China imported 7.17 million tonnes of #soybeans in August, down 24% from last August and the lowest for the month since 2014. This light number was expected as Chinese demand has been sluggish (poor crush margins, lower animal feed production, etc).
USDA's attache this week said #China will import 96.5 mmt of #soybeans in 2022/23, below USDA's official 98 mmt. That sinking demand - plus the prospects of #Argentina bumping some U.S. biz out of the market - allows more room for a lower U.S. yield, if realized.
Export inspections for U.S. #corn, #soybeans & #wheat met expectations last week though were on the lower end. Corn/soy marketing year just started, keep in mind when looking at YOY. Also recall last Sept. was lighter due to hurricane damage at ports.