News
02.09.2009
Mounting soybean sales could mean record exports
The U.S. Soybean Export Council announced on Aug. 31 that mounting new-crop export sales are bolstering some analysts’ predictions that U.S. soybean exports will reach record levels during the first half of 2009-10.
The factors driving analysts' expectation included the dramatic drop in South American soybean supplies along with escalating new-crop sales and anecdotal reports of export port capacity being sold out for this fall, the council said. It is expected that 2009-10 U.S. exports will be front loaded due to the lack of competing South American supplies this fall and winter. But analysts expect a resurgence in South American production next year because of increased area and rebound in yields to trend levels, according to the council.
The U.S. Department of Agriculture (USDA) reported new-crop soybean export commitments were 11 million tonnes (405 million bushels) with 583,100 tonnes reported during week ended Aug. 13. This following week’s new-crop export sales were in excess of 1 million tonnes with USDA announcing (via its daily reporting system) the week of Aug. 20 a total of 896,0000 tonnes of 2009-10 sales to China.
The council said added that old-crop sales are accumulating as well with 3.3 million tonnes outstanding as of Aug. 13. With only 18 days left in the marketing year, the vast majority of these will be carried into the 2009-10 marketing year. This will further boost new-crop export commitments as the 2009-10 marketing year gets underway, according to the council.
