The USDA says U.S. export sales during the week ending January 7th generally bounced back from the lows of the previous week. Soybeans and sorghum both bounced off of marketing year lows, with solid interest from China but while an unknown destination was the big buyer for sorghum, it canceled on more than a half a million tons of beans. Cotton, corn, soybean meal, and soybean oil also improved with bean meal notching a marketing year high. Wheat and rice exports were both down on the week and lower than average. U.S. pork and beef sales started the year with decent numbers, but while China did buy U.S. beef last week, it passed on pork. The USDA’s next set of supply and demand estimates is out February 9th.Physical shipments of corn and soybeans were above what’s needed to meet projections for the current marketing year. The 2020/21 marketing year started June 1st for wheat, August 1st for cotton and rice, September 1st for beans, corn, and sorghum, and October 1st for soybean ...
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