The U.S. exported 1.28 MMT of soybeans during the week of Aug. 20, the highest weekly volume since last December. The week’s shipments raised cumulative 2019/20 exports to 43.24 MMT (1.59 billion bushels). The season total seems poised to beat USDA’s current forecast of 1.650 billion bushels, perhaps by 25 to 35 million bushels.
Exports to China, at 762,857 MT, accounted for 60 percent of weekly exports. China’s outstanding 2019/20 soybean export sales declined to 1.66 MMT, including an add of 168,626 MT of net sales. There were also 469,300 MT of 2019/20 sales reductions for unknown origins, usually attributed to China.
Outstanding sales for the current marketing year stood at 4.31 MMT, a hefty total. Even if exports for the remaining week and half of August are robust, it looks like carryover soybean sales will be substantial.
China also purchased 592,000 MT of 2020/21 soybeans, putting its orders to date for the new crop at 12.52 MMT, a high number that is raising a lot of enthusiasm in the market. Total sales for the new marketing year rose to 22.42 MMT.