U.S. export sales of soybeans set a fast start in 2020/21 with revived demand in China
The United States is a leading global producer and exporter of soybeans, and their export represents a significant source of demand for U.S.-produced soybeans. The export of U.S. soybeans in the 2020/21 crop year is already off to a strong start. Total outstanding export sales—the contracts by country that have not been shipped at any given time during the marketing year—totaled 34.2 million metric tons (1,257 million bushels), as of October 8, 2020, nearly three times the level of a year earlier. This surge is likely the result of strengthening livestock feed demand in China and depleted supplies for competing exporters, particularly Brazil. The increase is also a major contributor to the price rally currently underway, with new-crop soybean futures at a two-year high. This chart is drawn from Economic Research Service’s Oil Crops Outlook, October 2020.
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