For the week of Mar. 19, net U.S. 2019/20 soybean export sales were 904,340 MT, the highest weekly sales since mid-December. China’s orders, at 199,316 MT, helped lift orders out of their recent range. Purchases by unknown destinations (often China) were also very high for this time of year, at 406,100 MT. Other sales were more seasonally average, with Indonesia at 69,400 MT, Bangladesh at 55,000 MT, and Peru at 37,400 MT. All this buying activity helped raise outstanding sales to 4.61 MMT, up 7 percent from the previous week.
Shipments increased 26 percent week over week to 607,100 MT, with primary destinations being Egypt (127,800 MT), Taiwan (94,800 MT), Japan (74,700 MT), and Indonesia (74,400 MT). Exports resumed to China at the modest volume of 64,330 MT. Cumulative exports were 31.29 MMT (1.15 billion bushels), up 7 percent from last season to date.
While sales for the week of Mar. 19 were well above the need weekly pace, exports fell short. Total commitments stood at 35.90 MMT, just 74 percent of USDA projection for 2019/20.