Soybeans – International News
Following last week’s US-China meeting, China removed tariffs on several US goods, but soybeans were not included in the list. This will likely limit US soybean export business to state-owned entities, which are exempt from the 10% tariff.
According to Monday’s Crop Progress report, 75% of the US soybean crop had dropped leaves as of September 27. Harvest was 17% complete and had now caught up with the average pace. Crop conditions remained at 58% good to excellent, unchanged from the previous week. The Brugler500 index stood at 352.
Monday’s Export Inspections report showed US soybean shipments of 1.153 MMT (42.36 million bushels) during the week ending September 24. This was 49.8% higher than the previous week and 88.8% above the same week last year. China was the largest destination at 806,776 MT, followed by Egypt at 114,362 MT and Japan at 50,777 MT.
Marketing-year soybean exports have now reached 2.844 MMT (104.5 million bushels), which is 25.7% above the same period last year.
According to AgRural, 3.4% of Brazil’s soybean crop in the Center-South region had been planted as of Thursday. This compares with 3.2% at the same point last year.
NASS will release its Grain Stocks data on Wednesday. Analysts surveyed by Bloomberg expect US soybean stocks at the end of August to be 321 million bushels. If realized, this would be below last year’s 325 million bushels.
