China top weekly destination for U.S. soybeans
By John Perkins, Brownfield
February 4, 2019
More U.S. soybeans left the U.S. ports for China last week. According to the USDA’s weekly export inspections report, more than 400,000 tons of U.S. beans were shipped to China, with another more than 130,000 tons heading to European Union nations. This round of soybeans would have likely been purchased before China placed a 25% tariff on U.S. soybeans and shifted focus to supplies from Brazil, or during the trade war “ceasefire” that started in December. Beijing did agree to buy a substantial amount of U.S. soybeans last week, but actual purchase announcements might be delayed by Lunar New Year celebrations. The USDA will update its soybean export estimate Friday.
As of the week ending January 31st, soybean export inspections this marketing year continue to trail last marketing year by a wide margins because of the increased competition and tariffs. The 2018/19 marketing year runs through the end of May for wheat and the end of August for beans, corn, and sorghum.
Wheat came out at 440,031 tons, up 72,427 from the week ending January 24th and 10,429 higher than the week ending February 1st, 2018. The top destinations were Mexico and Egypt. With more than a quarter left in the 2018/19 marketing year, wheat inspections are 14,821,995 tons, compared to 16,644,151 in 2017/18.
Corn was reported at...