Weekly US soybean net export sales post marketing year low: USDA

Chicago — US soybean weekly net export sales were 1.388 million mt for the week ended Nov. 12, down 5.5% from the week-ago data to post a fresh low for the 2020-21 marketing year, according to the US Department of Agriculture data released Nov. 19.

Weekly soybean net export sales have slid lower in recent weeks but still remain at a strong pace for the year.

Since the 2020-21 marketing year began on Sept. 1, total commitments – cumulative exports plus outstanding sales – were reported at 51.288 million mt. The yearly total was at 168% increase from the year-ago total during the same week. The total commitments now represent 86% of the USDA's 59.874 million mt estimate for exports during the entire marketing year.

Top sales destinations were China with 1.061 million mt, Mexico with 155,947 mt and Spain with 144,712 mt.

Physical exports saw another strong week with the report showing 2.558 million mt. Total accumulated export volume for the year reached 22.347 mt, which was 83% above the level during the same period in 2019.