The U.S. exported 2.7 MMT of soybeans during the week ending Dec. 3—70 percent of which was destined for China—which raised the cumulative total for the marketing year to 29.8 MMT (1.1 billion bushels), up 71 percent from last season to date and a record level for this time of year.
Weekly net export sales remained low at 569,000 MT, which reflected 715,200 MT of reductions from unknown destinations. Outstanding sales were 23.1 MMT (848 million bushels).
USDA did not adjust its forecast for 2020/21 exports in last week’s WASDE, leaving the projection at 2.2 billion bushels for another month. This year’s high level of commitments seems to call for an increase in the forecast, but soybean trade dynamics in Q2/Q3 may be sufficiently unclear to leave USDA hesitant to raise the projection.