Commodity News

Soybean Exports from USA Increases; Corn Exports Significantly Down

Abhijeet Banerjee
Abhijeet Banerjee
Soyabean

According to the Department of Agriculture USA, old season soybean exports have picked during the week ending July 2nd, but exports of corn has registered a significant decline for the same period. Total overseas purchases of US Soybean sales in the marketing year, ending this August, stood at 952,200 metric tons. This is significantly up from the previous week’s 241,700 tons that was also the lowest figure reported in the current marketing year.  

Demand from China has improved and for the period June 29th to July 2nd, China was reportedly the leading consumer, which bought 4.614 Lakh metric tons, followed by Indonesia at 1.31 Lakh metric tons and third largest buyer was Pakistan at 0.7 Lakh tons. Next was Bangladesh which purchased 58,400 tons while Mexico was the fifth largest buyer at 0.56 Lakh tons. 

The US Department of Agriculture also reported total export sales of soybean for the 2020-2021 marketing year reaching 382,100 metric tons till July 2nd. Major buyer was China, taking 192,000 tons, with 92,000 tons purchased by a country not reported. Mexico was third, purchasing 54,000 tons. Taiwan bought 25,500 tons of soybeans with Japan taking 7,000 tons. 

The Department reported a considerable 46% drop on old season corn sales to the importing nations for the period June 29 to July 2. Old corn sales for the above-mentioned period was reported at 195,200 metric tons. Colombia bought 102,500 metric tons, Mexico purchased 90,600 tons, and Honduras took 13,000 tons, Nicaragua buyer for 12,800 tons, while Taiwan took 11,300 tons of the old season corn. 

Similarly exports data for the 2020-2021 year were reported at 813,300 metrics. Leading buyer was China with 404,000 tons; Mexico bought 121,900 tons of corn while purchase of 70,100 tons was reported for an unknown country. Honduras was the next leading buyer with 54,300 tons and Panama was the next with 39,000 tons.   

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