U.S. soybean export sales have hit a marketing-year low for two consecutive weeks
Soybean
United States
Published Nov 20, 2020
Tridge summary
U.S. soybean export sales have hit a marketing year low for two consecutive weeks. The USDA says soybean sales during the week ending November 12th fell 6% from the previous week at 1.4 million tons and while China did buy most of the total, overall demand has slowed as prices have shot higher and South American planting has moved forward. Wheat was also a marketing year low, dropping 36% on the week, with the USDA continuing to project record global ending stocks. Beef notched a marketing year high thanks to solid purchases by South Korea, Mexico, and Japan, but pork fell 32% from the week before, not seeing sustained week to week demand from China. Corn exports were higher than the prior week, but sharply lower than the four-week average also following a recent rally and with a cancellation by unknown destinations. The USDA’s next set of supply and demand estimates is out December 10th.Physical shipments of sorghum and soybeans were more than what’s needed to meet USDA 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 products.Wheat came out at 192,400 tons (7.1 million bushels), down 36% from the week ending November 5th and 62% lower than the four-week average. China purchased 125,000 tons and Mexico bought 28,700 tons. Closing in on the halfway point of the 2020/21 marketing year, wheat sales are 633.8 million bushels, compared to 573.7 million in 2019/20.
Original content
Corn was reported at 1,088,600 tons (42.9 million bushels, 11% more than the previous week, but 43% less than the four-week average. Mexico picked up 244,300 tons and Japan purchased 203,400 tons, while unknown destinations canceled on 162,000 tons. Almost a quarter into the marketing year, corn sales are 1.388 billion bushels, compared to 522.1 million this time last year. Sorghum exports were 117,900 tons. China bought 131,200 tons and Eritrea picked up 30,600 tons, but unknown destinations canceled on 30,000 tons and Japan canceled on 13,900 tons. For the marketing year to date, sorghum sales are 155.0 million bushels, compared to 32.2 million a year ago.Rice exports were 56,300 tons, a jump of 77% from the week before, but a decline of 7% from the four-week average. Mexico purchased 40,400 tons and Haiti bought 6,200 tons. Rice sales are 1,318,500 tons, compared to 1,766,200 last year.Soybeans were pegged at 1,387,700 tons (51.0 million bushels), 6% under the prior week and ...
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