U.S. #corn & #wheat export inspections were better than expected last week, but #soybeans remain weak.
One bean cargo sailed to #China, and overall soy shipments have recently been much weaker than in the last two years. Last week's corn total was among the best of 19/20 so far.
Sales of U.S. #soybeans to #China for 2020/21 are starting to resemble old times again. As of June 11, sales totaled 3.05 mmt (112 mbu) for delivery next year, which is a six-year high for the date. And we know at least another 390kt were sold on Monday.
Old-crop sales still resemble (trade) wartime. As of June 11, #China bought 15.6 mmt (573 mbu) of U.S. #soybeans for delivery in 2019/20. Aside from last year's low, that would be the fewest for the date since 2008. Massive shipments from #Brazil also contributed to this trend.
The U.S. and #China held talks in Hawaii this week, and Bloomberg is reporting that China said it would accelerate U.S. farm purchases as it continues to pledge its commitment to Phase 1. How those meetings went depends on the news story you click on. Here's some examples:
