Net soybean export sales for the week of Feb. 13 were 494,277 MT, down 23 percent week over week. Reductions were minimal for the second week in a row. China’s soybean purchases fell to just 11,500 MT, and the country’s outstanding sales were only 416,000 MT. Total outstanding sales for 2019/20 were 5.04 MMT, down 63 percent from last season to date.
Weekly exports rose 57 percent from the previous week, to 957,812 MT. Major destinations were China (269,500 MT), Mexico (139,900 MT), and Japan (104,600 MT). Cumulative exports rose to 28.41 MMT (1.04 billion bushels), still up 22 percent from last season to date, but the YOY margin of growth has been slipping since the beginning of February.
Total U.S. soybean commitments for 2019/20 were 33.45 MMT as of Feb. 13, 69 percent of USDA’s projected 48.68 MMT. The ratio of commitments to the season total is more usually around 80 percent at this time of year.
Brazil is expecting to export 9.0 MMT of soybeans this month, according to CONAB, an increase of 80 percent from February 2019. The value of the Brazilian real is declining against the dollar, boosting the competitiveness of Brazilian soybeans in the world market.
Weekly net soybean export sales by season
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