2018/19 soybean exports should beat August forecast
The U.S. exported 873,260 MT of soybeans during the week ending Aug. 22, down 26 percent from the previous week but still more than a third above the necessary weekly average for the rest of August. Cumulative exports totaled 45.0 MMT (1.65 billion bushels). Shipments to China were 544,672 MT, up 13 percent from the previous week and accounting for 62 percent of the week’s volume.
If exports to China remain around a similar level over the next two weeks, USDA’s September 2018/19 exports estimate may be around 1.725 billion bushels or even a bit higher.
Sales of the 2019/20 crop were a tepid 353,100 MT, with the largest buyer being Mexico at 123,000 MT.
New-crop export sales
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