U.S. export inspections were as expected last week.

 Some 690kt #soybeans were inspected for #China, and that looks like the biggest week since December 5. 

The U.S. #corn and soybean marketing year will reset on Sept. 1, kicking off 2020/21.

metmike: It's the new crop, 2020/2021 that has featured China's record sales of US corn and beans this Summer.

Through July, #China's agriculture imports were up strongly on the year. #Soybeans were a record 55.14 mmt.

 There were no details on origins, but the United States shipped 404kt of #corn and 567kt of #wheat to China in May and June.

From around 4 hours earlier this morning:

USDA announces the following U.S. export sales for 2020/21: 408,000 tonnes of #corn to #China 100,000 tonnes of corn to #Japan 204,000 tonnes of #soybeans to China142,500 tonnes of soybeans to unknown That's 32.7 mln bu of corn + beans sold.

#Brazil's Conab finds after a review that 14.4 mln more tonnes of #soybeans were grown over the last 7 years than previously thought. Most of those increases were in the recent 3 cycles. That's an extra 530 mln bu - no wonder #China could be satisfied largely on Brazilian soy.

Just to clarify - this shouldn't be shocking. We pretty much already knew this. USDA has been revising Brazil's soy crop upward recently, even well after the fact. USDA's numbers have been higher than Conab's. And the export data (both U.S. and Brazil), support the story.

Exports sales:

https://apps.fas.usda.gov/export-sales/highlite.htm

Another week of strong U.S. export sales. This is the 6th consec. week where sales of new-crop #soybeans were above 1 mln tonnes. Unknown led last week w/ 44%, #China had 32%. 1.18 mmt is the 3rd biggest weekly new-crop #corn sale thus far, China was 56%, #Mexico 20%.