Nevertheless, weekly export sales reveal higher soybean exports ahead of newly imposed Chinese tariffs. Soybean export sales was 20.6 million bushels in old crop sales, plus another 16.9 million bushels in new crop sales for a total of 37.5 million bushels, or just above the prior week’s sales of 36.8 million bushels and moderately higher than trade estimates of 23.9 million bushels, according to FarmFutures.
Related: Why Trade Policy Won’t Affect Long Term Price of Soybeans
Soybean export shipments hit 42.3 million bushels, or 87% higher than the prior week and bested the four-week average by 49%. China was not on the list of destinations.
“China cancelled more sales ahead of tariffs that went into effect today, taking 134.5 million bushels off the books, while accepting a scant 52,000 bushes, one cargo’s worth,” Farm Futures senior grain market analyst Bryce Knorr said. “China now accounts for only 49% of total U.S. soybean commitments; normally the figure is 57% to 62%. Total U.S. sales and shipments to China are down 22% year-to-date.”
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