2.13 million tons of US soybeans exported in a week

The USDA reported last night that China had bought an additional 197,000 tons of US soybeans. For seven days a week the US authorities reported large sales of oilseeds to China every day.
In the week ending August 6, US exporters sold a total of 2.13 million tons of soybeans. That was more in one week than there had been since November 2016.
The USDA raised its 2020/21 export forecast for US soybeans by 75 million bushels to 2.125 million bushels in its WASDE report on Wednesday.
The recent flood of orders from China comes at a time when the political level of the two superpowers is crunching enormously. Soybean prices rose despite a bumper crop expected in the US. On the CBoT, soybean futures rose 1.6% to a 10-day high yesterday.
Market observers note that such large export volumes are still required in order to be able to fulfill the trade agreement (phase 1) from January 2020. Soybean imports to China rose by 18% by July after large quantities also arrived from Brazil.
But China also bought large quantities of US meat (1,917 tons) and US millet (sorghum) (396,344 tons). These were the largest imports since 2002.
After earlier imports of US pork were canceled, the statistics in the last report show negative figures again.

Hansa Terminhandel GmbH
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