Mexico.

Soybean meal sales for the 2020/21 marketing year of 163.6 TMT were 0.3 TMT below last week but four percent over the prior four-week average of 157 TMT. There were no sales for the 2021/22 crop seasons, leaving total sales at 163.6 TMT. Combined…