By metmike - Oct. 13, 2020, 11:27 a.m.
Huge bean shipments......again!
Export inspections for U.S. #soybeans last week topped 2 mmt for the second consecutive week - some 75% of those were to #China.
#Wheat inspections were somewhat strong for the week (relative to same week in prior years), but #corn was so-so. 20/21 crushing 19/20 so far.
By metmike - Oct. 13, 2020, 11:28 a.m.
Export inspections for U.S. #soybeans so far are resembling old times - prior to the trade war or African swine fever in #China. Robust export sales are great, but they must turn into shipments. It's happening so far.
By metmike - Oct. 13, 2020, 11:29 a.m.
The strong U.S. #corn sales have not yet turned out robust shipments because a) corn harvest concludes later than soybeans and b) Oct-Dec is not usually corn's strongest export period.
By the way, USDA revises the past week number every week (1.7 mmt for w/e Oct. 1 became 2 mmt this week). This chart represents the originally published number. Exact amounts on this chart are less important than the general trend versus prior years. Very strong start.
By metmike - Oct. 13, 2020, 11:35 a.m.
#China brought in 9.79 mmt of #soybeans in Sept, up 19% from the previous year's high. Most of these cargoes were from #Brazil, but U.S. arrivals are now increasing. YTD (Jan-Sep) imports total 74.5 mmt (2.74 bln bu). That is up 15% YOY and up 4% on 2017's record for the period.
By metmike - Oct. 13, 2020, 11:37 a.m.
USDA confirms the sale of 110,000 tonnes of U.S. #corn to #Mexico for delivery in 2020/21.
By metmike - Oct. 16, 2020, 11:16 a.m.
By metmike - Oct. 16, 2020, 11:17 a.m.
More strong sales of U.S. #soybeans last week. #China took 1.59 mmt, incl. 529kt switched from unknown. #Mexico had 210kt beans and #Germany 116kt. Mexico took 204kt #corn, China 141kt (incl. 1 cargo switched from S. Korea). Mexico bought 229kt #wheat.
By metmike - Oct. 16, 2020, 11:26 a.m.
Last week, #Brazil's ag minister mentioned the need to diversify its exports of #soybeans away from #China & that talks with other countries had started. Over the last 3 years, ~80% of Brazil's soy exports were to China. Same stat for USA (pre-trade war) = ~60%.
USA's exports of #soybeans suffered terribly under the trade war (even with massive exports to non-#China), and that was due to the huge reliance on that trade relationship. #Brazil has even more eggs in the basket, so to speak. Wouldn't be good if things went bad w/ China.