Another week of elevated export inspections for U.S. #soybeans, which is expected this time of year. 801kt soy out of the PNW and 592kt out of the Gulf were inspected for #China. No #corn or #wheat to China last week.
Sunflower oil is set to be the second-most exported vegetable oil among major vegoils this year, just ahead of soybeans but well behind palm. #Ukraine accounts for about half of those. Global sunseed oil output is seen hitting a record 21.8 mln tonnes in 21/22.
U.S. export sales last week are at the high ends of expectations, #soybeans were above. #China had 1.2 mmt beans (510kt switched from unknown), #Mexico had 157kt, #Egypt 141kt. Mexico was by far the top #corn buyer with 666kt.
2021's elevated level of bulk commodity exports to China is #corn's doing, not #soybeans. U.S. corn shipments to #China have slowed (but are still happening). Sep was a slow month for both with logistical issues, but soybeans had a decent showing in Oct.
Through September, #corn was still the top U.S. ag export to #China by value in 2021. Corn and #soybeans together accounted for 42% of the $21.2 billion tallied Jan-Sept. Same period last year totaled $13.7B, though a late surge boosted the full 2020 total to $28.75B.
USDA's Beijing attache sees #China's 21/22 imports of #soybeans rising to 101 mmt (same as USDA's official estimate) on increasing demand for soybean meal & oil and lower rapeseed/canola imports YOY - largely due to a poor crop in Canada.
