US: Big week for new crop soybean sales

Published 2021년 8월 19일

Tridge summary

During the week ending August 12th, China's agricultural purchases included significant amounts of soybeans and wheat, while it also bought U.S. beef to fulfill Phase One trade pact commitments. Meanwhile, Japan and Mexico were the leading buyers of beef and corn, respectively, and Mexico also topped the list for pork purchases. The USDA reported mixed results for physical shipments of wheat, corn, and soybeans, with varying purchase amounts and cancellations from different countries. This report marks the current status of agricultural trade negotiations and the impact on supply and demand for various commodities in the marketing year, providing a crucial insight into the dynamic nature of global agricultural markets.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The USDA says China didn’t buy any U.S. pork during the week ending August 12th but did lead the way for soybeans and wheat. New crop soybean sales topped 2 million tons, with about half of that to China as their domestic crush margins improve and Brazil’s prices move higher, making U.S. beans much more competitive. China was also the biggest buyer of wheat with about two thirds of the weekly total and purchased 1,800 tons of U.S. beef, continuing to move towards meeting purchase agreements under Phase One of the trade pact. Japan was the leading buyer of beef, while Mexico topped the list for corn and pork. The USDA’s next set of supply and demand estimates is out September 10th.Physical shipments of wheat were more than what’s needed to meet USDA projections for the current marketing year. The 2021/22 marketing year started June 1st, 2021 for wheat and August 1st, 2021 for cotton and rice, while 2020/21 got underway September 1st, 2020 for beans, corn, and sorghum and October ...

Source: Brownfield Ag