Net soybean export sales for the week of Oct. 10 were 1.6 MMT (58.8 million bushels), down 24 percent from the previous week’s strong showing. Outstanding sales were just over 13.0 MMT (477.8 million bushels), down 18 percent from outstanding sales a year ago—but the YOY deficit continues to narrow, thanks to more purchases this year from China.
Season to date, as of Oct. 10 China had outstanding sales of 4.6 MMT, well above last year’s abysmal sales but also well below average historical outstanding sales for this time of year, which usually were around 10.0 MMT. Weekly shipments to China were just over 136,000 MT, nearly the same export volume for the third week in a row. This pace is slightly better than a year ago, but we have yet to see the significant rise in deliveries expected during the fall. The continued trade dispute is partly to blame, but China’s need for soybeans has also been reduced by the country’s extreme loss of hogs due to African swine fever.
Net weekly soybean export sales