USDA confirms big week for soybean export sales

Published 2020년 6월 11일

Tridge summary

The USDA reports significant agricultural exports for the week ending June 4th, including large purchases of U.S. soybeans by China and unknown destinations, with China also leading in sorghum, cotton, and pork purchases. However, corn sales were below average, and there were cancellations in rice and wheat sales. Early in the 2020/21 marketing year, wheat sales are slightly lower than the previous year, while corn and sorghum sales are higher. Soybean sales are slightly lower, and there have been net reductions in soybean meal and oil sales. Upland cotton sales are up from the previous year, and there has been a increase in net beef and pork sales, despite a decrease in shipments.

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

Original content

The USDA confirms China and unknown destinations bought a lot of U.S. soybeans during the week ending June 4th. China was the leading buyer for old crop beans and unknown destinations was the top purchaser for new crop, taking in a combined 1.711 million tons over both marketing years. General trade sentiment was that the sales to unknown destinations will eventually be headed to China, but that won’t be known until the sales are delivered, which could be as late as August 31st, 2021. China was also the biggest buyer of U.S. sorghum and cotton, and purchased 5,200 tons of U.S. pork, but also canceled on 2,600 tons, leaving net sales at 2,600 tons. Corn sales were below average, while beef posted a solid week to week improvement. Physical shipments of corn and sorghum were more than what’s needed to meet USDA projections for the current marketing year. The 2020/21 marketing year for wheat started June 1st and begins August 1st for cotton and rice, September 1st for beans, corn, and ...

Source: Brownfield Ag